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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Home Reit Plc | HOME | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 38.05 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 38.05 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 17/3/2025 07:50 by spectoacc Like it or not, it's how it works. HOME will pay legal costs, any FCA fine, any settlement.Had it in mind shares were relisting soon but checking back: "The Company now expects to publish the unaudited interim results for the period ended 28 February 2023 in March 2025, the unaudited interim results for the period ended 29 February 2024 in April 2025, and the annual report and accounts for the year ended 31 August 2024 in the second quarter. · The Board and AEW remain committed to the restoration of trading in the Company's ordinary shares as soon as is practically possible. Following publication of all the outstanding financial results an application to the FCA for restoration of the Company's listing will be made." So this week or next for one, April for another, "2nd qtr" for the last, and only looking to relist beyond that. You'd hope they might have sold the remainder by then, to avoid a relisting, but no sign of that yet. Fail to see why it's all taking so long - we mostly had HOME figured out before it delisted :) |
Posted at 20/2/2025 07:48 by spectoacc Got to laugh - so HOME can deny everything for the shareholder group action, yet claim against the former manager for pretty much the same.We know which one is right of course (the latter), but doesn't bode well for any early returns. |
Posted at 09/2/2025 20:59 by eekhoorn Yes, hats off to them. One of the most impressive things about Viceroy is that their lead analyst Gabriel Bernade works from a garage in Melbourne. Despite this his valuations ended up being a lot more accurate than the ones Knight Frank made up by assiduously following the RICS green book guidelines.Bernade's linkedin profile states'Accountant by trade, cynical by nature'The more I learn about Home REIT the more cynical I become. |
Posted at 07/2/2025 19:45 by eekhoorn No I think you might be thinking of Boatman Capital, though like Southey Capital I don't think they were ever really serious players in the Home REIT game.Sarasin is an investment house that prides itself in ESG. They manage a lot of money for charities so they're probably keen to get Home of their register, given the somewhat questionable role so called charities have played in this debacle. Another 25 million shares traded today and it's up to 11p. I'll be keeping mine marked at 10p (same price as my other basket case DGI9) |
Posted at 01/2/2025 19:45 by spectoacc Missed the RNS, thanks @nexusltd. Were Sarasin the fund who called HOME short, then reversed just before suspension? They must hate themselves if so..Who the buyer is would be interesting. Is there more than 10p of value in HOME? I'd say definitely yes on the property itself, but definitely "not sure" considering the fines (FCA), legal actions (which could go either way), & timescales to final winding up (years & years of costs first?). Not convinced 10p is low enough for the risk/time. |
Posted at 15/1/2025 16:56 by spectoacc What will actually happen is the FCA will fine HOME (ie its shareholders). Alvarium - who've already had a reorganisation and hived off the HOME part - will turn out not to have the funds for any redress (IMO).Look how eg Simon Lee has sailed merrily on, nearly got his new fund away (bought API's assets instead). What would be interesting is if those in on selling HOME the properties at 50%-100% mark-ups were pursued - but by whom? And didn't both original guys quit years ago, in their 30's, with alleged ill health? I might have mis-remembered that part but a lot of time has now passed for assets to shift ownership and jurisdiction (Venice, anyone?). What should irk shareholders is some of the original sellers - who sold to the Venice crook who flipped on to HOME with the allegedly fake-o CIC tenants and allegedly no CapEx - were able to buy back their best properties at a fraction of the price at Allsops over the past year. HOME, like Woodford, has been one for the ages. |
Posted at 02/12/2024 19:26 by eekhoorn It's worse than that, some of the rent was paid by funds that were earmarked for refurbishment. Additionally vendors were settling charities debts with money that Home spent on acquisitions. The presentation for the recent webinar gives more detail about the deceptions that were going on behind the scenes. The Unusual Transactions and Lease Inducements slides are particularly damming for Alvarium. https://www.homereit |
