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Home REIT PLC - London-based property investment company - Believes progressing Bluestar Group Ltd’s proposal at this time ‘is unlikely to maximise value for shareholders.’ Company was responding to statements from Bluestar on May 10 and 11. Does not intend to pursue a sale of the company at this time and says therefore this part of the review of strategic options announced in February is now concluded. Plans to appoint new investment adviser in order to stabilise the property portfolio and maximise value for shareholders. Accepts Bluestar retains the right to make a bid for the company. Earlier Thursday, 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. 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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