Allia C&C is pleased to announce the successful completion of a CCDS issue for the Ecology Building Society. The transaction provides Ecology with Common Equity Tier 1 capital allowing it to continue expanding the scope of its operations.
The new issue increased the amount of CCDS from £3.0m to £7.1m, a rise of over 130%. It pays an indicated distribution rate of 11% per annum and was placed with a wide range of investors including West Yorkshire Pension Fund, family offices and other professional investors for whom Ecology green mission and ethical standards were an added appeal.
Allia C&C acted as the advisor and arranger of the issue.
The CCDS are listed on The International Stock Exchange in Guernsey to broaden their appeal to a wider investor base. The CCDS are transferable in minimum amounts of 5000 £1 shares.
Gareth Griffith CEO of Ecology said: “I’ve enjoyed meeting investors and have been pleased by their positive response to our vision for Ecology as the Society continues to grow and evolve. Their investment will enable us to significantly increase our impact-led mortgage lending, to projects including community-led housing and green renovations. For every £1m raised through CCDS, we can lend £22m. The successful issue coincides with the imminent completion of our exciting digital transformation. This is the latest in a series of major milestones for the business and the service improvements it brings will be among the most visible changes to benefit our Members and mortgage brokers. This latest CCDS tranche has more than doubled investment in Ecology and I’m grateful to our professional advisors for making this possible.”
Allia C&C’s Ben Hall said: “Ecology is the most recent Building Society to be founded in the UK and benefits from a strong track record on performance and a focus on delivering exceptional social and environmental impact. It is good to see the way this has been recognised by investors in the strong support they have provided on the issue. Building societies are a highly regulated part of our financial markets serving a wide section of our community and we were delighted to raise this equity issue for Ecology at lower rates than have recently been available to small financial institutions.”
Allia C&C provides advisory and arranging services to a wide range of borrowers, from charities to commercial businesses and public sector bodies alongside intelligence and brokerage services for investors.
