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Name | Symbol | Market | Type |
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Morhomes 40 | LSE:61DP | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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TIDM61DP
RNS Number : 3320H
MORhomes PLC
05 April 2022
Press Release
Issued: 05 April 2022
MORhomes appoints new non-executive director
Anjila Thomas joins board of housing association borrowing vehicle
MORhomes, the financial borrowing vehicle for housing associations, has appointed Anjila Thomas as a new non-executive director.
Anjila Thomas is Senior Managing Director at ING Bank with over 28 years of Banking experience working in the Retail, Wholesale, and Investment Banking Industry. She is also Board Member of ING 's London Branch and leads ING UK's Corporate Sector team, Energy Project Advisory and Transaction Services Businesses.
Anjila' s expertise is working with Clients to deliver Strategic & Transaction Solutions across a variety of banking products: M&A, Lending, Sustainable Finance, Debt Capital Markets, Hedging Solutions, Payments, & Working Capital Solutions.
Prior to joining ING, Anjila was at NatWest Bank covering Retail, Mid-Corporate and Large Corporate Client Relationship Management & Head Office Credit.
Anjila's appointment will take effect from 1 April 2022 and will replace Rob Young, former Group Chief Executive of Helena Partnerships and Torus, who will be retiring in August 2022 having been with the company since its inception in 2018.
MORhomes is a leading provider of funding to the social housing sector and was created by housing associations for housing associations.
Neil Hadden, Chair of MORhomes, said:
"Good governance practice is a key part of our ethos at MORhomes, so we are pleased to be continuing our on-going programme to renew and diversify our board.
"We'd like to extend our huge thanks to Rob Young who is stepping down from the board having been with MORhomes from the start. We're delighted to be welcoming Anjila Thomas who has invaluable experience in banking and corporate finance and will be a great addition to the board."
Anjila Thomas, said:
"I am very excited to be joining the Board and working with the CEO & team at MORhomes. I look forward to harnessing my experience for the benefit of its stakeholders"
MORhomes recently passed the landmark of GBP500m on-lent to housing associations, having secured deals for Broadland and RBH early in 2022. The company offers flexible loans from GBP10m, simple documentation and prides itself on the speed and efficiency of access to the market that it can offer housing associations. Any not for profit registered housing provider in the UK is eligible to become a member of MORhomes.
MORhomes applies the principles of the UK Corporate Governance Code and this appointment is part of the planned renewal and replacement of all non-executive directors over a 9-year cycle.
ENDS
NOTES TO EDITORS
MORhomes
MORhomes is a unique and innovative borrowing vehicle for the UK social housing sector. It is constituted as a PLC and applies the highest standards of corporate governance. Its shares are owned by 66 major not-for-profit UK housing associations. Its public debt is traded on the London Stock Exchange. It raises finance on the bond markets and lends it on to housing associations, who must be shareholders.
MORhomes provides its borrowers with
-- Flexibility to borrow in amounts from GBP10m upwards - saving the cost of having to borrow larger amounts which might be more than is needed at any one time
-- Quick access to the market, reducing uncertainty over the price of funds -- Flexibility on types of security offered and efficient use of security -- Immediate access to funds with up to a year to put security in place -- Simple documentation and reduced costs and resources in going to the market -- Minimal corporate financial covenants -- Transparent predictable credit process and annual credit limit.
MORhomes is 100% owned and controlled by housing associations. It is capitalized by equity and subordinated debt provided by its borrowers, and third-party junior debt.
MORhomes' first issue was a Social Bond completed in February 2019 enabling it to on-lend GBP260m. In February 2021 MORhomes launched its Sustainability Bond Framework and launched a 30-year Sustainable Bond in November
2021. The loan portfolio has now increased to GBP522m. Its current borrowers are: Borrower Name Borrower Group Name A2Dominion South Ltd A2Dominion Aster Communities Ltd Aster Synergy Housing Ltd Aster EMH Housing and Regeneration Ltd EMH Hafod Housing Association Ltd Hendre Local Space Ltd Local Space Melin Homes Ltd Melin North Devon Homes North Devon Heart of Medway Housing Association MHS Ltd Pobl Pobl Homes and Communities Ltd (previously two loans, now consolidated) South Yorkshire South Yorkshire Housing Association Wandle Ltd Wandle Housing Association Thrive Homes Thrive Homes Origin Origin Housing Limited Eastlight Eastlight Community Homes Housing Solutions Housing Solutions Calico Calico Homes Broadacres Broadacres Housing Association Cornerstone Cornerstone Housing Ltd Broadland Broadland Housing Association RBH Rochdale Boroughwide Housing
For more information, please contact Patrick Symington, CEO MORhomes
patrick.symington@morhomes.co.uk 07867 537373
Website: https://morhomes.co.uk/
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END
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(END) Dow Jones Newswires
April 05, 2022 06:35 ET (10:35 GMT)
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