Martlet Homes Limited Statement re Collateral Security Update (4943M)
29 7월 2017 - 1:10AM
UK Regulatory
TIDM67VJ
RNS Number : 4943M
Martlet Homes Limited
28 July 2017
Martlet Homes Limited GBP400 million 3.00% Secured Bonds due
2052 ISIN:XS1602093483
Collateral Security Update
Following the Grenfell Tower fire, the Hyde Group (including and
on behalf of Martlet Homes Limited) has been carrying out its own
independent, specialist inspections on all of its high rise blocks
to ensure they not only fully comply with fire safety regulations
but also consider the implications of Grenfell. Hyde has a
comprehensive fire risk assessment programme in place which
includes additional in-depth fire risk surveys for our high rise
properties.
As part of this programme the cladding of the five buildings
which make up the Harbour, Seaward, Garland, Hammond and Blake
Towers In Gosport (together 'The Gosport Towers' have been subject
to intrusive (Type 4) fire surveys. The Gosport Towers are the only
assets within Martlet on which we have felt the need to initiate
such tests. These buildings range from 11 to 17 storeys high.
The external cladding of these five buildings does not contain
the aluminium composite material (ACM) used on Grenfell Tower and,
following repair works to the compartmentation of the buildings,
they are compliant with all current fire regulations. However, it
is envisaged that the polystyrene and render cladding may need to
be replaced in addition to some other enhancement works. We are
awaiting additional survey results from our building consultants
and fire risk assessors before a final decision is made.
The Gosport Towers are charged as a small part of the wider
security for Martlet's GBP400 million Secured Bonds. The total
value of the 433 flats contained within these 5 buildings is
GBP12.8 million as at 5(th) May 2017, or just over 2% of the total
security pool which was valued of GBP605 million. As such even if
the value of these five blocks were to be reduced to zero, the
GBP400 million Bonds would still remain significantly
over-collateralised.
Our precautionary measures are broad and well considered. We are
working locally, in direct partnership with Hampshire Fire and
Rescue Service, to undertake joint property inspections with them.
In Gosport, we also benefit from having our own dedicated Estate
Services team who carry out daily checks of all five blocks.
We have completed further checks on fire safety in individual
homes and undertaken tests to the fabric of the building. Until our
evaluations are completed we have introduced a 24/7 safety warden
patrol in each block who will act as an early warning system and
ensure communal areas and exits are free from obstructions.
Residents have been kept fully informed and reminded to take the
time to ensure they know what to do in the event of a fire and
familiarise themselves with the details specific to their building
and follow the directions given. The website has also been updated
with useful fire safety information in response to frequently asked
questions coming in on this topic.
https://www.hyde-housing.co.uk/fire-policies/
Until our evaluation is complete it is not possible to estimate
the cost of any potential works which might or might not be carried
out at these five blocks. However Martlet's current available cash
balance of GBP129.3 million is clearly more than sufficient to
cover any foreseeable costs.
We remain in close contact with residents, keeping them updated
at every stage about what is happening and are working hard in the
background poised to take appropriate actions in response if any
adverse findings are confirmed that require responsive action.
Contact details:
Carol Jones
Director of Communications,
Marketing and Public Affairs
T: 020 3207 2522 (ext.8822)
M: 07877 996574
E: carol.jones@hyde-housing.co.uk
The Hyde Group, 30 Park Street, London SE1 9EQ
This information is provided by RNS
The company news service from the London Stock Exchange
END
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