Together Housing Finance plc

27 September 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, CANADA OR SWITZERLAND OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Together Housing Finance plc - £350,000,000 4.50 per cent. Secured Bonds due 2042

Together Housing Finance plc (the Issuer) has issued £350,000,000 4.50 per cent. Secured Bonds due 2042 (the Bonds) and the Issuer has on-lent the proceeds of the Bonds to Together Housing Association Limited (THA) pursuant to a bond loan agreement originally dated 13 December 2012 (as consolidated, amended, restated or supplemented from time to time, the Bond Loan Agreement).

The terms of the Bond Loan Agreement include a requirement for THA to provide to the Issuer and to M&G Trustee Company Limited (as Security Trustee) a copy of the consolidated, audited accounts for Together Housing Group Limited, the parent of THA and the group parent (the Group Parent) within 180 days of the end of each financial year. 

The Issuer's 2024 financial statements have been published, but THA is currently finalising the consolidated, audited accounts for the Group Parent for its financial year ending 31 March 2024 (the 2024 Financial Statements). Due to amendments to the accounts of another group member, Pendleton Together Operating Limited (PTOL), relating to provision being made for circa £20,000,000 in connection with the cost of major works to PTOL's tower blocks, the auditors require further time to be able to conclude the audit of the accounts of PTOL. The Group Parent's internal procedures mean that it is unable to sign off on the 2024 Financial Statements until the accounts for PTOL are finalised. Therefore the requirement for THA to deliver the 2024 Financial Statements by 27 September 2024 will not be met.

The Issuer has confirmed that, to the best of its knowledge and belief, there is no reason to believe that the 2024 Financial Statements will be subject to any audit qualification and the draft 2024 Financial Statements do not contain any non-public, price sensitive information about the Issuer or the Group Parent.

The Issuer has sought, and obtained, the consent of M&G Trustee Company Limited (as Bond Trustee) to postpone such requirement no later than 25 October 2024.

For further information, please contact:

Name: Mark Dunford

Address: Prospect House, Wharf St, Blackburn BB1 1JD

Telephone: 07969354695

Email: mark.dunford@togetherhousing.co.uk