Home Reit Share Discussion Threads

[williamcooper104] 28/7/2023 13:16

Can't remember what the deadline is for a company getting stuck off for not filling accounts and King Charles laying claim to your assets but if it goes into 2024 you'd have thought they'd trigger that it would get traded So they ought to have to produce solis accounts before 2024 - which will pop up on companies house Consolidated accounts they ought to be able to delay

[cc2014] 28/7/2023 13:04

"Lang LaSalle is working with the board, AEW and corporate recovery specialist Bill Start to complete Home’s long-delayed annual and interim accounts. Publication of these will allow its shares to return from suspension, although there is a risk this won’t be this year."

There is a risk the Annual accounts won't be this year. Jeez, we still have 5 months to go...

[triskelion] 28/7/2023 12:25

"demand" in this context is standard terminology.

[tradez4dayz] 28/7/2023 11:10

Always a good read anything from Home. Seems to be another litany of half truths and fudges.The chairwoman clearly wants to try and turn this into a property management business like her old job. Next stop it will be students in the houses!

[williamcooper104] 28/7/2023 10:59

Good spot - indeed "demand" is a very different word to "invoiced"

[cc2014] 28/7/2023 10:25

Additional corporate updates

For the period 1 May to 30 June, the Company has demanded GBP8.77m of rent, of which 7% has currently been collected.


Demanded??? Interesting choice of words.

Anyways according to the investor presention from Sept last year the portfolio value was £713m. So, rent being demanded at the rate of £35m a year which seems to be around 4.8%

And of that 7% is being paid. I appreciate some may pay late rather than not at all but that comes to an income of £2.45m a year. Rofl.

Serious stabilisation is in order...
I see significant asset sales to get the debt under control...

[williamcooper104] 28/7/2023 08:20

Which is why who your lender is can really matter

[williamcooper104] 28/7/2023 08:19

Presumably the cash and blocked cash they had on balance sheet IIRC the blocked cash was for investment in property but I guess LBG/Widows waived that No mention either of what the status of the debt is - LBG will be terrified of taking keys (though they just might sell the debt to someone with less concern; but given RBS/Coutts can't see them doing anything with a reputional risk) It's clearly breached covenants; have those been waived? You'd think that they had given that there no mention in the RNS - but we know where that sort of optimistic thinking gets you to with HOME

[williamcooper104] 28/7/2023 08:13

Yep zero mention of that No mention of litigation either

[spectoacc] 28/7/2023 07:21

Jones Lang LaSalle in as valuers - HOME like splashing the cash on the biggest, but will JLL actually view any of them this time?


#1107 - AEW were appointed on 23rd May, yet this today:

"AEW is now taking steps to assess and stabilise the property portfolio and the financial condition of the Company and will seek to maximise income and capital returns. AEW's immediate priorities will be a detailed assessment of the existing portfolio and tenant engagement, with a focus on understanding any tenant issues with properties, the identification of underlying occupancy of leased properties and an assessment of tenants' abilities to meet rental payments with a view to improving rent collection and maximising Shareholder value."


"...Now taking steps.."? It's late July, what have they been doing? Because 7% total rent collection suggests not a lot.

Is HOME a going concern? How? It has assets, but where's the day-to-day running costs coming from?

[spectoacc] 28/7/2023 07:15

Lol.

Presumably the Board are hoping if they can spin everything out long enough - a few years - enough time will have passed for them to avoid some liability.

We never did get to see the unredacted fraud report.

Still feels like we're not being told more than we are being told.

[williamcooper104] 28/7/2023 06:54

7 percent yield 7 percent vacancy No 7 percent gross rental income collection You do have to laugh I thought Brixton was the worst ever managed UK reit with the CFO thinking he was running Long Term Capital Management HMSO and Intu provide good competition But the winner of all time worst ever bin fire of a UK propco goes to HOME

[spectoacc] 28/7/2023 06:16

"For the period 1 May to 30 June, the Company has demanded £8.77m of rent, of which 7% has currently been collected."

ROFL.


And that RNS says AEW aren't actually appointed until the changes to the investment policy are approved at the GM - contradicting what went before.

2024 possible relisting?


