A Home REIT shareholder has called for its chair to be replaced.
RM Funds, which owns almost 5m shares in the crisis-hit REIT, has written to the group’s four directors, saying shareholders have lost confidence in the board led by Lynne Fennah.
In his letter, portfolio manager Pietro Nicholls called for the company to begin an urgent search for a replacement for the senior independent director Simon Moore so his replacement could find a successor to Fennah.
Nicholls said he had been prompted to write by two recent updates — an investigation by the professional services firm Alvarez & Marsal into “allegations of wrongdoing” and the appointment of AEW as investment manager.
RM Funds had made an unsuccessful bid to become Home REIT’s new investment manager.
RM said it was “concerning” that Home REIT “has not provided any communication” over the restart of trading, fearing the resignation of the property valuer Knight Frank will cause an even longer delay.
