Home REIT PLC Response to announcement from Southey Capital Ltd
December 04 2024 - 7:01AM
RNS Regulatory News
RNS Number : 8124O
Home REIT PLC
04 December 2024
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
FOR IMMEDIATE RELEASE
4 December 2024
Home REIT
plc
Response to announcement from
Southey Capital Ltd
Home REIT plc ("Home REIT" or the "Company") notes the announcement by
Southey Capital Ltd ("Southey") on 3 December 2024 concerning
a tender offer for the Company's shares at 4 pence per share (the
"Tender Offer"). The Board
of Home REIT wishes to note that it has not been contacted by
Southey in respect of the announcement and cannot comment on its
validity. The Board also notes that Southey wishes to avoid a
mandatory offer under the Takeover Code and therefore aims to
restrict acceptances to any legal and regulatory limit that may
impose a requirement to make a mandatory offer.
The Company has adopted a managed wind down
strategy with a view to making timely returns of capital to
shareholders upon completion of the sale of the remaining property
portfolio, although the ability of the Company to make
distributions to shareholders may be constrained whilst the Company
faces potential shareholder litigation and an FCA
investigation.
As announced on 14 October 2024, the Company
remains committed to seeking a restoration of the Company's shares
to trading on the London Stock Exchange as soon as practicable upon
publication of the half-year and annual accounts for the years
ended 31 August 2023 and 31 August 2024. The Company intends to
publish historical accounts for the year ended 31 August 2023 by
the end of 2024, with the results for the year ended 31 August 2024
following in the first quarter of 2025. The financial information
to be published by the Company will provide shareholders with an
updated property valuation and net asset value per share ahead of
the expected restoration of trading in its shares.
The Tender Offer values the Company at
approximately £32m. Further to the announcement on 28 November
2024, the Company has now made full repayment of its debt with a
further payment of additional fees to its lender being made this
month, at which point the lender will release its charge over the
Company's assets. The Company's remaining property portfolio of 850
assets is currently being marketed for sale, quoting in excess of
£175m. In addition, the Company has exchanged on
properties for which gross proceeds of £17m are expected to be
received with such funds, in addition to rental income, being
available to fund the Company's operational expenses and fees in
the medium term including the payment of the additional £9m fee to
the lender.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
FTI Consulting (Communications
Adviser)
Dido Laurimore
Bryn Woodward
Oliver Harrison
|
HomeREIT@fticonsulting.com
+44 (0)20
3727 1000
|
The Company's LEI is:
213800A53AOVH3FCGG44.
For more information, please visit
the Company's website: www.homereituk.com
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END
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