Edit - seems AEW were appointed "investment advisor", but Alvarium still running the show until AEW are appointed Investment Manager after the meeting.

Edit #2 - AEW really ought to have more to say by now, other than rent collection running at 7%.

[spectoacc] 24/7/2023 06:25

At risk of flogging a dead horse - surely AEU have something to say, good or bad, by now?

What are they getting paid for?

[williamcooper104] 12/7/2023 10:57

Yep But there's companies house rules on summiting accounts And if you don't eventually submit then the company gets struck of and the King gets all the assets (and liabilities) If you ask nicely he usually gives them back Can't see what harm a qualified set of accounts would do now

[williamcooper104] 12/7/2023 10:55

HOME - never keeps not letting you down

[spectoacc] 12/7/2023 10:34

Thanks @1tx.

HOME - the triumph of hope over experience.

AEW still need to stay something, after 7 weeks in charge.

[1tx] 12/7/2023 10:27

I think the automatic cancellation of listing 6 months after suspension relates to shell companies on AIM.Whilst I think that a company can have its share listing cancelled after 6 months of suspension by the regulators however if it can show a reasonable expectation that it may be in a position to comply with listing requirements in "due course" it can retain its listing.

[spectoacc] 12/7/2023 09:37

Good point. Still down as Suspended here, are the rules related more to when the accounts are released? It's already out of indices (eg Russell), but was indeed suspended 3rd of January, & has relevance to anyone holding in ISA.

AEW have been very quiet - I know there's a lot of properties to look at, but really no update yet? Last RNS was 30th May, unrelated to AEW's appointment on 23rd May.


"AEW's immediate priorities will be to undertake a thorough review of the Company's assets to help inform a longer-term strategy for the portfolio, as well as dealing with a number of short-term requirements, including preparing for the potential sale of a limited number of properties and engaging with the Company's current tenant base regarding issues with their properties"


"Immediate" - if they've nothing to report 7 weeks on, I'm surprised.

Also from 23/05:

"Simpact is continuing to assist the Company on a rolling three-month contract."

They've been going at it much longer, with stunningly little success (rent collection fallen and fallen).


"Following the appointment of AEW, the Board intends to proceed with the sale in the near term of a number of properties, as the Company works to stabilise its property portfolio, provide additional liquidity and reduce its borrowings."


7 weeks may be too soon for that in fairness, but be interesting if anyone spots any HOME properties appearing at auction. There's been the usual glut of Peterlees at £5k Guides but nothing to suggest they're HOME's.

[cc2014] 12/7/2023 08:02

This was suspended on 03/01 as far as I can tell.

I was under the impression that if a share was suspended for over 6 months it got delisted. That doesn't appear to be the case as LSEG show it as still suspended.

Any thoughts?

HL seem to have removed everything. not even a historical chart, factsheet or set of accounts available.

[williamcooper104] 19/6/2023 09:47

The board likely didn't know But Alverium absolutely knew that what they purported to be rent was the receipt of monies meant to refurb properties

[74tom] 19/6/2023 09:07

The Boatman has raised doubt over the speed of the decline in rental income however and said the initial comments should be scrutinised by the watchdog.

“We find it hard to believe that the environment could have changed so swiftly and are, therefore, concerned that the Board may have given investors a misleading impression of Home REIT’s situation in its December 12th statement,” the Boatman added.

The Boatman added that some of its earlier statements “would appear to be an attempt to mislead investors by obfuscating the problem of rent arrears in the August quarter.”

The FCA declined to comment on whether it had opened an investigation into the firm. Home REIT declined to comment.

[adv11] 18/6/2023 11:20

This is Money, Mail on Sunday

Secrets of a short seller: Meet the ex-social worker who has made millions by exposing corporate wrongdoing.

[wallywoo] 12/6/2023 20:41

Will, I don't understand what point you are trying to make. This has a value. They own lots of houses with low ltv. They have already rejected a bid for 40p. I am sure more of the rent will come in now that they have a new manager. It's just a case of waiting for the houses to be properly managed and rented. This isn't a problem that can't be solved.

[lucidlips] 09/6/2023 11:44

One, two, three ….. and you’re back in the room!