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117 properties sold for £5.6m.£50k each on average.Looks like they are being given away…..
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... had initially been delayed to allow the Company’s auditor, BDO LLP, to undertake an enhanced set of audit procedures in respect of the financial year ended 31 August 2022, and for the Board to instruct Alvarez & Marsal Disputes and Investigations, LLP to conduct an investigation into allegations of wrongdoing. Without waiver of privilege, the key findings
of this report...
As a result of the delays to the publication of the 2022 and 2023 Annual Reports and Accounts, itis not currently possible to propose the standard resolutions at the AGM relating to receiving the audited financial statements and the auditor’s and directors’ reports, approving the directors’ remuneration report and the re-appointment and remuneration of the auditor. However, under the UK Companies Act 2006,the Company is obliged to hold an annual general meeting on or before 29 February 2024.
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This is an incredible lack of transparency - several years of hiding behind smoke and mirrors dodging disclosure of basic financials, not even BoD' & Auditor' remuneration base.. Exemplary corporate governance!
The BOD should have took the offer of 40p share
They are hardly collecting any rent - 14% at latest monthly update, they are selling for a for 1/3 of purchase price - an even smaller percentage of valuation.
The balance sheet is probably worth close to the £Nil and you would have thought the bankers a running this so they get out without taking a hit
Whilst it’s good to action being taken, it is staggering that these company’s continue to collect rent for over a year yet not pay forward their own charges?
I would imagine chasing the overdue rent will be a long drawn out process but I hope it’s in place
Https://www.thetimes.co.uk/article/properties-sold-at-a-loss-as-home-reit-struggles-to-repair-finances-s3phhsth2 (paywall) but includes "Home Reit has sold more properties at a steep discount to their purchase price and has warned that it is still collecting only a fraction of rent owed.At a public auction last week, 14 more of Home Reit’s buildings were put up for sale, raising £8.98 million, 51 per cent below the sum the company had paid for them a few years earlier.
Home Reit confirmed that of the rent it had billed for October, only 18 per cent had been paid, despite it having evicted several tenants. October’s rent collection was an improvement, however, on the 3 per cent that Home Reit received in September."
I've done my dough again (JP Morgan Russia now JEMA , US Solar, GRIO, GABI I'm looking at you) -ah well time in the market etc
Https://www.cityam.com/home-reit-to-begin-boardroom-clearout-as-survival-plans-press-on/
Indeed - and all the properties that they witheld rent on seem to have been re-let just like that and to Mears Group which are high quality. Now seriously get some court action together for the recovery of the outstanding rent from all the shirkers.
It does however beg the question if how on earth was this ever allowed to happen under several peoples watch.
Some good news at last
AEW appear to have grabbed the bull by the horns and set in place a programme to stabilise the portfolio, was a long term holder of AEW until recent REIT fears so reckon they can do a good job on value. Results by end of year may lift suspension
Looks like more dead wood cast aside with properties untenanted first and then to auction. Auctions are not the best place to sell properties but its instant cash raised and if it would have involved a disproportionate amount of cash to be spent to bring them up to spec then so be it.
Begs the question what were the previous managing agents actually doing for their fees and how much supervision did the Board of Directors exercise?
Reading between the lines it looks like the new Property Management company appointed here are getting to work on clearing out the dead wood. Cough up or breach of contract. No contract, no cashflow, no CIC, liquidate.
I'm presuming Redemption Project CIC and Serenity Support CIC, have been receiving monies from local authorities to house their tenants and have then declining to pass it on throughout to HOME, so first question would be what exactly have they been doing with those monies. Secondly hopefully the liquidators identify some funds for the creditors (us).
Main things is that these properties are freed of contractual obligations to both and can now either be retenantes to a new CIC or sold.
Maybe? Weird approach to take.And why will it take so long?
First step should be to sack the useless woman chairing this ‘sh@t show’ and the rest of the board.Then sue the non- payers of rents,Where are the feeble institutions in all this? Needs some hard- hitters running this business.
Finally light at the end of tunnel !
Replacing the previous was No1 priority.
https://www.lse.co.uk/news/home-reit-names-new-investment-adviser-ahead-of-policy-change-5r742poskhmt2tj.html
No2 priority - review the whole estate.
Or perhaps a better number 2 to be getting on with is recouping all the outstanding rents. Nothings free in life and some are sat in the middle having claimed nice sums from local authorities etc but not having passed it on to the landlord, Home Reit.
https://www.lse.co.uk/news/home-reit-names-new-investment-adviser-ahead-of-policy-change-5r742poskhmt2tj.html
If you pay Managing agents to do a job then it falls to them to deliver. That said any BoD should have had proper monitoring and reporting in place. The appointment of new managing agents is a start and they seem well regarded.
