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Shareholders to vote on Genesis and Notting Hill merger next week
Genesis and Notting Hill Housing shareholders will vote on whether or not to approve a controversial merger at separate meetings on 16 January.
The two housing associations plan to merge to form a 64,000-home organisation managing homes across London and the South East.
But some tenants and protestors have objected to the plans, and have protested against the merger at several recent events.
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Legislation requires the shareholders of Notting Hill and Genesis – a mixture of residents, founders, current and former board members and people with an interest in social housing – to approve the merger if it is to go ahead.
Genesis has 55 shareholders and Notting Hill has 102. Two votes are required to approve the merger, the first requiring the support of two-thirds of shareholders at each organisation and a second confirming vote to be held on 1 February requiring a simple majority.
These thresholds are set out by the Co-operative and Community Benefit Societies Act 2014.
Asked what would happen in the event of a no vote, a spokesperson for Notting Hill said: “Both the Genesis and Notting Hill Housing boards believe that a merger is in the best interests of current and future residents of both housing associations. Both boards would consider next steps should the resolution not be passed.”
Genesis and Notting Hill boards approved the merger plans in October.
The new organisation would have combined reserves of £3.1bn and loan facilities of £3.5bn.
It would generate turnover of about £700m and a net surplus of more than £120m. The associations say that as a result, they would be able to build 2,700 new homes a year, 400 more than would be achievable separately.
