Home Reit Share Discussion Threads

[spectoacc] 28/7/2023 08:15

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 07:54

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 07:16

"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 07:25

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 11:57

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 11:55

HOME - never keeps not letting you down

[spectoacc] 12/7/2023 11:34

Thanks @1tx.

HOME - the triumph of hope over experience.

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

[1tx] 12/7/2023 11:27

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 10:37

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 09:02

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 10:47

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 10:07

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 12:20

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 21:41

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 12:44

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

[williamcooper104] 09/6/2023 12:39

Making an investment mistake is normal Not leaning from it is the real mistake

[williamcooper104] 09/6/2023 12:35

We've been told that the capex required is £15-20m - which doesn't sound too alarming Now if HOME was a normal company I'd believe that that was ball park right But given that the numbers didn't come from a QS but a two bit/unknown firm run by cronies of alverdiums principles then we should hardly be surprised if AEW discover that the actual capex is much larger We now know that much of the "rent" we previously received was actually the money that was meant to be spent on capex That we weren't told that is just basic fraud

[williamcooper104] 09/6/2023 12:32

Repeat after me You made a mistake buying HOME (I did the same fortunately only a little) Don't blame anyone else - I too made the mistake of not grasping just how much of a bunch of crooks Alverium are, and gave undue weight to their claims that all "rents had been collected" Recognise your mistake; learn from it

[williamcooper104] 09/6/2023 12:29

And he's undertaken some original research which has been quoted in the media and which anyone who'd looked at and sold their HOME shares would be delighted with

[wallywoo] 09/6/2023 12:10

Nope, specto you have been posting here every day for months now.


Your motivation is supposedly because you care about pi's any want to stop it happening again. You want to incite anger but are against and negative about steps Home are taking to sort out this mess.


I just don't believe you. No one puts in that much effort without any reward.


The fundamentals here have not changed. Home have a awful lot of housing stock with a low ltv. Therefore, value can be achieved if managed properly. There's also huge and increasing demand for housing. With private landlords exiting fast and many not able to afford to remortgage that demand will only increase.


You repeatedly fail to acknowledge those facts.

[spectoacc] 09/6/2023 11:38

@wallywoo - you're making unfounded allegations, repeatedly categorically denied. Might be an idea to rein your neck in a little.

You "believe" HOME are making progress, yet rent collection has dropped from their February statement about taking legal action to recover it (a legal action that this time, you presumably approve of).

I've been on ADVFN longer than you (either of your handles) & have no part in any class action, against the Board or otherwise, nor ever have.

[williamcooper104] 09/6/2023 11:37

Well we don't have a lot of choice but to wait They'll need to get the accounts out soon

[wallywoo] 09/6/2023 11:32

So let's wait. As I said, I believe Home are making progress towards sorting this mess out. Let's see what actions that leads to in the months ahead.

[williamcooper104] 09/6/2023 11:30

The first question is are you suing someone who can pay; alverium are big enough to wear the losses The SPV spin out from what I understand didn't transfer the AIFMD fund manager which is where the liabilities sit

[wallywoo] 09/6/2023 11:27

Possibly yes, if they can make it pay. However, specto's objective here is to incite anger so that shareholders will join his petty class action against the Home Board and against the company themselves.


The only winner, I see emerging from that are the lawyers after years of legal action shareholders will receive nothing. Possibly even owing money to the legal team. That's why few large shareholders will join.