REG - Home REIT PLC - Restoration of Listing and Trading Update

Home ReitAnnouncement

Tue 10:15

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RNS Number : 2077C  Home REIT PLC  28 April 2026

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INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

28 April 2026

Home REIT plc

("HOME" or the "Company" and together with its four subsidiaries, the "Group")

Restoration of Listing and Trading Update

The Company announces that following the publication of all outstanding
financial information required under the UK Listing Rules and its subsequent
application to the FCA, the restoration of its listing and the recommencement
of trading in its shares on the London Stock Exchange is due to take effect at
7.30 a.m. on 29 April 2026.

Financial Position

On 1 April 2026, the Company announced completion of the disposal of 706
properties to Patron Capital for net proceeds of £119.2 million. The Company
has received £94.2m and an additional deferred payment of £25m will be
received on 1 April 2027 which is not subject to any conditions or deductions
and is secured by a bank guarantee.

The remaining properties in the Company's portfolio were valued at £17.35m in
the valuation report prepared by Jones Lang LaSalle as at 31 August 2025. On
26 March 2026, the Company exchanged on the sale of 29 of these properties for
an aggregate gross consideration of £4.67m, in line with their valuation as
at 31 August 2025, with completion expected at the end of April. The vast
majority of the remaining 115 properties are expected to be sold by 30 June
2026.

As at 27 April 2026, being the latest practicable date prior to this
announcement, the Company had £3.8m of unrestricted cash and £94.2m held
in short-term cash securities, such as low duration UK government bonds and
money market funds.

In the first calendar quarter of 2026 the Group incurred between £0.9m and
£1.1m per month in operating expenses, primarily legal and management fees.
The Group expects certain costs to decrease as remaining properties are sold,
however, legal fees are expected to remain material.

 

                                                                As at

                                                                27 April 2026
 Property information:
 Number of properties                                           144
 Pro forma valuation of properties as at 31 August 2025         £17.35m
 Number of property sales exchanged, not yet completed          29
 Gross proceeds of property sales exchanged, not yet completed  £4.67m

 Current Financial Position(1):
 Unrestricted Cash                                              £3.8m
 Cash held in Short-Term Cash Securities                        £94.2m
 Total Cash                                                     £98.0m
 Borrowings                                                     £0m

 Shares in issue                                                790,570,465

(1) Excluding deferred payment of £25m which will be received on 1 April 2027
and gross proceeds of £4.67m from property sales exchanged but not yet
completed

Return of Capital

The Company has previously indicated that the ability of the Company to make
distributions to shareholders continues to be constrained whilst the Company
faces potential group litigation or other claims.

A pre-action letter of claim was sent to the Company by Harcus Parker Limited
on behalf of certain current and past shareholders of the Company in October
2023. No legal proceedings have been issued at this stage and correspondence
is continuing between the parties. The Company continues to incur significant
costs defending itself and its former directors from shareholder related
potential litigation, which will ultimately affect any return of capital to
shareholders.

As announced on 13 February 2024, the Company was notified by the Financial
Conduct Authority of its commencement of an investigation into the Company,
covering the period from 22 September 2020 to 3 January 2023.

As announced on 1 April 2026, the Company considers any return of capital to
Shareholders should be made via, and would therefore follow the commencement
of, any liquidation process. Ernst & Young LLP continue to advise on
preparations for the Company to enter a solvent member's voluntary
liquidation. Any future proposal by the Company to enter liquidation remains
subject to:

(a) alignment with the continued Managed Wind-Down of the business, including
the sale of remaining properties in the portfolio, with a view to maximising
realisations for the benefits of all stakeholders;

(b) continued engagement with key stakeholders, including shareholders of the
Company, the FCA and SFO; and

(c) a detailed assessment of the financial position of the Company and its
subsidiaries at the time of any future resolution(s) put to shareholders for
the Company to enter liquidation, supported by professional advice.

The listing of the Company's shares would subsequently be cancelled in
conjunction with any liquidation process.

Further announcements will be made in due course.

Financial Reporting

The Company expects to publish its interim accounts for the period ended 28
February 2026 by the end of May 2026.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 FTI Consulting (Communications Adviser)  HomeREIT@fticonsulting.com (mailto:HomeREIT@fticonsulting.com)

 Dido Laurimore                           +44 (0)20 3727 1000

 Bryn Woodward

 Oliver Harrison

 

The Company's LEI is: 213800A53AOVH3FCGG44.

For more information, please visit the Company's website: www.homereituk.com
(http://www.homereituk.com/)

Important information

AEW UK Investment Management LLP (the "Manager") has conducted a target market
assessment prior to the resumption of trading.  While formerly assessed as
suitable for Retail investors, shares in the Company have not been distributed
or marketed since their suspension in January 2023. The Manager and board's
view is that the Company' shares are no longer suitable for retail
investors.  For the purposes of the Consumer Duty, the Company's shares
remain a "closed product".  Accordingly, the only retail investors within the
target market are the existing retail investors holding shares.

Certain information in this announcement may constitute "forward-looking
statements", which can be identified by the use of terms such as "may",
"will", "would", "could", "should", "expect", "anticipate", "project",
"estimate", "intend", "continue", "target", "plan", "goal", "aim" or "believe"
(or the negatives thereof) or other variations thereon or comparable
terminology. These forward-looking statements include all matters that are not
historical facts. These statements are based on assumptions and assessments
made by the Company, in light of its experience and its perception of
historical trends, current conditions, future developments and other factors
it believes appropriate. By their nature, forward-looking statements involve
inherent risk and uncertainty, because they relate to events and depend on
circumstances that will occur in the future and the factors described in the
context of such forward-looking statements in this announcement could cause
actual results and developments to differ materially from those expressed in
or implied by such forward-looking statements. No representation or warranty
is made as to the achievement or reasonableness of and no reliance should be
placed on such forward-looking statements. The Company does not undertake any
obligation to update or revise any forward-looking statement to reflect any
new information or change in circumstances or in the Company's expectations,
except to the extent required by applicable law or regulation.

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