Re: Westmoreland Supported Housing Limited

RNS Number : 1535O

Civitas Social Housing PLC

30 September 2019

 

30 September 2019

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

Re: Westmoreland Supported Housing Limited

Civitas, a leading social housing REIT, notes the adjusted governance grading of Westmoreland Supported Housing Limited ("Westmoreland") issued by the Regulator of Social Housing ("RSH" or "Regulator").

Westmoreland's viability rating remains the same at V3. Westmoreland is making continued improvements to governance and operations and its provider of third-party funding has confirmed to Civitas that it remains firmly committed to Westmoreland. A creditor action which was initiated against Westmoreland in July 2019 (which was disputed) was subsequently withdrawn. 

As announced by Civitas on 12 September 2019, the RSH appointed three additional members to the Westmoreland Board as part of improvements to its governance which Civitas supports. This action, whilst improving governance, is deemed to be a statutory intervention. As a result, and in accordance with the Regulator's procedures, it has adjusted Westmoreland's governance rating from G3 to G4. Given the continued improvements that Westmoreland is making, as confirmed by the Regulator in today's revised judgement, Civitas expects that rating to change in future.

As at 30 September 2019 the rental income attributable to Westmoreland as a part of the whole Civitas portfolio is 11.2%*. 

*including 1.4% for leases exchanged and awaiting completion.

For further information, please contact:

Civitas Housing Advisors Limited

Paul Bridge                           Tel: [phone]

Andrew Dawber                   Tel: [phone]

Cenkos Securities PLC

Sapna Shah                           Tel: [phone]

Tom Scrivens                        Tel: [phone]

Liberum Capital Limited

Steve Pearce                         Tel: [phone]

Gillian Martin                     

Buchanan

Helen Tarbet / Henry Harrison-Topham         Tel: [phone]

Henry Wilson / Hannah Ratcliff                       [e-mail]

Notes:

Civitas Social Housing PLC is the first Real Estate Investment Trust offering pure play exposure to social housing across the UK.  The Company is advised by Civitas Housing Advisors Limited, who are authorised and regulated by the Financial Conduct Authority under Firms Reference Number 815699. The Company is listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in November 2016.  

 

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