56TE Sovereign 43

TIDM56TE

RNS Number : 8451L

Sovereign Housing Capital Plc

08 September 2023

Sovereign Housing Association and Network Homes merger approved

The boards of Sovereign Housing Association Limited and Network Homes Limited have approved proposals to merge and create a new 82,000 home social landlord.

The new organisation will trade as Sovereign Network Group (SNG) and the date for formal completion is 1 October 2023, subject to lender consents.

Discussions about a potential merger were first announced in March this year.

SNG will have an annual income of over GBP800m in 2024-25 and will invest GBP8.5bn in existing and new stock over the next ten years, building 25,000 new homes - almost 4,000 more than in current plans, as well as regenerating estates and improving the quality of existing homes. It will also establish a new Community Foundation to invest GBP100m in communities over a ten-year period.

Sovereign Housing Association Limited is a charitable Registered Society under the Co-operative and Community Benefit Societies Act 2014, registered with the Financial Conduct Authority no. 7448 and with the Regulator of Social Housing no. 4837.

Network Homes Limited is a charitable Registered Society under the Co-operative and Community Benefit Societies Act 2014, registered with the Financial Conduct Authority no. 7326 and with the Regulator of Social Housing no. 4825.

ENDS

For more information, please contact:

Graeme Gilbert, Treasury Director, Sovereign Housing Association 07392130856 Graeme.Gilbert@Sovereign.org.uk

James Mclarin, Head of External Affairs, Sovereign Housing Association

07776616024 James.Mclarin@sovereign.org.uk

Disclaimer

The information contained herein (the "Trading Update") has been prepared by Sovereign Housing Association Limited (the "Parent") and its subsidiaries (the "Group"), including Sovereign Advances Ltd, Sovereign Housing Capital PLC (the "Issuers") and is for information purposes only.

The Trading Update should not be construed as an offer or solicitation to buy or sell any securities issued by the Parent, the Issuers or any other member of the Group, or any interest in any such securities, and nothing herein should be construed as a recommendation or advice to invest in any such securities.

Statements in the Trading Update, including those regarding possible or assumed future or other performance of the Group as a whole or any member of it, industry growth or other trend projections may constitute forward-looking statements and as such involve risks and uncertainties that may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Trading Update and neither the Parent nor any other member of the Group undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, occurrence of unanticipated events or otherwise.

None of the Parent, any member of the Group or anyone else is under any obligation to update or keep current the information contained in the Trading Update. The information in the Trading Update is subject to verification, does not purport to be comprehensive, is provided as at the date of the Trading Update and is subject to change without notice.

No reliance should be placed on the information or any projections, targets, estimates or forecasts and nothing in the Trading Update is or should be relied on as a promise or representation as to the future. No statement in the Trading Update is intended to be an estimate or forecast. No representation or warranty, express or implied, is given by or on behalf of the Parent, any other member of the Group or any of their respective directors, officers, employees, advisers, agents or any other persons as to the accuracy or validity of the information or opinions contained in the Trading Update (and whether any information has been omitted from the Trading Update). The Trading Update does not constitute legal, tax, accounting or investment advice.

https://www.sovereign.org.uk/investors

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END

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September 08, 2023 02:02 ET (06:02 GMT)

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