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HOME Home Reit Plc

0.00 (0.0%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Home Reit Plc LSE:HOME London Ordinary Share GB00BJP5HK17 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 38.05 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 11.76M 20.93M 0.0373 10.20 213.72M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 38.05 GBX

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Posted at 03/12/2023 08:20 by Home Reit Daily Update
Home Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker HOME. The last closing price for Home Reit was 38.05p.
Home Reit currently has 561,671,382 shares in issue. The market capitalisation of Home Reit is £213,715,961.
Home Reit has a price to earnings ratio (PE ratio) of 10.20.
This morning HOME shares opened at -
Posted at 30/11/2023 13:15 by spectoacc
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.
Posted at 30/11/2023 12:55 by williamcooper104
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
Posted at 13/11/2023 08:21 by spectoacc
Indeed. You'd hope because they don't want to prejudice recovery, but you'd fear it's because they're not going after them.

Yet you can take any individual property at any of the auctions, and see exactly what's gone on, and it's exactly what Viceroy said. HOME raises a stack of cash. Someone (usually the one we know about) scours the market/auctions and buys up all the HMO's they can lay their hands on, bought at generally market value.

Those are rapidly flipped on once or more to other SPVs, at inflated/fake prices.

Then sold on to HOME - within weeks - at double purchase price, now with "leases" in place. Some of that money paid by HOME goes to those lessees, some of which as far as I can tell were little more than nameplates.

The Board seemingly remain ignorant of what's going on even when they're explicitly told. Where's the fiduciary duty?

Knight Frank merrily issue their valuations - where's their perusal of Land Reg data?

Rent comes in - for a year, if HOME are luckly - but it's round-tripping shareholders cash. How much were the CIC stooges paid, where did the property income go?

Alvarium continue to "manage", and keep raising tens and hundreds of millions. They're still in place even once it's obvious what's gone on. Two prominent actors got out early.

When the alleged fraud's exposed, the Board issue IMO misleading statements denying it, Alvarium try to hive off the advisor, the main SPV crooks exit stage left, and the CICs start to go down like a house of cards. Rent collection hit 3%!

Knight Frank quietly walk away, and some insts (take a bow, M&G) continue buying the shares.

I'm re-hashing what we all know, but it's still jaw-dropping. Can see an argument for the early money being gone, but the con was rolled on for so long, with many more hundreds of millions raised, that it's hard not to see at least some sort of recovery angle.

Shareholders' best hope?
Posted at 11/11/2023 07:43 by wallywoo
I am confused. If the loans were in default, HOME would have a legal responsibility to inform shareholders. I believe you are trying to generate pi anger at this company. Much more likely is that a plan has been set out to reduce the loan amount to an agreed level and to carry on with a long term debt. Home have plenty of cash to pay interest in the meantime.

Also, you seem obsessed with legal action here. It is my firm belief that you are an "ambulance chaser" for this legal firm.

Please enlighten us on this BB. If zero (none) of the funds and institutions have joined your legal action (who own around 80% of Home shares), why should any private investors??

It is my firm belief that you are just trying to drum up investor anger here, so that your law firm will prosper. If 80% of professional investors think that is unlikely to maximise their investment here. Why should the rest of us??? I still believe Home will relist with 1500 to 2000 4/5 bedroom houses in rent with a lower debt (to a mix of homeless and other tenants). To me that looks the best way to stabilise this company and to achieve around 50p share target. We all know that there's huge demand for rental accommodation in the UK, which will only increase.

Legal action will just make lawyers rich and I believe shareholders would get very little. It would just line the pockets of lots of paper pushers!!

Progress is being made with both rental income and housing sales. We need to wait for that process to complete.
Posted at 23/8/2023 07:25 by spectoacc
Interesting @LB. So the alleged business model was:

- The geezer now in Venice goes around gobbling up every HMO he can lay his hands on
- These are flipped a couple of times between SPVs, often within weeks, before being sold to HOME at c. double the price paid
- HOME leases them to a CIC, often with same/similar people involved
- Venice chap gives some of the proceeds to the CIC, to pay the first year's rent to HOME
- CIC leases some of them on to Mears, but at a curiously lower rent
- In theory, Mears + rent gift should have kept the show on the road enough years to avoid HOME imploding too quickly, with HOME continually raising new money to add new stock with longer fraud duration
- In practice, many couldn't even manage their first year of rent, almost all (~93%) are now paying nothing, and CapEx/maintenance fallen way behind for some.

