Home REIT PLC Response to announcement by Bluestar (1719Z)
May 11 2023 - 1:22PM
UK Regulatory
TIDMHOME
RNS Number : 1719Z
Home REIT PLC
11 May 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, 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
11 May 2023
Home REIT plc
("Home REIT" or the "Company")
Response to announcement by Bluestar Group Limited ("Bluestar")
and update regarding Review of Strategic Options
The Board of Home REIT notes the announcements by Bluestar on 10
and 11 May 2023. The Board met on the morning of 10 May 2023 to
formally consider the PUSU extension request received from Bluestar
on 5 May 2023 and has given further careful consideration to its
position following receipt of further information from Bluestar and
feedback from shareholders.
The Board believes that progressing Bluestar's proposal at this
time is unlikely to maximise value for shareholders. The Board and
its financial adviser have given particular consideration to the
significant uncertainties in relation to the deliverability of
Bluestar's non-binding and indicative proposal, including its key
valuation assumptions, extensive due diligence requirements and
extremely limited information on its financing. The Board's
immediate concern is to complete the appointment of a new
investment adviser in order to stabilise the Company's property
portfolio and maximise value for shareholders, while at all times
prioritising the interests of the occupants of the Company's
properties. The Board will not proactively pursue a sale of the
Company at this time and therefore this part of the review of
strategic options announced on 16 February 2023 is now concluded.
The Board and its new investment adviser, when appointed, will
continue to monitor this position, in particular once it is in
possession of a new property valuation.
The Board notes that, as set out in Bluestar's announcement
earlier today, under note 2 of Rule 2.8 of the Takeover Code (the
"Code"), Bluestar has the right to set aside the restrictions of
Rule 2.8 with the agreement of the Board, following the
announcement of a firm intention to make an offer for Home REIT by
or on behalf of a third party, if Home REIT announces a Rule 9
waiver or a reverse takeover, or the Panel on Takeovers and Mergers
has determined that there has been a material change of
circumstances.
The Company is now no longer in an offer period under the
Takeover Code.
A further announcement in relation to the appointment of a new
investment adviser is expected to be made in the near term.
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.
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 12 May 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
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May 11, 2023 13:22 ET (17:22 GMT)
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