Paradigm and Settle announce designate appointments in merger preparations

Paradigm Homes Charitable Housing Association Limited (the Issuer)

£300,000,000 5.25 per cent. Secured Sustainability Bonds due 2044; and

£350,000,000 2.25 per cent. Secured Bonds due 2051

(the Bonds)

The Boards of Paradigm and Settle have approved an initial business case to form a partnership and are now consulting their residents. 

As part of the preparations for the potential merger, the first designate appointments have been announced.

The appointments are:

·    Designate Chair - Richard Moriarty (current Paradigm Chair)

·    Designate Senior Independent Director (SID) - Sally Veitch (current Settle Chair)

·    Designate CEO - Matthew Bailes (current Paradigm CEO)

·    Designate CFO - Nicola Ewen (current Paradigm CFO).

The process is underway to make appointments to other designate Executive and Board roles.

The Boards will make a decision about whether to go ahead with the merger later in the summer.

Paradigm is also exploring the purchase of 3,500 homes from L&Q and, if both proposals go ahead, the new merged organisation would have 30,000 homes mainly in Buckinghamshire, Hertfordshire and Bedfordshire.

Designate Chair, Richard Moriarty, has been Paradigm Chair for the last year and is the CEO of the UK's Financial Reporting Council. Earlier in his career, he was Deputy Chair of the Regulator of Social Housing. He said: "I am proud to have been appointed as Chair Designate and, alongside leaders and colleagues at both organisations, I am focused on ensuring the new organisation delivers more for both existing and potential residents."

Designate Senior Independent Director, Sally Veitch, has been Chair of the Settle Board since May 2020 and was due to stand down at the end of next year, on completion of her appointed Board term. Through this new role she will work with Richard Moriarty as Designate Chair to ensure the effectiveness of the Board of the new organisation. Sally said: "I'm delighted to have been appointed as Designate Senior Independent Director. I look forward to working with Richard as Board Chair and colleagues across Settle and Paradigm, as we bring together the best of both organisations to achieve our aims for the partnership and deliver more for residents and the communities we serve."

Designate CEO, Matthew Bailes said: "I'm delighted to have been appointed, and I am really excited about working with colleagues to create a new organisation that builds on the best ideas from two strong providers."

For further information, please contact:

Nicola Ewen

Paradigm Homes Charitable Housing Limited

1 Glory Park Avenue

Wooburn Green

Bucks

HP10 0DF

Email: Nicola.Ewen@paradigmhousing.co.uk

Leke Adebiyi

Paradigm Homes Charitable Housing Limited

1 Glory Park Avenue

Wooburn Green

Bucks

HP10 0DF

Email: Leke.Adebiyi@paradigmhousing.co.uk

Disclaimer The information contained herein (the Update) has been prepared by Paradigm and its subsidiaries (the Group), including the Issuer and is for information purposes only.

The Update should not be construed as an offer or solicitation to buy or sell any securities issued by Paradigm, the Issuer or any other member of the Group, or any interest in any such securities, and nothing herein should be construed as a recommendation or advice to invest in any such securities.

Statements in the Update, including those regarding possible or assumed future or other performance of the Group as a whole or any member of it, industry growth or other trend projections may constitute forward-looking statements and as such involve risks and uncertainties that may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Update and neither Paradigm nor any other member of the Group undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, occurrence of unanticipated events or otherwise.

None of Paradigm, any member of the Group or anyone else is under any obligation to update or keep current the information contained in the Update. The information in the Update is subject to verification, does not purport to be comprehensive, is provided as at the date of the Update and is subject to change without notice.

No reliance should be placed on the information or any projections, targets, estimates or forecasts and nothing in the Update is or should be relied on as a promise or representation as to the future. No statement in the Update is intended to be an estimate or forecast. No representation or warranty, express or implied, is given by or on behalf of Paradigm, any other member of the Group or any of their respective directors, officers, employees, advisers, agents or any other persons as to the accuracy or validity of the information or opinions contained in the Update (and whether any information has been omitted from the Update). The Update does not constitute legal, tax, accounting or investment advice.