All done in plain sight, much of it easily confirmed by those us of on here after the VR allegations first emerged. Yet seemingly the HOME board knew nothing, even when told what was going on.
Posted at 23/8/2023 06:44 by little beaker
This has been known for some time, last year the ft reported at
, as follows:

One missing piece relates to social housing group Mears, which has sublet the Circle portfolio for ten years. Home Reit says the transfer required a kickback from an unidentified property developer to Circle “to cover the difference over the course of the lease between the cost of the head lease to Home Reit and the cost of the sublease to Mears.

Peel Hunt’s team is not convinced by Home Reit’s rebuttal around apparent conflicts of interest, particularly where charity directors are involved in property development, and questions the company’s choice of rent affordability measures. (“We note that the price per bed per week that Home Reit charges for refurbished homes appears to be circa 35 per cent higher than those charged by PRS Reit for new-build properties.”)

So if you read back to HOME's comedy rebuttal of viceroy, you'll see it there:

Circle Housing and Support ("Circle"): Circle is currently in solvent administration. The circumstances surrounding Circle's solvent administration were driven by a change of strategic direction by Circle's management. Circle's properties are largely sub-let to Mears Group Ltd ("Mears") on ten-year sub-leases. Mears manages over 17,000 homes for local and central government. The Vendor provided a contribution to Circle referred to in the Report to cover the difference over the course of the lease between the cost of the head lease to Home REIT and the cost of the sub-lease to Mears. The Company announced the solvent administration on 1 November 2022, further noting that rent due continues to be paid on time and in full, with no impact to residents. Circle's existing leases were reassigned on the same rental terms and the remaining Vendor's contribution referenced above was transferred to One CIC on 25 November 2022, demonstrating the resilience of Home REIT's business model and its ability to continue to provide critical housing to its vulnerable occupants due to the protective statutory framework that the Homelessness Reduction Act 2017 created.
Posted at 10/5/2023 17:32 by adv11
LATE RNS 10th. MAY 2023
Update regarding possible offer for Home REIT PLC ("Home") by Bluestar Group Limited ("Bluestar")

Since Home's 16 February 2023 announcement, Bluestar has invested significant time and resources in arranging financing, carrying out outside-in due diligence and continuing to engage or attempt to engage with Home on the possible offer. To support this, Home provided Bluestar with limited diligence information in February 2023, but, despite repeated attempts by Bluestar, has provided nothing in the subsequent months. We have also not been provided access to the board of Home (the "Board"). On 14 April 2023 Bluestar submitted a proposal to the Board for the entire issued and to be issued share capital of Home for 40 pence per share in cash (the "Possible Offer"). Any announcement by Bluestar of a firm intention to make an offer pursuant to Rule 2.7 remains subject to the satisfaction or waiver (by Bluestar) of a limited number of customary pre-conditions, including financing, which is at an advanced stage with its anticipated financing providers, and due diligence, which awaits appropriate engagement from Home.

The Possible Offer represents a premium to Home's share price as at suspension of its ordinary shares prior to market open on 3 January 2023 despite a heavily negative news flow and a serious deterioration in Home's rent collections and broader operational performance. Bluestar considers that the Possible Offer provides a route to upfront liquidity, at a valuation level that Bluestar does not anticipate Home achieving in the public markets in the medium term and with significantly reduced execution risk relative to other strategic options that may be available to the Board to deliver value to the shareholders of Home.

Bluestar remains highly motivated and enthusiastic about the Possible Offer but has been frustrated by the lack of engagement from the Board, which has been particularly pronounced in the last three weeks. Home has declined repeatedly to provide a formal response to the Possible Offer but Home's financial adviser, Smith Square Partners ("SSP"), has provided guidance that Bluestar should wait patiently until the Board is able to assess the Possible Offer and provide Bluestar with the requested due diligence information. SSP was also clear that it expected the Board to view favourably any requests by Bluestar to extend the current and future PUSU deadlines. In recent weeks, Bluestar has repeatedly attempted to meet with Home's Chairperson and SSP in order to explore ways in which it might receive information and access in order to progress its due diligence. Bluestar has been disappointed to receive no meaningful engagement with the only meeting that Bluestar was able to schedule between Lynne Fennah, the Home Chairperson, SSP, Bluestar and Numis being cancelled by SSP on behalf of Home at short notice.

