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This morning the Regulator of Social Housing @RSHEngland placed Falcon Housing Association CIC (Falcon) on its gradings under review list. Falcon is the 2nd largest tenant to Civitas Social Housing (Civitas) at c. 20% of the rent roll. ShadowFall is short Civitas. #CSH (1/4)
The announcement from the RSH follows the Regulatory Notice against Auckland Home Solutions published in early August. If Falcon were to be found non-compliant with Governance and Financial viability standards then c. 44% of rent in FY21 would be deemed non-compliant! (2/4)
Let’s not forget that we find: 1) Falcon has director overlap with Auckland, 2) The overlapping directors appear to own a property development company which has sold properties to Civitas, 3) Falcon’s accounts are unaudited and in our view, unreliable, and (3/4)
