Delay to publication of audited accounts

GenFinance II PLC

27 September 2024

 

Delay to publication of audited accounts

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

GenFinance II plc - £250,000,000 6.064 per cent. Secured Bonds due 2039

Genfinance II plc (the Issuer) has issued £250,000,000 6.064 per cent. Secured Bonds due 2039 (the Bonds) and the Issuer has on-lent the proceeds of the Bonds to Notting Hill Genesis (NHG) (formerly as Paddington Churches Housing Association Limited) pursuant to a bond loan agreement dated 21 December 2009 (as amended or supplemented from time to time, the Bond Loan Agreement).

The terms of the Bond Loan Agreement include a requirement for NHG to provide to the Issuer and to M&G Trustee Company Limited (the Bond Trustee) a copy of its audited accounts for each financial year within 180 days of the end of such financial year.  Similarly, the terms of the Bonds include a requirement for the Issuer to provide to the Bond Trustee and the Paying Agent(s) a copy of the audit report and audited consolidated accounts of the Group for each financial year within 180 days of the end of such financial year.

The Issuer 2024 financial statements have been published, but NHG is currently finalising the statements for its financial year ending 31 March 2024 (the 2024 Financial Statements). We have ensured the exceptional items mentioned in our market statement on 28 June 2024 have been thoroughly reviewed and agreed, and this robust due diligence has taken time. Therefore, there will be a short delay to completion, subject to concluding on final validation checks and approvals, that will extend past our initial deadline of 27 September 2024.

The Issuer has confirmed that, to the best of its knowledge and belief, there is no reason to believe that the NHG 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.

The Issuer has sought, and obtained, the consent of the Bond Trustee to postpone such requirement no later than 25 October 2024.

For further information, please contact:
Financial enquiries
Mark Smith, chief financial officer	[e-mail]
Media enquiries
Sanctuary Counsel	[e-mail]

 

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