Paragon Treasury PLC Circ re. proposed merger (9196E)

TIDM60VT

RNS Number : 9196E

Paragon Treasury PLC

22 July 2016

asra and Paragon Community Housing

For Stock Exchange Statement or strictly by media request only

Joint statement from Aman Dalvi, Group Chair of asra Housing Group and John Cudd, Chair of Paragon Community Housing.

asra Housing Group and Paragon Community Housing, parent company of Paragon Treasury PLC, are exploring the merits of a potential merger.

asra and Paragon provide homes in London, the South East and the Midlands. Both organisations have a strong development record, with asra committed to building 700 new homes by 2019 and Paragon 500 new homes over the same period.

Both organisations have common goals of providing customer service excellence and being recognised as a first class housing provider. Both would bring strengths to the alliance.

If the partnership goes ahead, the new group will provide 24,000 homes and be among the largest housing associations in the country.

Aman Dalvi said, "The new group will use its size and combined financial strength to develop even more homes for people in need. It will use its shared geography to improve services for tenants".

John Cudd added, "We're both committed to tackling the shortage of housing and believe that we can be stronger together. We share similar values and a firm commitment to helping people achieve their housing aspirations. By joining together we could be even more efficient and provide better localised services to our residents and local communities."

Paragon has 10,000 homes in South West London and Surrey, and asra has 14,000 homes in the Midlands and London. Paragon and asra are investigating whether the merger will enable them to provide an improved localised service for tenants and facilitate the development of more homes.

It is the intention of Paragon to host an investors conference call in due course to allow investors to ask any question they may have about this proposed merger.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 22, 2016 05:00 ET (09:00 GMT)

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