Home Reit Share Discussion Threads

[adv11] 11/12/2024 15:05

Surprised to see I have a Corporate Action notification for the 4p/share offer from Southey Capital. Didn't expect that this was a serious offer, even though I would love to get rid.
Quote -
If you decide to tender your Home REIT shares, it is not currently known when we expect to credit the cash to your account.
Please note that Southey (the Offeror) reserves the right to not accept any tendered shares and to not purchase them.

[spectoacc] 06/12/2024 08:19

Be interested to hear why the ISS advised voting against - what does it achieve?

Isn't as if HOME isn't in wind-down mode already.

[cc2014] 06/12/2024 07:33

Interesting votes at the AGMAnd the board will provide an update within 6 months!

[cruelladeville] 05/12/2024 13:34

That's about 3.99p more than I thought share holders would walk away with.

[williamcooper104] 05/12/2024 07:38

Yep 4p is silly 12p and they could have it

[terminator101] 05/12/2024 07:00

4p huh

Who would ever have thunk that this pile of loss making debt ridden lifestyle pish run by a series of crooks would ever have been worth so much huh.

[craigso] 04/12/2024 17:41

4p? lmao Even their website looks dodgy.

A year ago maybe, but not now that the loan is repaid and there miraculously still appears to be some residual value left in HOME.

Agreed that the only takers are likely to be people needing a crystalised tax loss.

[spectoacc] 04/12/2024 16:52

Got to wonder if the long delays to the accounts (no relisting likely until Q2 2025, if at all) relates to the possibility of directors' liability. The longer it all drags on, the more it disappears into the past.

Running/legal costs vs rent would be interesting.

[cc2014] 04/12/2024 16:42

Yes. I expect some will be desperate to create capital losses before end December.

The Board could sort this out by relisting the shares

[spectoacc] 04/12/2024 16:33

Ha ha brilliant - they should have made that offer before the SW loan was repaid tho.

10-20p IMO - same as it was before being suspended. 4p is a cheek.

[cc2014] 04/12/2024 15:38

4p a share if you want out now

[spectoacc] 02/12/2024 20:56

Board seemed simply inept, clueless, knew less about what was going on than we did on here.

However - where does the buck stop, if not with them. If they RNS that all's fine & dandy & VR's allegations are bunkum, can they really hide behind having been told that by the very investment manager whom the allegations were against?

Another to remember in this: M&G, who kept buying as the shares tanked and clearly do so little research they didn't investigate the allegations even slightly.

Also a certain poster whose regular response was to accuse everyone else of being in league with VR/lawyers.

[eekhoorn] 02/12/2024 19:26

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.homereituk.com/wp-content/uploads/2024/11/Home-REIT-plc-Webinar-October-Final.pdfGiven the losses also experienced at the Home Long Income fund (M&S pensions scheme a major investor) it's reassuring that the FCA have now imposed increased reporting requirements on Alvarium. https://register.fca.org.uk/s/firm?id=001b000003RCZoHAAX#what-can-this-firm-do-restrictionsI doubt if this will end well for them but there's a wider question about how they managed to get away with it for so long. Very little point in getting annoyed with the HOME NEDs especially as they don't have the big pockets needed to redress the losses. There's a wider set of failings here that need to be addressed. I'm not confident but we're certainly due a surprise on the upside here.

[williamcooper104] 02/12/2024 10:19

Yep - I dived in before it was suspended when the board said that "all rents had been collected" Neglecting to say that it had been paid with funds lent to them by HOME Was an idiot not to jump out when they couldn't get their accounts produced

[spectoacc] 28/11/2024 14:47

Hard to believe they paid that dividend post-suspension too - shows just how little the management knew about what was going on. VR (& we on here ex Wallywoo) knew more.

One teeny tiny plus for holders - when the loss is finally booked, it should be in a higher CGT regime.

Don't work out what you'd have got compound in the bank tho. Each year it drags out is effectively c.5% more loss.

[williamcooper104] 28/11/2024 14:34

Indeed - suspect it never re-lists and that shareholders get most of the proceeds of the property sales by a B share and then get something small in several years time

[williamcooper104] 28/11/2024 14:31

The £9m fee is offset by the break gains they've paid - they won't have been contractually obliged to pay that out

[williamcooper104] 28/11/2024 14:29

Never mind covenants it won't have been at times able to pay the interest from rent

[williamcooper104] 28/11/2024 14:29

Yep - we were very lucky that the lender was Lloyds; many others with less concern on the political risk would just have put it in admin

[spectoacc] 28/11/2024 13:02

FCA always been a farce - the money will be spent by the culprits before they ever get after the HOME boys.

But it's always the co gets fined for its own failings - the directors are ultimately employed by the shareholders after all.

Former Alvarium action could go on years of course, but will HOME?

[eekhoorn] 28/11/2024 12:39

I'd be very surprised if the FCA allowed the company to relist given the huge dependency of the share price on the outcome of its own investigation. The FCA itself is under increased parliamentary scrutiny so I would hope that they'd be aware that 'bayoneting the casualties' after what could be viewed as a £500 million regulatory failure is unlikely to go down well in Westminster.https://www.investmentweek.co.uk/news/4382742/fca-urged-adopt-reforms-mps-warn-watchdogs-integrity-called-questionThe APPG report concludes with the following statement:"It istempting to claim that the FCA is now 'drinking in the last-chance saloon'. But the problem is worsethan that: the bar is about to close, and the regulator is at risk of being thrown onto the street"Ouch!

[spectoacc] 28/11/2024 11:32

True, including the FCA when they fine the company.

But IMO SW couldn't have liquidated it - or rather, far better/cheaper to have shareholders pay AEW to do it for them over time. Pulling the plug would have been hugely expensive/disruptive.

Not that I blame SW, but sticking to the letter to charge multi-million penalties seems a cheek. £9m is a LOT of junk property sales.

So £175m (maybe), less endless fees/costs, less fines, but plus a possible Alvarium (as was) settlement - it'd be interesting if it was listed. You'd fancy it at a say £100m mkt cap.

What a fiasco.

[craigso] 28/11/2024 11:26

HOME blew out its banking covenants a long time ago. I suspect that £9m is cheap compared to SW calling in administrators back in 2023.

It's frustrating because we can't sell out - even for pence on the pound - but everybody involved in this thing will get paid before we do.

[spectoacc] 28/11/2024 07:21

Someone's certainly made from HOME REIT - additional fees of £9m:

"The Company is pleased to report that, following the completion of sales in November, it has now made full repayment of the loans to Scottish Widows. The final repayment of £28.6m was made on 27th November 2024, comprising a £24.9m cash repayment and a net break gain of £3.7m. A further payment will be made to Scottish Widows in December in respect of the additional fees, which amount to approximately £9 million, at which point the lender will release its charge over the Company's assets."