REG - Home REIT PLC - Response to announcement by Bluestar

Home ReitAnnouncement

11/05/2023 18:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230511:nRSK1719Za&default-theme=true

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 Adviser)  HomeREIT@fticonsulting.com

 Dido Laurimore                           +44 (0)20 3727 1000

 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
(http://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/
(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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  RSPABMRTMTTBBBJ