Sovereign Housing Capital Plc Merger Completed - Further to RNS4161B & RNS8458N (1499P)

TIDM56TE

RNS Number : 1499P

Sovereign Housing Capital Plc

14 November 2016

Sovereign Housing Capital plc

14 November 2016

Sovereign and Spectrum Housing Group merger successfully completed on 11(th) November 2016.

Sovereign held Special General meetings on 13th September and 7(th) October 2016 and Spectrum Housing Group Limited (Spectrum) held Special General meetings on 15(th) September and 29(th) September 2016 where the shareholders of each organisation approved the amalgamation of Sovereign and Spectrum ,in accordance with the Co-operative and Community Benefit Societies Act 2014, to form a single 55,000-home housing association. The amalgamated organisation is known as Sovereign Housing Association Limited, registered society number 7448.

With the approval of the Homes and Communities Agency, the amalgamation took place on 11th November 2016 on its registration by the Financial Conduct Authority (FCA) and was made public on that date on the FCA Mutuals Register.

With a strong regional focus, the amalgamated organisation can better serve the needs of existing residents by continuing to invest in homes and services as well as being able to build more affordable homes for people in housing need across the south.

Having led the merger from conception to conclusion, the former chairs of Spectrum and Sovereign, Richard Organ and John Simpson, have stood down as they came to the end of their terms of office. A new independent chair, Katherine Innes Ker, has been appointed to take the amalgamated organisation forward.

Katherine said: "Both Boards believed a stronger regional housing association would be best placed to do more for our residents and communities, build more homes and have greater financial resilience, whatever the future may hold".

Ann Santry, Sovereign's former chief executive, will lead the amalgamated organisation and Richard Hill, Spectrum's former chief executive, becomes deputy chief executive.

Ann Santry said: "It's a new beginning, but those long-standing commitments to supporting our communities and building homes hasn't changed. Together, we'll have the strength, influence and great people to make even more of a difference for the growing numbers of people who need our support."

Notes

-- Sovereign refers to the former Sovereign Housing Association registration number 26480R which comprised of a Group of companies a member of which is Sovereign Housing Capital plc which is a special purpose vehicle established for the purpose of incurring indebtedness and lending the proceeds thereof to members of the Group.

-- Sovereign was one of the largest housing associations in the south and south west of England, owning and managing more than 38,000 homes. It offers a wide range of affordable housing options, as well as now adding private market rent and outright sale to its portfolio.

-- Sovereign was charitable and includes the non-charitable Sovereign Living Limited, one of the south's leading affordable home ownership providers.

-- Spectrum Housing Group owned and manages around 18,000 homes across the south and south west of England. It also maintains a further 45,000 homes through its maintenance company, Spectrum Property Care.

-- Spectrum provided new homes for sale and shared ownership through Spectrum Premier Homes as well as keyworker accommodation. Spectrum Housing Group is a non-profit organisation.

-- Sovereign Housing Association Limited will continue the functions of Sovereign and Spectrum Housing Group.

ENDS

For further questions or enquiries on this announcement, please contact:

Claire McKenna

Company Secretary

[e-mail]

Phone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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This information is provided by RNS

The company news service from the London Stock Exchange

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November 14, 2016 13:07 ET (18:07 GMT)