Paragon Treasury PLC Statement re Paragon asra amalgamation (3795W)

TIDM60VT

RNS Number : 3795W

Paragon Treasury PLC

09 February 2017

Embargoed till noon on 9 February 2017

Paragon made an announcement on the LSE on 22 July 2016 that it had commenced discussions with asra Housing Group in order to explore whether there were potential benefits in merging the two organisations.

Paragon and asra have made considerable progress towards merger, having completed due diligence and essential negotiations with several banks.

On 7 February 2017, the Homes and Communities Agency has provided consent to the proposed merger (to be called Paragon asra Housing Ltd), and we are prepared to "Go Live" from April.

Paragon asra will be governed by a highly talented board, a brilliant executive team and will improve on the existing set of robust business fundamentals.

We remain first-and-foremost a committed and responsible landlord and will continue to improve services to our customers. We have realistic aspirations to build additional homes in the high-demand locations that we know, and where we have extensive experience of working with respective local authorities/ boroughs.

The Board and Executive Directors are looking forward to doing a lot more for the benefit of our customers and stakeholders in the years to come.

Dilip Kavi,

Chief Executive

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

February 09, 2017 07:00 ET (12:00 GMT)

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