McCarthy & Stone PLC Appointment of Non-Executive Director (3457O)

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RNS Number : 3457O

McCarthy & Stone PLC

17 May 2018

FOR IMMEDIATE RELEASE

17 May 2018

McCarthy & Stone plc

Appointment of Arun Nagwaney as Non-Executive Director

McCarthy & Stone (the 'Company' or 'Group'), the UK's leading retirement housebuilder, today announces the appointment of Arun Nagwaney as a Non-Executive Director. He will join the Board with immediate effect and will become a member of the Nomination Committee.

Arun is a Managing Director and Global Head of Portfolio Group at Anchorage Capital Europe, LLP an investment firm authorised and regulated by the UK Financial Conduct Authority and an affiliate of Anchorage Capital Group, L.L.C., an SEC registered investment advisor ("Anchorage"). Funds managed and advised by Anchorage are currently the largest investor in McCarthy & Stone with an aggregate direct and indirect shareholding of 27.88%.

Commenting on the appointment, Paul Lester, Chairman, said:

"Anchorage is a long-standing supportive shareholder of McCarthy & Stone and has built a strong relationship with the Company which pre-dates the IPO in 2015. Arun will bring significant financial and operational expertise, with relevant experience of both public and private companies. McCarthy & Stone is uniquely placed to capitalise on the structural growth opportunity in retirement housing amid a rapidly ageing UK population. I'm confident that Arun will be a great addition to our Board, adding value as the company continues to develop its strategy and performance. The Board welcomes Arun and looks forward to working closely with him."

Corporate Governance Information

Under the provisions of the UK Corporate Governance Code, Arun Nagwaney will not be considered to be an independent Non-Executive Director.

McCarthy & Stone and Anchorage have entered into a Relationship Agreement which covers, inter alia, share dealings and other corporate governance matters.

A summary of the main terms of the Agreement is available on the Group's website at: http://www.mccarthyandstonegroup.co.uk/relationship-agreement

There are no further details to disclose under paragraphs 9.6.13 R (1) to (6) of the Listing Rules in respect of Arun Nagwaney.

This announcement contains inside information as defined in EU Regulation No. 596/2014

- Ends -

For more information, please contact:

McCarthy & Stone, 01202 292480

Clive Fenton, Chief Executive Officer

Rowan Baker, Chief Financial Officer

Paul Teverson, Director of Communications

Powerscourt, 020 7250 1446 / [e-mail]

Justin Griffiths / Nick Dibden

Notes to Editors

McCarthy & Stone is the UK's leading retirement housebuilder, with a c.70% share of the owner-occupied market(18) . The Group buys land and then builds, sells and manages high-quality retirement developments. It has built and sold more than 54,000 properties across c.1,200 retirement developments since 1977, and is renowned for its focus on the needs of those in later life.

There is a growing demand for retirement housing. There are currently 11.8 million people aged 65 or over, rising to 17.3m by 2037, representing a 47% increase(19) . For those aged 85 or over, the increase will be larger, from 1.6m to 3.0m, representing an 88% increase. One in four over 60s are interested in retirement living(20) , yet only c.162,000 units of specialist retirement housing for homeowners have been built(21) .

McCarthy & Stone has two main product ranges - Retirement Living and Retirement Living Plus, which provide mainly one and two bedroom apartments across the country with varying levels of support and care for older homeowners. Retirement Living developments provide independence in private apartments designed specifically for the over-60s, as well as facilities such as shared lounges and guest suites that support companionship. Retirement Living Plus developments, which are designed specifically for the over-70s, offer all of this plus more on-site facilities such as restaurants, well-being suites and function rooms. Importantly, they also provide flexible care and support packages to assist those needing additional help.

In 2014, McCarthy & Stone also launched its Lifestyle Living (formerly Ortus Homes) product, which is exclusively for the over-55s and those in the earlier stages of retirement who are seeking to downsize for their leisure years.

All developments built since 2010 are managed by the company's in-house management services team, providing peace of mind that it will look after customers and their properties over the long term. This is a key part of how McCarthy & Stone seeks to enrich its customers' lives. This commitment to quality and customer service continues to be recognised by homeowners. In March 2018, the Group received the full Five Star rating for customer satisfaction from the Home Builders Federation for the thirteenth consecutive year - making it the only UK housebuilder, of any size or type, to achieve this accolade.

The Group was also pleased to win 15 awards at the 2017 NHBC Pride in the Job awards and seven Seals of Excellence, marking a 50% increase in awards from 2016. The scheme recognises construction site managers who achieve the highest standards in housebuilding and has been instrumental in driving up standards in the sector for 37 years.

For further information, please visit www.mccarthyandstone.co.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 17, 2018 02:01 ET (06:01 GMT)