Home Reit Regulatory News (HOME)

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

5 April 2023

Home REIT plc

("Home REIT" or the "Company")

Further Update on Review of Strategic Options (the "Review")

Following the announcements by the Company on 16 February 2023 and 15 March 2023, the Board is providing a further update in relation to certain aspects of the Review.

The Board has received proposals from six candidates to act as the Company's investment adviser, which it is reviewing with its advisers, and expects to progress an appointment over the coming weeks. The Board will write to shareholders setting out any proposed changes to its Investment Policy, and details of how shareholder approval will be sought. As announced on 15 March 2023, Alvarium Home REIT Advisors Limited (the "Investment Adviser") continues to work closely with the Board and its advisers, and will aim to deliver an orderly handover in due course.

The Board continues to explore all available options, and is giving particular consideration to the potential sale in the near-term of a limited number of properties, as the Company works to stabilise its property portfolio.

The Group has agreed with its lender to repay £30 million of cash held in a restricted account which, under the terms of the Group's facilities, it was no longer able to access for general working capital purposes, thereby reducing the outstanding debt to the lender from £250 million to £220 million. The lender has also provided the Group with access to additional funds for general working capital purposes. The Board and its advisers remain in close contact with the lender and are grateful for its support received to date.

The Investment Adviser and Simpact continue to engage with the Company's tenants to restore rent payments and maintain service provision for the occupants of the Company's properties, particularly occupants of properties where the tenants have entered into creditors' voluntary liquidations.

The Board has recently received an initial draft of Alvarez & Marsal's report on its investigation findings. This is an extensive and complex report which the Board is reviewing with its advisers and the report currently remains subject to certain clarifications and finalisation. An announcement regarding its key findings will be made as soon as practicable.

Further updates will be provided in due course, as appropriate.

The person responsible for arranging the release of this announcement on behalf of the Company is FTI Consulting.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

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 6 April 2023.

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.