Business
Notice of General Meeting
Notice of General Meeting.
About this update from Home Reit Plc
[{"type":"text","content":"\n\nNOT 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\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n \n28 July 2023\nHome REIT plc\n \n(\"Home REIT\" or the \"Company\")\n \nNotice of General Meeting to consider changes to the Investment Policy and additional corporate updates\nThe Company announces that it has today published a circular (the \"Circular\") containing details of proposed amendments to the Company's investment policy and notice of a general meeting to be held at the offices of FTI Consulting at 200 Aldersgate Street, London EC1A 4HD on 21 August 2023 at 9.00 a.m. Details of the proposals, which have been extracted from the Circular without material amendment, are set out below.\nOn 23 May 2023, the Company announced that, following a competitive process, it has entered into an agreement with AEW UK Investment Management LLP (\"AEW\") pursuant to the terms of which AEW has been appointed to provide property advisory services to the Company. In addition, AEW will be appointed as the Company's Investment Manager and AIFM, subject to the approval by Shareholders of the proposed changes to the Company's existing investment policy and Alvarium Fund Managers (UK) Limited ceasing to act as AIFM. The FCA has approved AEW's appointment as AIFM.\nAEW is now taking steps to assess and stabilise the property portfolio and the financial condition of the Company and will seek to maximise income and capital returns. AEW's immediate priorities will be a detailed assessment of the existing portfolio and tenant engagement, with a focus on understanding any tenant issues with properties, the identification of underlying occupancy of leased properties and an assessment of tenants' abilities to meet rental payments with a view to improving rent collection and maximising Shareholder value. This process will require a period of stabilisation, but it is the ultimate belief of the Board and AEW that the Company can deliver a sustainable business model whilst retaining the longer-term social objective of helping to alleviate homelessness in the UK. A key first step in this process is to make changes to the Company's investment p...