Property company that provides accommodation for homeless suspends shares amid wait for completion of enhanced audit procedures

Home REIT, which funds the acquisition and creation of properties to accommodate homeless people, has temporarily suspended the listing of its ordinary shares.

In a statement Home REIT said: “The Company noted in its announcement of 12 December 2022 the requirement of the Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.1.3 for a company to publish its annual financial report within four months after the end of its financial year, in the case of the Company this date being 31 December 2022 (the "2022 Results").

“As previously announced, the Company is being subject to an enhanced set of audit procedures by its independent auditor, BDO LLP. This has delayed the audit to the 2022 Results and has meant it is not possible for the Company to publish by 31 December 2022.”

The listing of the company's ordinary shares were therefore temporarily suspended with effect from 7.30 a.m. on 3 January 2023.

The statement continued: “The Company intends to request a restoration of the listing of its ordinary shares upon publication of the 2022 Results, which the Company expects to be published by as soon as practicable.

“Whilst the Company awaits the completion of BDO's enhanced audit procedures, the Company will continue with the previously announced steps to maintain and enhance shareholder confidence, while maintaining its ordinary course operations to provide high-quality housing for some of the most vulnerable people in society.”

Home REIT’s accommodation is let or pre-let to registered charities, housing associations, community interest companies and other regulated organisations that receive housing benefit or comparable funding from local or central government, on very long-term and index-linked leases.