MORhomes PLC Liquidity Facility Extension (6355P)
19 Febbraio 2021 - 10:38AM
UK Regulatory
TIDM61DP
RNS Number : 6355P
MORhomes PLC
18 February 2021
Liquidity Facility Extension
Since its inaugural bond launch 2 years ago MORhomes has
established itself as one of the key funders of Housing
Associations, building a portfolio of 17 loans to date, with a
strong pipeline for the future, and with one of the strongest
capital and liquidity positions in the sector. The Company has
taken advantage of the extension option contained within its
Liquidity Facility Agreement and the facility therefore continues
in place beyond its initial 2-year expiry. As it moves out of its
start-up phase, the Company has built up a cash balance in excess
of GBP3.1m as at 31 January 2021, and it is Company policy to hold
this as liquid assets. The Board of MORhomes has also assessed the
Company's future liquidity requirements and has established a
policy of seeking to maintain sufficient liquidity to cover a
failure to pay interest by all 3 of the Company's largest loans at
the same time for a period of a year (or two consecutive
semi-annual interest payments). Including the cash balance as at 31
January 2021, the extended facility of GBP10m provides over 2.5x
the amount required under the policy.
The Company confirms that all interest payments due from
borrowers in February 2021 were made in full and on time without
exception.
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February 19, 2021 04:38 ET (09:38 GMT)
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