RNS Number : 3864B
Inland Homes PLC
03 April 2013
 

For Immediate Release

3rd April 2013

 

Brownfield regeneration specialists and housebuilders

 

Inland Homes plc

("INLAND" or the "Company")

Land Update

 

The Board of Inland Homes plc is pleased to announce that a further deferred land consideration payment on the project at West Drayton has been made to the Defence Infrastructure Organisation.

 

In accordance with the Option and Development Services Agreement with Drayton Garden Village Limited, Inland's profit share from this project now increases to 72.08% as a result of this payment.

 

Under the agreement, the Inland Group has the potential to earn up to 90% of the profits realised from the sale of the property over the life of the project.

 

The Board is also pleased to confirm that pursuant to the announcement made on the 20th March 2013, Inland has now completed the sale of its stake in Howarth Homes plc for a cash consideration of £1.4m, which has now been received.

 

Stephen Wicks, Chief Executive of Inland, commented:

 

"These transactions mark further positive progress for Inland. It is particularly pleasing to have achieved our exit from the equity of Howarth at a satisfactory figure. These proceeds will be re-invested in our growing house building operations. We continue to have a good on-going relationship with Howarth as one of our key building contractors and our joint venture partners on the Croxley Green development."

 

Enquiries:

 

Inland Homes plc

Tel: 01494 762450

Stephen Wicks, Chief Executive

 

Nishith Malde, Finance Director

 

Paul Brett, Land Director

 

 

 

finnCap, Nominated Adviser & Broker

Tel: 020 7220 0500

Matthew Robinson/Rose Herbert - Corporate Finance

 

Simon Starr/Brian Patient - Corporate Broking

 

 

 

Tooley Street Communications

 

Fiona Tooley, Director

Tel: 07785 703523

Graeme Cull, Consultant

Tel: 0121 309 0099

 

 

Editor's Note:

www.inlandplc.com

AIM: Ticker: INL

INLAND'S corporate strategy is to acquire sites with development potential and, by applying its expertise and knowledge of the planning system, achieve the contents required to add value to its land portfolio.

 

The company's focus is currently to identify and acquire brownfield land in South of England where INLAND considers it to hold excellent potential for residential and mixed use development, including commercial space. The company then seeks to enhance its land value by obtaining planning permission before selling consented land onto developers. This process can take a few years, during which time INLAND continues selling sites when it receives attractive offers and also develops homes on certain sites for private sale.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCMMGGDKZVGFZM