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Fed-up investor fires a salvo at Home REIT board over sale U-turn

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Investor in troubled homeless landlord Home REIT blasts board as being ‘out of their depth’ after abrupt U-turn over takeover offer

An investor in troubled homeless landlord Home REIT has blasted its board as being ‘out of their depth’ after an abrupt U-turn over a takeover offer.

On Thursday, potential suitor Bluestar Group abandoned its pursuit following three months of negotiations, saying it was ‘highly disillusioned’ the formal offer deadline had not been prolonged. 

It criticised Home REIT’s board for refusing to have interaction with its proposals, saying it had develop into ‘frustrated’.

‘Out of their depth’: Potential suitor Bluestar Group abandoned its pursuit following three months of negotiations

After the offer deadline lapsed, Home REIT said it believed Bluestar’s proposal was ‘unlikely to maximise value for shareholders’ and that it had abandoned its plans to sell.

This infuriated a few of Home REIT’s disgruntled investors who’ve been trapped since its shares were suspended in January following scandals and questions on its business model.

‘This board doesn’t take heed to shareholders. I’ve spoken to plenty of other investors and none have been contacted about this process,’ one shareholder said.

‘They spent months ‘running a process’. So to now U-turn just shows that the board are out of their depth and have an adviser who doesn’t appear to care in regards to the process or engaging with shareholders.’

Home REIT now faces an uncertain future.

The corporate is in dispute with several major tenants while an internal investigation into bribery allegations can be underway.

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