Here's what should have been happening to HOME and might still do so yet. Should find a willing buyer in Apollo for any properties they wish to dispose of.
https://www.thisismoney.co.uk/money/markets/article-12141423/Private-equity-giant-Apollo-swoop-UK-social-housing.html?ico=mol_desktop_money-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Findex.html
First rule of NEDs: ensure that distance yourself from blame for everything.Tick.Let’s hope the boys in blue have been set on the advisers and the lawyers are not far behind.
Well I recently sold AEW but it appears I’m now holding a different version by the back door. Never had an issue with their management so hopefully they can put a plan in place to sort this mess
Well I’m encouraged a little in that someone was prepared to put a value on this! I had written it off so that gives some light at the end of the tunnel but there really must be some clarity delivered after all this time
Last update was 5 April.How long does it take to review a report from the specialist financial investigator?
What a surprise. I suspected (as did many others) that the offer was fraudulent to buy the company time. However now announcing the offer was 40p seems strange. I personally bought in with an average around 43 so this price would be a reasonable exit for me however I feel that there is more value in the company, although this is purely conjecture with the lack of information we have. If Bluestar are actually serious they should’ve increased their offer. A typical takeover would usually have a 20% premium to the share price and with the bad news flow I suspect this would be a steal with proper management. 50p and surely the board would be more inclined to seriously engage - or has there been EXTREME levels of fraud and deceit and the company is worthless? Seems hard to imagine but anything is possible in this web of lies, surely the auditors have to be held to account if this is the case. How can it be that a short seller is the first to notice something is awry when the auditor has unfettered access to the accounts??
Update regarding possible offer for Home REIT PLC ("Home") by Bluestar Group Limited ("Bluestar")
Since Home's 16 February 2023 announcement, Bluestar has invested significant time and resources in arranging financing, carrying out outside-in due diligence and continuing to engage or attempt to engage with Home on the possible offer. To support this, Home provided Bluestar with limited diligence information in February 2023, but, despite repeated attempts by Bluestar, has provided nothing in the subsequent months. We have also not been provided access to the board of Home (the "Board"). On 14 April 2023 Bluestar submitted a proposal to the Board for the entire issued and to be issued share capital of Home for 40 pence per share in cash (the "Possible Offer"). Any announcement by Bluestar of a firm intention to make an offer pursuant to Rule 2.7 remains subject to the satisfaction or waiver (by Bluestar) of a limited number of customary pre-conditions, including financing, which is at an advanced stage with its anticipated financing providers, and due diligence, which awaits appropriate engagement from Home.
The Possible Offer represents a premium to Home's share price as at suspension of its ordinary shares prior to market open on 3 January 2023 despite a heavily negative news flow and a serious deterioration in Home's rent collections and broader operational performance. Bluestar considers that the Possible Offer provides a route to upfront liquidity, at a valuation level that Bluestar does not anticipate Home achieving in the public markets in the medium term and with significantly reduced execution risk relative to other strategic options that may be available to the Board to deliver value to the shareholders of Home.
Bluestar remains highly motivated and enthusiastic about the Possible Offer but has been frustrated by the lack of engagement from the Board, which has been particularly pronounced in the last three weeks. Home has declined repeatedly to provide a formal response to the Possible Offer but Home's financial adviser, Smith Square Partners ("SSP"), has provided guidance that Bluestar should wait patiently until the Board is able to assess the Possible Offer and provide Bluestar with the requested due diligence information. SSP was also clear that it expected the Board to view favourably any requests by Bluestar to extend the current and future PUSU deadlines. In recent weeks, Bluestar has repeatedly attempted to meet with Home's Chairperson and SSP in order to explore ways in which it might receive information and access in order to progress its due diligence. Bluestar has been disappointed to receive no meaningful engagement with the only meeting that Bluestar was able to schedule between Lynne Fennah, the Home Chairperson, SSP, Bluestar and Numis being cancelled by SSP on behalf of Home at short notice.
On 5 May 2023, Bluestar made a formal request to Home for an extension to the PUSU deadline of 5.00 p.m. on 11 May 202
Home Reit switches to selling property in search for stability
https://www.thetimes.co.uk/article/c2c3d7c6-d3c7-11ed-b1cd-5223fe349502?shareToken=e58d755750691e85b33acfb8ccb39992