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Sunday, 30 June 2019

Hapless HAB Housing leave shareholders in the dark

In yet another example of the investor power vacuum, HAB Housing Ltd have filed yet more heavy losses whilst associated companies play swinging doors and restructuring games.  

HAB took £1.8m off Crowdcube investors in 2013 and then another £2m of Crowdbnk investors via a Bond in 2017. Results have so far been on the disappointing side and the GAP between the £8m predicted profit for 2018 and £1m loss is substantial. 

What is more worrying for investors is the silence that has accompanied this. Shareholders we have spoken to say they have been told nothing or very little. HAB Land, an SPV used to purchase land and the company the Bond is in, have now handed over 75% plus control to Bah Restructuring Ltd. McLeaod the TV star who headed up this HAB Crowdfunding share sale has resigned from both HAB Land and HAB Financing plc - as have many other directors. Whilst the building works may not have been busy, the swinging doors certainly have been. 

For a Group that told investors in 2017 that they planned to be building 500 new houses a year by 2020, they seem to have been a little optimistic - or is that misleading? This appeared on  https://www.codeinvesting.com/raising-finance-for-smes-hab-land-interview/

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