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[williamcooper104] 28/1/2024 23:22

What There's no way this is anything but 0 to 10p It's effectively in administration; and if Windows weren't the creditor it would literally be

[lucidlips] 28/1/2024 22:36

Right you are. I genuinely wish it turns out well for you one way on another Specto. I sense this one will actually turn out to be a fairly balanced ending. I don’t think spectacular returns are coming any time soon but there again stranger things have happened!

[williamcooper104] 28/1/2024 18:58

I'll take vegetating over HOME bagholding

[lucidlips] 27/1/2024 17:30

You seem to have a lot of time on your hands Specto! I guess it’s important though to stop yourself completely vegetating.

[spectoacc] 26/1/2024 19:14

Revisiting this little gem, ought to do more of this. Lucidlips9 being IMO @wallywoo:


"Lucidlips9 Jun '23 - 08:14 - 1080 of 1335

That’s been an amusing start to my morning! @wallywoo can speak for himself……there are more of us with this view than you might appreciate! I’m in at an average of 35p and continued to buy knowing full well that suspension was imminent. Notwithstanding that the board would never had taken the recent Bluestar bid seriously (nor would it ever have been accepted by the raft of sophisticated, institutional investors who had too much to lose), the 40p bid only goes to show where this is really heading. And by the way, whilst shots of mouldy Peterlee walls generate huge interest, speculation as well as astonishment, none of that scares me nor do I accept that is wholly representative of the portfolio as a whole. There is a whole lot of credible property too. I estimate that vp values would have been at an average of approximately 40-45% of investment value at its peak. By the time they restructure leases and clawback income (through litigation or otherwise) the asset base of the fund is only going to go North. Capital expenditure, legal costs and some historic income having to be written off, will depress the end result, but, intuitively, 60p feels a pretty sane conclusion to me.


SpectoAcc9 Jun '23 - 08:23 - 1081 of 1335

Your 3rd ever post, this was the first, all on HOME. There aren't two people this daft:

"Lucidlips - 07 Feb 2023 - 07:57:55 - 805 of 1081
In complete agreement with Wallywoo. Huge amount of tenant posturing going on currently. Every expectation that this will relist, using even back of bus ticket estimates, at in excess of 50p. There are some fundamental cornerstones of strength here. For sure, some financial crack monitoring has been deemed necessary, but this fund is underpinned by some comfortably robust principles - meanwhile one receives 14+% returns for the superficial discomfort."



Would hardly know where to begin with the actual @wallywoo's posts.


The next Allsops catalogue out - you'd be hard-pressed to find non-HOME sales in it - more Peterlees:




What was the average valuation by Knight Frank, £85k?

Of course, those only Guides - here's this week's Peterlee achieved sales. Out of interest, and I'm sure AEW are on a cracking deal, but it's c.£2,450+VAT minimum per lot to sell at Allsops, plus preparing legal packs, legals on sale etc:



Stakeholders.


Edit - Retailgains12 posts well worth revisiting too, eg #394. Another new handle with all of 6 posts, all on HOME. I'd suggest anyone mildly ramped into HOME pre-suspension consider that they've probably fallen for the fallacious arguments of the same poster.

[spectoacc] 26/1/2024 09:43

Am told by Allsops there's another huge dump from HOME coming in the February auction - no great surprise, when they've so many to shift to satisfy "stakeholders".

They need to get a move on - repay the loan before working capital needs get too great.

On the plus side for HOME - didn't see any go unsold at the auction this week, there's still buyers around.

[cc2014] 24/1/2024 08:07

"The gross proceeds from the Sale Properties are £0.6m (8.4%) below the draft August 2023 values, however positive and negative variations between the sales price and draft valuation are to be anticipated."

When I did maths a sample size of 100 properties would be enough to be a basis for estimating the value of the remaining properties.

[spectoacc] 24/1/2024 07:26

"The Company announces that at a public auction held on the 23 January 2024, the Company has exchanged on the sale of a further 103 properties (representing 4.8% of the portfolio by number) (the "Sale Properties"). Gross proceeds for the sales were £6.6m representing 1.6% of the Company's portfolio by value....

The gross proceeds from the Sale Properties are £0.6m (8.4%) below the draft August 2023 values, however positive and negative variations between the sales price and draft valuation are to be anticipated."



Brilliant, so the kitchen sink valuation is off another 8.4% on these ones. Was a very interesting auction to watch (and bid on) - of the c.80 I was watching, 100% of them were bog standard AST tenancies.

Prices were OK - all had multiple bidders due to super-low reserves - but all bar one seemed to go below MV, albeit you don't know if the tenants are paying or not.

There was an absolute cracker that HOME seemingly paid £700k for, I can only hope as part of a large portfolio, was previously sold at half that, and went for a tenth of it.

£6.6m isn't going to move the dial.

[triskelion] 19/1/2024 14:46

Further to



more grist (or chaff?) for the mill:

hxxps://www.cityam.com/home-reit-fennah-heads-for-the-exit-with-trail-of-destruction-in-her-wake/

[williamcooper104] 18/1/2024 12:39

Indeed - all staked holders The hex in your house word Well into the "zone of insolvency"

[spectoacc] 18/1/2024 11:45

"O’Donnell commented that while Home continues to ‘face challenges’, there has been progress. He added that the publication of audited results was a ‘key priority’.

‘I am committed to protecting the interests of all Home Reit’s stakeholders and look forward to meeting with them over the coming months,’ he said."


Stakeholders. Enough said.

[williamcooper104] 18/1/2024 09:57

Needless to say hope we can all ask about what exactly the board is doing on the litigation front They probably can legitimately claim to not be able to divulge details but they can at least tell us if there is or isn't anything in the works

[williamcooper104] 18/1/2024 08:59

Trying to sign up for the retail call

[spectoacc] 18/1/2024 07:07

Oh I bet you do Lynne. I bet you do.

"Lynne Fennah said: "I recognise and share investors' frustration at the events which have unfolded over the last 14 months and the deterioration in the performance of the Company."

[flyer61] 09/1/2024 09:48

Spec...take alook at Allsops EXTRA resi auction that went live yesterday.

Few up your neck of the woods.

[williamcooper104] 08/1/2024 09:03

That's true; alverium/HOME is my trigger

[flyer61] 08/1/2024 08:55

Steady on WC104....very unusual for you to swear!!

[terminator101] 08/1/2024 07:10

Another monthly reminders that this really is a great big steaming pile of pish.

12% of rent invoices collected. Portfolio value reduced by half and the debt mountain remains enormous. Plus cash is running out.

[spectoacc] 08/1/2024 07:08

Monthly update as grim reading as always.

"Rent collection including arrears representing 12% of rent invoiced during the month."

Including the Mears portfolios?? Strewth. Actual rent collection, ie of the old portfolio, must be next to nothing. They're not doing nearly enough to recover arrears from the fraudsters IMO.

[spectoacc] 02/1/2024 12:22

The fine would be on shareholders so agreed.

Former Alvarium in particular.