Home REIT PLC Directorate Change (0635A)

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RNS Number : 0635A

Home REIT PLC

18 January 2024

18 January 2024

Home REIT plc

("Home REIT" or the "Company")

Home REIT appoints Michael O'Donnell as new Independent Non-Executive Chair

The Board of Home REIT plc announces the appointment of Michael O'Donnell to succeed Lynne Fennah as Independent Non-Executive Chair. Michael will become Chair with immediate effect, with Lynne remaining on the Board as a Non-Executive Director to provide continuity. The remaining members of the Board understand that shareholders would like to see a refresh of the Board and so they will step down on publication of the Company's financial results.

Michael is currently a Non-Executive Director and chairs the Remuneration Committee of Big Yellow Group PLC, the FTSE 250 self-storage company, having been a member of its board since September 2021. He was previously a Non-Executive Director and Chair of the Remuneration Committee at Helical plc (2011-2019). With a background in private equity and complex restructuring situations, he has chaired numerous businesses in challenging circumstances, several of which have had a significant real estate element. He also has experience in the social care and wider healthcare services sectors, including as Chair of Cygnet Health Care (2013-2014), one of the UK's leading providers of mental healthcare services, overseeing the eventual sale of the business.

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. With a new investment manager in place and the stabilisation of the Company's portfolio and financial position ongoing, now is the right time to step aside. Michael brings extensive restructuring, public company and sector experience together with a strong conviction in taking the business forward."

Michael O'Donnell said: "Home REIT continues to face challenges but progress on critical workstreams is now well underway, with the publication of the audited results 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."

There are no further items requiring disclosure under Listing Rule 9.6.13 regarding Michael O'Donnell's appointment.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
 FTI Consulting (Communications   [e-mail] 
  Adviser)                               [phone] 
  Dido Laurimore 
  Eve Kirmatzis 
  Oliver Harrison 
 

The Company's LEI is: 213800A53AOVH3FCGG44.

For more information, please visit the Company's website: www.homereituk.com

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January 18, 2024 02:00 ET (07:00 GMT)