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Home REIT PLC - London-based property investment company - Bluestar Group Ltd confirms no Home REIT takeover offer intended, as it is ‘disappointed’ ’put-up-or-shut-up’ extension not granted. On Wednesday, Bluestar said Home REIT has provided limited due diligence material despite repeated requests. It noted Home REIT’s decision not to recommend an extension of the PUSU deadline. Bluestar said it was its firm view that it would be in the best interests of shareholders and other Home stakeholders for the board to extend the PUSU deadline and to engage properly with Bluestar on ways to facilitate a streamlined due diligence process. On Thursday, law firm Harcus Parker Ltd, which is taking action against Home REIT responded to Wednesday’s news: ‘What is striking about Home REIT’s handling of Bluestar’s proposal and even Bluestar’s own account of its interactions with Home REIT as well as the process of selecting an Investment Adviser is the complete lack of transparency, accountability, and communication with its shareholders and others,’ said Harcus Parker Partner Jennifer Morrissey. ‘The legal case against Home REIT...is gaining traction, with a significant group of investors wishing to seek compensation for the losses they have suffered on their investments. The company’s shares have now been suspended for more than five months and the management continues to demonstrate a concerning lack of regard for shareholders’ interests and basic standards of corporate governance, which threatens the company’s prospect of recovery. There is no clarity as to when this may change or if it is going to change at all.’ Home REIT’s shares are currently suspended from trading in London, after it failed to publish its annual financial report for the year ended August 31 in time. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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