Martlet Homes Ltd (3.00% May 2052): 13 May 2017

The issuer, Martlet Homes Limited, is registered in England as a charitable registered society, whose principal activity is to carry on, for the benefit of the community, the provision of housing, accommodation and assistance to help house people and associated facilities and amenities for poor people or for the relief of aged, disabled, handicapped or chronically sick people. Its core aim is to provide housing for those people who are unable to meet their needs on the open market and it employs specialist expert staff to provide services to those customers most in need.

The Issuer has £48,530,000 in turnover and a book value of assets of £270,263,000 with a market value vacant possession value as at the date of the Offering Circular of £1.228 billion, and owns 8,952 units (of which 6,945 are residential). The Issuer operates predominantly in Surrey, Sussex and Hampshire.

The valuation report set out below was prepared by Savills Advisory Services Limited,

……………………………...EUV-SH / MV-ST as appropriate* ………………………………..Total

Units…….. Valued on EUV-SH basis…………….Units……. Valued on MV-ST basis………….
No………………… £ …………………………….No……………… . £…………………………… £
1,110………. £79,435,000……………………… 4,722…………. £525,956,000 … ……..£605,391,000
* A further 616 Units have been attributed a nil value

The Issuer shall (a) deliver a Full Valuation to the Bond Trustee at least once in every period of five calendar years (beginning in 2022) and, unless the Bond Trustee agrees otherwise, such Full Valuation must be delivered in the period between 31st March and the date falling 60 days after 31st March in each year that such Full Valuation is required to be delivered; and it shall (b) deliver to the Bond Trustee a Desk Top Valuation in the period between 31st March and the date falling 120 days thereafter in each year (beginning in 2018) other than a year in respect of which a Full Valuation is required to be delivered pursuant to paragraph (a) above.