TIDMHOME
RNS Number : 4511V
Home REIT PLC
05 April 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
5 April 2023
Home REIT plc
("Home REIT" or the "Company")
Further Update on Review of Strategic Options (the "Review")
Following the announcements by the Company on 16 February 2023
and 15 March 2023, the Board is providing a further update in
relation to certain aspects of the Review.
The Board has received proposals from six candidates to act as
the Company's investment adviser, which it is reviewing with its
advisers, and expects to progress an appointment over the coming
weeks. The Board will write to shareholders setting out any
proposed changes to its Investment Policy, and details of how
shareholder approval will be sought. As announced on 15 March 2023,
Alvarium Home REIT Advisors Limited (the "Investment Adviser")
continues to work closely with the Board and its advisers, and will
aim to deliver an orderly handover in due course.
The Board continues to explore all available options, and is
giving particular consideration to the potential sale in the
near-term of a limited number of properties, as the Company works
to stabilise its property portfolio.
The Group has agreed with its lender to repay GBP30 million of
cash held in a restricted account which, under the terms of the
Group's facilities, it was no longer able to access for general
working capital purposes, thereby reducing the outstanding debt to
the lender from GBP250 million to GBP220 million. The lender has
also provided the Group with access to additional funds for general
working capital purposes. The Board and its advisers remain in
close contact with the lender and are grateful for its support
received to date.
The Investment Adviser and Simpact continue to engage with the
Company's tenants to restore rent payments and maintain service
provision for the occupants of the Company's properties,
particularly occupants of properties where the tenants have entered
into creditors' voluntary liquidations.
The Board has recently received an initial draft of Alvarez
& Marsal's report on its investigation findings. This is an
extensive and complex report which the Board is reviewing with its
advisers and the report currently remains subject to certain
clarifications and finalisation. An announcement regarding its key
findings will be made as soon as practicable.
Further updates will be provided in due course, as
appropriate.
The person responsible for arranging the release of this
announcement on behalf of the Company is FTI Consulting.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Smith Square Partners (Financial
Adviser)
John Craven
Toby Rolls +44 (0)20 3696 7260
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
Inside Information
The information contained within this announcement is deemed by
Home REIT to constitute inside information as stipulated under the
Market Abuse Regulation (EU) no. 596/2014 (as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act
2018). On the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Disclaimer
Smith Square Partners LLP ("Smith Square"), which is authorised
and regulated in the United Kingdom by the Financial Conduct
Authority, is acting for Home REIT and no one else in connection
with the matters set out in this Announcement. In connection with
such matters, Smith Square will not regard any other person as its
client and will not be responsible to any persons other than Home
REIT for providing the protections afforded to clients of Smith
Square, or for providing advice in relation to the contents of this
announcement or any other matter referred to herein. Smith Square
does not owe or accept any duty, liability or responsibility
whatsoever (whether direct, indirect, consequential, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of Smith Square in connection with this announcement,
in any statement contained herein or otherwise.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later
than 3.30 pm (London time) on the 10th business day following the
announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s), save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business
day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
Publication of this announcement
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available, subject to certain restrictions
relating to persons resident in restricted jurisdictions, on Home
REIT's website at https://www.homereituk.com/possible-offer/ no
later than 12 noon on 6 April 2023.
The content of the website referred to in this announcement is
not incorporated into and does not form part of this
announcement.
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END
UPDEAKLSEFLDEEA
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April 05, 2023 02:15 ET (06:15 GMT)
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