Posted at 16/9/2024 05:45 by spectoacc They put them on v cheap, it attracts bidders, sunk costs seem to do the rest. Seen few go genuinely cheap.Still at prices of less than half what HOME shareholders paid tho :) My experience is you sometimes get lucky (particularly if same AST tenants as prior to HOME's ownership), sometimes you get a trashed disaster, and even the ones HOME claim are tenanted often aren't. Have only to look at HOME's rent collection stats, albeit that's via the fake-eo CICs. Good luck - also know that many of the original sellers buy back the properties they know to be decent. Overall, I've been surprised how successful the auctions have been - you'd think there'd be a limit to how many cash buyers there are. |
Posted at 23/8/2024 08:20 by spectoacc Now having a read, and it's grim. The likes of @wallywoo should hang their heads in shame."The Company was set up to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by funding the acquisition and creation of a diversified portfolio of high-quality accommodation assets across the UK dedicated to providing accommodation to homeless people." but "The Company has experienced very significant challenges as a result of the failings of its former advisers, including: poor condition of properties, a larger than expected proportion of the portfolio let as private rented sector (PRS) rather than supported housing, weak tenant covenant strength, significant mismanagement of properties by non-performing tenants, tenants failing to pay rent and disputing rent payments, connections between tenants (and connections between tenants and vendors) that were not disclosed to the Board, tenants entering liquidation and limited evidence of the Company's former advisers undertaking any detailed ongoing monitoring of tenants and properties." ie very much what Viceroy Research said, some of which was provable with no more than 10 minutes on Google. Yet the Board repeatedly issued RNS's denying the allegations. This is old ground, but well worth repeating. How many bought on the Board's refutations? Or due to the rampers on here? SW: "The Board and AEW have continued to engage with Scottish Widows, which has advised that its objective is for repayment of the loan balance in the short term and by no later than 31 December 2024. In addition, and as announced on 3 July 2024, Scottish Widows has revised the terms of the additional fee payable by the Company charged on the outstanding loan amounts, such that this will increase from 5.0 per cent. to 7.0 per cent. per annum until repayment of the loans. As of 31 July 2024, the Company had accrued £7.3 million for the additional unpaid fees being charged since August 2023." So not only is the accrued fee already £7.3m, but "..By no later than.." implies SW is serious. The circular goes on to talk about block sales, portfolio sales etc, not just the auctions. Suspect that's why Allsop is a lot quieter for next week - HOME are going to block dump some of what's left. The Mears portfolio seems an obvious place to start. The great unknown is the legal actions against HOME, and any they eventually instigate against the likes of Alvarium. We could be no more than halfway through the HOME saga. |
Posted at 06/6/2024 06:14 by spectoacc Guessing the big drop in rent % is due to previous numbers being bolstered by arrears. Presumably the longer the arrears last, the lower the recovery. Probably as shown by how long it's taking to get some of the CIC's into administration.I can only talk about the NE property I've bought from HOME (they do seem to have a lot of it), where I'd say the average rent is c.400 pcm. That would be to the CIC, who'd pay less up to HOME (often none!). Lowest was 320 pcm for a 2-bed. Management cost - say 15%? ie once HOME take it in-house. That's pre-CapEx. CapEx - it's finger-in-the-air, one property needed zero, one running at 30% (so far). Whether AST tenanted with a non-social tenant, or completely wrecked/former "grow", makes all the difference. But HOME will surely offload the wrecked ones. They also have eg some giant HMOs where the monthly rent must be huge (just not to HOME!). Mears portfolio probably the only way to come up with a finger-in-air calculation - legitimately run, rent going up to HOME. Nothing I've seen yet makes me change my original 10p-20p estimate, if/when they relist after 18 months. Top end of that if they can deal with the remaining debt. The NAV's seemingly there, even written down, but sales seem to be slowing. Edit - 15 Peterlees in the next Allsop: Allegedly all vacant (they often change this), with no internal pictures. Lots 91 & 150A are worth a look for some of the sh*te they have. There's a suggestion the numbered streets in Peterlee may be set for demolition. Edit #2 to Lot 91. 146 also amusing. How has it taken this long to get those up for sale? I don't own any in Peterlee - wouldn't want to own there - but HOME's original purchase/Knight Frank's valuation of the Peterlee portfolio is what started me off here. Isn't nearly enough opprobrium heaped on Knight Frank, who valued without looking at the properties. Even now, HOME haven't been inside all they own. |
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