Peabody Capital No 2 PLC Prior Notice of Merger (1853R)

TIDM41LI

RNS Number : 1853R

Peabody Capital No 2 PLC

07 December 2016

Peabody Capital PLC/Peabody Capital No.2 PLC

Peabody Trust ('Peabody') and Family Mosaic Housing ('FMH') today announced that their boards have unanimously approved an agreement to merge, creating a new Group that would provide 55,000 homes to 111,000 residents across London and the South East.

The closing of the merger is expected to occur as soon as feasible, subject to customary conditions including consultation, approvals consents and successful negotiations with lenders.

Upon closing of this transaction the combined entity will have annual turnover of GBP0.7bn and total balance sheet assets of GBP6.0bn.

In a joint statement, Lord Kerslake, Chair of Peabody, and Ian Peters, Chair of Family Mosaic, said:

"The new group will build on the track record, capabilities and shared values of Peabody and Family Mosaic to create a truly distinctive organisation. Our combined scale and London focus will enable us to do more together than we could achieve alone. We will:

-- deliver services tailored to the needs of local residents, investing in local communities beyond our homes;

-- provide care and support services in London and the South East, to enable more residents to live independently for longer;

-- make a significant contribution to addressing London's housing crisis through effective placemaking, including the regeneration of Thamesmead, London's new town;

-- build many more well-designed homes and maintain our commitment to providing low cost housing that is genuinely affordable for those on lower pay;

-- listen to our 111,000 residents and partners and use this insight to help shape our services and to provide an influential voice on key issues."

Upon closing of the merger, Brendan Sarsfield, Chief Executive of Family Mosaic, will become Chief Executive and Stephen Howlett, Chief Executive of Peabody, had already decided to retire. Lord Kerslake, Chair of Peabody, will become Chair and Ian Peters, Chair of Family Mosaic, will be Vice Chair. The new Group will be called Peabody.

Peabody Capital PLC (issuer of GBP200 million in debt securities at 5.25% dated 2043) and Peabody Capital No.2 PLC (issuer of GBP350 million in debt securities at 4.625% dated 2053) will continue to be wholly owned subsidiaries of Peabody Trust, within the new Group.

ENDS

For further details contact:

Benjamin Blades, Media Manager, Peabody on 020 3828 4089 or 07875020950 or Benjamin.blades@peabody.org.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 07, 2016 04:00 ET (09:00 GMT)

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