Civitas Social Housing PLC Re: Westmoreland Supported Housing Limited (1535O)
September 30 2019 - 6:18AM
UK Regulatory
TIDMCSH
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2019 (which was disputed) was subsequently withdrawn.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: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922
Tom Scrivens Tel: +44 (0)20 7397 1915
Liberum Capital Limited
Steve Pearce Tel: +44 (0) 20 3100 2222
Gillian Martin
Buchanan
Helen Tarbet / Henry Harrison-Topham Tel: +44 (0) 20 7466 5000
Henry Wilson / Hannah Ratcliff civitas@buchanan.uk.com
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.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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