Home Reit (HOME ) is poised to appoint a new senior independent director to start the process of replacing its discredited board.

The homeless accommodation provider, whose shares have been suspended since January over a valuations scandal, said the board chaired by Lynne Fennah, had begun a ‘formal and phased succession process’ and was considering ‘an individual with significant listed company expertise’ for the role of SID to lead the appointments of its four directors.

The other non-executive directors include Simon Moore, a former senior investment manager at Seven Investment Management; Peter Cardwell, a former government special adviser; and Marlene Wood, a chartered accountant and former director at property group Miller Developments.

In a monthly update, the real estate investment trust warned that its 2021 accounts might have to be restated as a result of changes to the accounting treatment of lease income and acquisitions.

It reiterated that its 2022 accounts, whose delay led to the suspension of its shares, would not be ready until the end of the year at the earliest as its new fund manager AEW and property valuer Jones Lang LaSalle finish reviewing a portfolio that has been hobbled by tenant collapses and unpaid rent.

Vibrant Energy Matters, a subsidiary of the estate agent and property services company Connells, is inspecting all of Home’s 2,473 properties and is expected to complete its task in mid-November.

The company revealed that on 31 August it had just £800,000 of unrestricted cash out of a total balance of £13.5m, although it is set to receive £4.8m this month from the recent auction of 40 properties.