Home REIT PLC FULL YEAR RESULTS (6927H)
November 25 2022 - 1:18PM
UK Regulatory
TIDMHOME
RNS Number : 6927H
Home REIT PLC
25 November 2022
25 November 2022
Home REIT plc
("Home REIT" or the "Company")
FULL YEAR RESULTS
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, announces
a delay to the release date for its full year results for the
period to 31 August 2022 (the "Results").
The Company's Results were on target to be published on 28
November 2022, as previously announced, having been audited by BDO
LLP ("BDO"). It is standard practice that, should material
allegations be made against a company undergoing an audit, then
such company is subjected to an enhanced set of audit
procedures.
Given the publication of the report on the Company published by
Viceroy Research LLP ("Viceroy"), as announced on 23 November, the
Company is therefore required to delay publication of its Results
while BDO completes this verification exercise.
In addition, the Company intends to publish its full response to
Viceroy's claims in the coming days.
Marlene Wood, chair of the Company's audit committee,
commented:
"As directors and shareholders, we share investors' frustration
at the delay of the Company's full year results due to the actions
of Viceroy. It is important that the Company continues to adhere to
the highest standards of financial reporting and we welcome the
additional verification process currently being undertaken by
BDO."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Alvarium Home REIT Advisors Via FTI Consulting below
Limited
Charlotte Fletcher
Alex Baker
James Snape
Alvarium Securities Limited
Mark Thompson +44 (0)20 7016 6711
Eddie Nissen +44 (0)20 7016 6713
Oliver Kenyon +44 (0)20 7016 6704
Jefferies International
Tom Yeadon
Harry Randall
Ollie Nott +44 (0)20 7029 8000
FTI Consulting (Communications HomeREIT@fticonsulting.com
Adviser) +44 (0)20 3727 1000
Dido Laurimore
Eve Kirmatzis
Ellie Perham-Marchant
Oliver Harrison
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website:
www.homereituk.com
About Home REIT plc
Home REIT plc seeks to contribute to the alleviation of
homelessness in the UK, whilst targeting inflation-protected income
and capital returns, by funding the acquisition and creation of a
diversified portfolio of high-quality accommodation assets across
the UK which are dedicated to providing accommodation to homeless
people. The accommodation assets are let or pre-let on very long
(typically 20 to 30 years) leases, containing inflation-linked or
fixed uplift rent review provisions, to registered charities,
housing associations, community interest companies and other
regulated organisations which have a proven operating track record
in providing low-cost accommodation to homeless people and which
receive housing benefit or comparable support from local or central
government to fund the provision of such accommodation to homeless
people.
There is a critical need for further accommodation for homeless
people in the UK, due to an increasing homeless population and a
lack of available and affordable high-quality, fit-for-purpose
stock to address the problem. Local housing authorities are under a
statutory duty to secure accommodation for individuals who are
unintentionally homeless and in priority need but current
accommodation for homeless people is limited in quantum and often
sub-standard and uneconomical.
The Company focuses on investing in and creating well-located
properties that provide a sustainable level of rent for the tenant.
Within the homeless accommodation assets, there is a focus on care,
support, training and rehabilitation to provide vulnerable homeless
people with the skills and confidence to find long-term
accommodation and enable them to reintegrate back into society.
Savings are expected to be made to local authorities and other
providers of accommodation to homeless people via lower rents
versus more expensive alternative accommodation.
The Company is listed on the premium segment of the Official
List of the UK Financial Conduct Authority and its Ordinary Shares
were admitted to trading on the main market of the London Stock
Exchange, premium segment, on 12 October 2020.
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