PenArian Housing Finance PLC Pennaf Housing Groups Annual Financial Statements (7279B)

TIDM71HO

RNS Number : 7279B

PenArian Housing Finance PLC

24 September 2018

PENNAF LIMITED

FINANCIAL STATEMENTS FOR YEAR ENDED 31(st) MARCH 2018

The Group is showing an operating surplus of GBP10.839m for 2017/18 compared to GBP9.842m for the year ended 2016/17. This compares favourably also with the Groups budgeted position of GBP8.728m.

However, there is an overall deficit of GBP12.082m. This is after allowing for breakage costs of GBP15.904m as part of the Group's decision to review its borrowing in the first quarter of this year. On 7(th) June the Group repaid GBP126.943m of Clwyd Alyn Housing Association Limited's debt with six lenders, with the associated breakage costs.

On the same day PenArian Housing Finance plc received GBP160m offering GBP250m publicly listed bonds, retaining GBP90m. This was then on-lent to Clwyd Alyn to repay its existing debt, pay the breakage costs, and retain GBP17m for further development. The new interest rate applicable is 3.212%, which compares very favourably with its previous average loan rate of 4.02%.

The Group's Operating Surpluses continue to improve.

The full Financial Statements are available through the Group's Website.

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September 24, 2018 08:28 ET (12:28 GMT)