On 5 May 2023, Bluestar made a formal request to Home for an extension to the PUSU deadline of 5.00 p.m. on 11 May 2023 (the "PUSU Deadline"). In the subsequent days, we have repeatedly attempted to engage and meet with Home and SSP. On the afternoon of 10 May 2023, approximately 27 hours before the expiration of the PUSU Deadline, SSP delivered the staggering message that the Board had met and decided that it would not grant an extension to the PUSU Deadline as "Bluestar has not sufficiently progressed the Possible Offer." This is despite Bluestar having received no information since February and having been guided by SSP that Home desired Bluestar to wait patiently until the Board is able to assess the Possible Offer and provide Bluestar with the requested due diligence information.

Bluestar considers that the Board should have greater attention to its fiduciary duties to shareholders to promote the success of Home and considers that this Board decision removes a major element of optionality for Shareholders at what is undoubtedly a very difficult time for Home given its suspension, potential delisting and the very challenging circumstances it finds itself in.

It is the firm view of Bluestar that it would be in the best interests of shareholders and other Home stakeholders for the Board to extend the PUSU Deadline and to engage properly with Bluestar on ways to facilitate a streamlined due diligence process. Bluestar considers that the Possible Offer would attract the support of shareholders and so should be permitted to explore whether the Possible Offer can progress to a firm offer that can be presented to shareholders for their consideration. Bluestar is committed to engaging collaboratively with Home and moving expeditiously for the benefit of the shareholders.

Given the imminence of the PUSU Deadline, Bluestar is requesting shareholders to immediately urge the Board to extend the upcoming PUSU Deadline and engage properly with Bluestar on the Possible Offer. Bluestar notes that if the Board continues to refuse to seek to extend the PUSU period by 5.00 p.m. (London time) on 11 May 2023 and Bluestar announces that it does not intend to make an offer, Bluestar will not be allowed to make another offer for 6 months other than in very limited circumstances permitted by the Code.

Important Code notes

As announced by Home on 13 April 2023, in accordance with Rule 2.6(c) of the Code, at Home's request, the Panel on Takeovers and Mergers (the "Takeover Panel") consented to a further extension to the deadline by which Bluestar is required either to announce a firm intention to make an offer for Home in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must be made by not later than 5.00 p.m. (London time) on 11 May 2023.

This revised deadline may be extended further, at the request of the Board of Home and with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code, and the requirement to make an announcement in accordance with Rule 2.6(a) will cease to apply in the circumstances set out in Rule 2.6(b) of the Code (if a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code is announced by another offeror prior to the deadline).

There can be no certainty that an offer will ultimately be made for the Company. A further statement will be made as and when appropriate.

In accordance with Rule 2.5(a) of the Code, Bluestar reserves the right to make an offer for Home on less favourable terms than those described in this announcement: (i) with the agreement or recommendation of the Board of Home; (ii) if a third party announces a firm intention to make an offer for Home which, at that date, is of a value less than the value of the Possible Offer; (iii) following the announcement by Home of a Rule 9 waiver transaction pursuant to Appendix 1 of the Code; or (iv) to the extent that Home declares, makes or pays any dividend or distribution or other payment to its shareholders (in which case Bluestar reserves the right to make an equivalent reduction to the proposed price).

In connection with the possibility of Bluestar making a cash offer for Home (if it were so inclined), Bluestar reserves the right to vary the form and / or mix of the consideration it would offer.
Posted at 21/4/2023 06:50 by cc2014
Home Reit brokers plan float from new firm Ellora Partners

Two of the brokers who helped to float the crisis-hit Home Reit have resurfaced at a new firm seeking to list an emerging markets investment trust in London.

Mark Thompson and Eddie Nissen were part of the Alvarium Securities team that brought the housing for the homeless group to the stock market in September 2020, going on to raise £740 million from investors to buy properties.

They are now looking to raise £100 million for the float of Ashoka WhiteOak Emerging Markets Trust via their new firm, Ellora Partners.

Alvarium Securities quit as Home Reit’s broker in February after the fallout from last November’s short-selling attack by Viceroy Research. It triggered a corporate meltdown that included BDO, the auditor, refusing to sign off the accounts, the suspension of the shares at 38p, a potential sale of the company and a forensic inquiry by Alvarez & Marsal into “allegations of wrongdoing”.

At the same time, Alvarium Investments, the owner of Alvarium Securities, pulled off a wealth management merger with Tiedemann in the United States, offloading the investment manager at the centre of the homeless group’s problems, Alvarium Home Reit Advisors.

Alvarium Securities stepped down from other brokerships, including at VH Global Sustainable Energy Opportunities, Atrato Onsite Energy and Bellevue Healthcare Trust. Last month it was reconstituted as a partnership no longer controlled by Alvarium Investments under the name Ellora Partners.

