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[spectoacc] 10/12/2023 15:02

Re post #274, among others, more than a year ago now. (& #282 re M&G).

And here's one of those Peterlees, in Allsops this coming week - let's see what it goes for. £30k tops is (still) my guess:

[williamcooper104] 08/12/2023 18:34

In theory some time next year In practise this is basically in administration so it's wait to see if there's a distribution to equity - good chance that there is - but unlikely to be more than a few p share price equivalent If it does list before winding up it will likely gap down to 2-5p

[gpvxxx] 08/12/2023 18:12

Any idea how much longer LSE may suspend trading?

[williamcooper104] 05/12/2023 17:11

Not a lot and you won't like it

[spectoacc] 05/12/2023 16:54

Between Allsop, AEW, the various fake-eo valuers, legals (winding up CICs etc), and now Lloyds, there's a lot of vulture claws in the dwindling HOME pot.

Worst of all - your Board are still drawing salaries/expenses.

There'll still be something left I say - but in the words of the late great Paul Daniels - not a lot.

[williamcooper104] 05/12/2023 16:46

Amusingly HOME is so toxic that we haven't been D for E which is what ought to have happened but hasn't as Lloyd's absolutely doesn't want the reputional risk of owning HOME or putting it into admin

[little beaker] 05/12/2023 15:46

Thought as much, amazed that the loan wasn't repriced much earlier

[williamcooper104] 05/12/2023 08:41

Love the wording "additional fee" and then "per annum" In other words the loans been fully repriced - to be fair I'm sure c7.5 isn't where you could borrow money at for HOME currently (assuming that you could of course)

[terminator101] 05/12/2023 07:42

Monthly reminder that this really is a great big steaming pile of pish.

[spectoacc] 05/12/2023 07:15

Yet more to chew over but a quote for @Wc104 #1258:

"The Company and the Lender have agreed an additional fee of 5.00% per annum charged on the aggregate outstanding loan balances, on a daily basis from 30 November 2023. The additional fee is payable at the earlier of 28 June 2024 or on full repayment of the loans."


Valuer has still only been inside 194 properties - they're selling them faster than that :))

[williamcooper104] 30/11/2023 13:50

I used to enjoy teasing bankers at Allied Irish Bank as the better part of their bad loan book was their fraud book - most of which was loans to Kallachis (a pretend Greek oligarch) - they got about 80-90p back on those - as were all prime London assets - as opposed to 10-40p on their honest Irish development loans

[cc2014] 30/11/2023 13:24

One is a scandal and the other incompetence but I see both ending in the 10-20p area.

[spectoacc] 30/11/2023 13:23

100% be a bust if not for that. Achieving below 40% of cost on most of their sales, yet that isn't NAV, ie not Knight Frank's comedy valuation. Simply what they paid, including the 12 months rent in many cases, and the vast profit to the SPV guy(s), then marked up by KF.

HOME ought to be getting so much more publicity, but only a handful of us seem interested.

[williamcooper104] 30/11/2023 13:17

Yep - that was of course by accident rather than design as they hadn't spent the equity they had recently raised before the shorts started

[spectoacc] 30/11/2023 13:15

Indeed, HOME is a scandal, set up to fleece the gullible like M&G (for whom in any case it's OPM).

But I'd say the main difference - since the outcomes may be similar in share price terms - is that DGI9 has always given the option to sell again. With HOME, the news keeps getting worse, but the shares have stayed suspended.

Still see no reason to change 10p-20p estimate on HOME - the one saving grace was the low LTV.

[williamcooper104] 30/11/2023 12:55

Good question Think it's HOMEHOME is incompetence, and potential F DGI9 is just incompetence The F part of HOME means it's got balance sheet and asset problems Whereas DGI just has balance sheet problems and that they bought assets totally not appropriate for an income vehicle Not to say though that the incompetence at DGI is so great as to make the eventual outcome between the two academic

[cc2014] 30/11/2023 12:25

Question is which is the biggest loser when this all washes out. HOME or DGI9?

[williamcooper104] 30/11/2023 08:05

Yep - and then the admission that they didn't actually know how much capex had been spent For the Board to know that and then rubbish the short report !!!!!!

[spectoacc] 30/11/2023 07:28

EPCs were enough on their own weren't they - clearly little to no CapEx been done.

Got to marvel at the "long-term" leases too - when most CIC lessees could barely get through their first 12 months of gifted rent!

[williamcooper104] 29/11/2023 07:06

The moment Alverium admitted they didn't know what the EPCs were despite supposedly millions in refurb capex having been spent That's the red flag that any board member with even the most basic property knowledge should have spotted; certainly any retail buy to let landlord would have spotted it

[spectoacc] 29/11/2023 06:59

@wskill - FCA will get there, eventually. Takes years.

That statement - and many of their others - was laughable, with much manifestly wrong. We all (ex Wallywoo) said so at the time. I want to believe the Board were just naive idiots, but wouldn't you do 10 minutes of Googling before putting out a statements like that? We could see it, why couldn't they?

As for M&G, & the other big institutions buying post-allegations..

(And I don't mean all of it - HOME have consistently been worse than my worse fears. But eg going on Rightmove to discover HOME property up for regular AST rental, or Googling the connections/crooks involved in SPV & CIC - or even just reading this BB).

[williamcooper104] 28/11/2023 22:26

I find it very hard to believe that Alverium did not know that their tenants were using capex money to pay the rent And further that when they said in their Q3 2022 update that all tenants were current on their rent that that was highly misleading (at best; and something beginning with F at worst)

[wskill] 28/11/2023 20:55

I think by now we all understand no one will ever get his collar felt for this fraud another reason not to invest in the UK ,its safer paying a higher multiple and having the benefit of some shareholder protection .Sad but very true the FCA what a farce they make of everything when they actually try and convict fraudsters might as well not bother.

One year ago this was their response to Viveroy the inaccurate response was by the HOME directors there is much that these directors have to answer for.

RESPONSE TO INACCURATE SHORT SELLING REPORT

Home REIT plc (ticker: HOME), which funds the acquisition and creation of high-quality properties across the UK that are dedicated to providing accommodation to homeless people, notes the recent report published by a Delaware-based firm specialising in short selling, meaning it profits from any falls in the Company's share price.

The report was published without any engagement with the Company's Board, Investment Advisor, or wider advisory team. It is the Board's belief that the report is inaccurate and misleading in its comments about the Company, being based on mistaken assumptions, misinformed comments, and disputable allegations.

The Company will publish a full and detailed response demonstrating the factual inaccuracies and selective use of information in due course. This will be published via RNS and on the Company's website as soon as reasonably practicable.

[spectoacc] 28/11/2023 17:32

A web of them, with further connections on to our +£80m Venice friend.

All still has a long way to run.

But have to wonder how, having been "seeded" with 12 months of rent to pay HOME from the SPV, some couldn't even manage that, yet have been getting plenty of rent in from tenants.

Looking forward to the revised HOME a/c's and valuations - Knight Frank must be nervous.