November 23, 2022 – Home REIT (LSE:HOME) acquires “B&B” accommodation assets and rents them out to charities, housing associations or community interest companies in the UK. Viceroy’s investigation of Home REIT’s investments and tenants suggests significant downside. Poor operating results are already reflected in Home
October 5, 2022 – On October 3, 2022 – Truecaller released a press statement in response to Viceroy’s report, Truecaller’s True Colors, on October 3, 2022. As expected, Truecaller’s statement fell squarely within the clutches of Catch-22 (the greatest catch there is). Here at Viceroy,
Truecaller’s app facilitates strangers’ contact with minors without valid consent. PLEASE READ IMPORTANT DISCLAIMER – PAGE 3 September 29, 2022 – Viceroy research has fielded calls from concerned data protection specialists in India in relation to how Truecaller handles consent for minors. Truecaller sign-up does
September 28, 2022 – Truecaller (TRUEB:SS) is a Swedish adware & spyware app which feeds an inferior caller-identification service aimed at detecting spam. The EU’s General Data Protection Regulation (GDPR), and similar legislation across the globe, threatens Truecaller’s business, which we believe is on the
June 22, 2022 – Viceroy’s deeper review into SBB’s financial accounts have presented material reconciliation challenges which our team, together with various expert consultants, cannot reconcile. This challenge stems from SBB’s consolidation of acquisitions, which we believe to be incorrect and unjustly inflating asset values.
May 3, 2022 – In anticipation of Adler Group’s investor call today Viceroy have prepared some questions regarding their annual report regarding recent development. In addition to these questions, Viceroy have found significant discrepancies in Adler’s LTV calculations as well as management’s claim that the
April 29, 2022 – On 22 April 2022, Adler released KMPG’s special investigation report into the Adler Group and its subsidiaries. KPMG’s findings (or lack thereof, given Adler’s apparent unwillingness to cooperate) are hilariously damning. In a moment of pure lunacy: Adler management claims KPMG’s
Below is an unlocked PDF copy of KPMG’s special investigation report into Viceroy’s concerns at the Adler Group. This version can be highlighted and copied from, unlike the version posted on Adler’s website. Viceroy are analyzing the findings and will post further updates as the
March 23, 2022 – Earlier this week EPRA published it’s 2022 Best Reporting Practices guidelines, which (finally) include best practice guidelines on how to report LTV. EPRA’s guidelines are almost identical to Viceroy’s initial LTV analysis, for which we were ridiculed by SBB, the local
March 22, 2022 – Perusal of SBB’s transactional counterparty financial accounts show significant contingent assets stemming from sales to SBB, which appear to be performance/event driven. SBB do not appear to recognize contingent liabilities to these transactional counterparties anywhere in its financial reports, creating a
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