Its first corporate role is broker to Ashoka, which announced its intention to float last week and said it planned to invest “primarily in quoted securities that provide exposure to global emerging markets”.

Asked if investors were proving reluctant to back another float from the team that listed Home Reit, Thompson said “not at all”. He pointed out that in a former role at Peel Hunt, he had floated the Ashoka India Equity Investment Trust, which had proved a successful listing and now had $5.5 billion under management.

As for his views on Home Reit, he said: “I can’t comment on that. We resigned for a reason that I can’t disclose.”

Last week, the Home Reit board, chaired by Lynne Fennah, said it had “received proposals from six candidates” to act as the company’s new investment adviser, while it also had an “initial draft” of the Alvarez & Marsal report. It said it would announce its “key findings . . . as soon as practicable”.
Posted at 14/4/2023 15:57 by spectoacc
A good laugh to be had from a quick scroll through earlier wallywoo posts.

More worrying is that after so much has been proven/admitted (77% of tenants not paying rent; huge CapEx backlogs; cashflow problems; no dividend; having to return money in escrow to Scot Widows; confirmed fraud in a report they're thus far refusing to release), that the wally still can't see it, and resorts to allegations of agendas, all of which are complete bunkum.

"wallywoo - 30 Nov 2022 - 16:34:49 - 377 of 1007 ::::: HOME REIT ::::: - HOME
M&G own 15.4% of home. Many bgt in the last few weeks. Liontrust nearly another 5%, in the last week or so.

Do poster's really believe that this is fraud when such a respected institutions owns such a lot here. Do you think they do so little due diligence??"

Erm, yes, as I said at the time.

"wallywoo - 01 Dec 2022 - 11:34:40 - 423 of 1007 ::::: HOME REIT ::::: - HOME
Couldn't agree more. The share price will recover at some point. Probably when the full year results come out.

I doubt very much that legal fraud case will come out of this. What will drive this is the yield, which at 5.5p minimum going forward means that the current share price is very cheap.

There's zero chance of financing issues, the company still has £30m left over from the last share placing at 115p in May 22..".

Here's a thought - is that £30m from the last placing, the same £30m that Scot Widows have swiped?
Posted at 24/3/2023 12:21 by edinandy
Several prominent investment managers are preparing proposals to present to the board of embattled Home REIT after the social housing provider signalled its intention to replace the current incumbent, React News can reveal.Atrato Partners, the current investment adviser to Supermarket Income REIT, has been touted as a frontrunner in the process. The firm was behind an attempted listing of supported housing company Independent Living REIT, which was pulled in September last year due to rocky market conditions. David Blakeborough joined in May from Henley Investment Management to lead its investment strategy for social housing.Sources told React News that AEW and RM Funds were also weighing up a tilt at Home REIT's management gig. RM Funds has already publicly declared its interest in taking over as investment adviser.Specialist social housing property manager Simpact Group, recently brought in to asset manage Home REIT's portfolio, could also entertain a submission.The request issued by Home REIT indicated interested parties should submit proposals by the end of March.The listed group said in an update last week that it was in talks with several candidates to replace its current investment manager.Home REIT lets out properties to charities that provide housing for the homelessHome REIT has been rocked by governance issues and the National Crime Agency is looking into allegations of bribery in certain property deals carried out by the firm. The company has also been hit by a sharp fall in rent collection.Alvarium, the previous investment manager to the social housing investor, sold Home REIT's investment adviser to a new entity owned entirely by the management at the start of the year as problems mounted.This publication is intended for use by Cathal Keane at Sheridan Property It may not be copied or disseminated to others without written permission. 2Bluestar Group trying to raise cashThe company has also received an unsolicited approach from Bluestar Group, which has been in discussions with investors in recent weeks in an attempt to pull together capital to take the REIT private. Broker Numis Securities is advising Bluestar Group on its takeover and fundraising efforts.The investment trust's board originally gave Bluestar until 16 March to formalise its bid or walk away from the deal, however the deadline has now been pushed to 13 April.The little-known firm is a new outfit founded by former Queensgate investment specialist Ben Gotlieb, who also used to work at Alvarium.Companies House records shows that Bluestar used to share office space with Alvarium, which until very recently was Home REIT's investment adviser. A related company, Bluestar Advisors, lists Gotlieb and Jonathan Elkington, Alvarium's head of real estate, as directors.Home REIT declined to comment.
Home Reit share price data is direct from the London Stock Exchange

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