RNS Number : 4916F
Inland Homes PLC
24 May 2013
 



 

 

 

Date: 24 May 2013

 

 Inland Homes PLC

("Inland" or "the Company")

Fundraising and Issue of Equity

 

Inland announces that it has conditionally raised approximately £4.9 million, before expenses, through the issue of 18,299,948 new ordinary shares of 10 pence each ("Ordinary Shares") at a price of 27 pence per Ordinary Share to existing and new institutional shareholders.

 

The net proceeds of the fundraising will give Inland further flexibility to pursue its acquisition strategy, which includes potential portfolio purchases as well as individual sites.  As indicated in the trading update on 22 May 2013 whilst the core activities of the Group will continue to revolve around brownfield sites, focus will be given to acquiring strategic land options on selected greenfield sites where potential exists for the land to be allocated for development.  As well as strengthening the balance sheet, the Placing also broadens the institutional shareholder base of the Company.

 

Stephen Wicks, Inland's CEO commented: "We are very pleased that the Placing has allowed us not only to strengthen our balance sheet to enable us to take advantage of some of the opportunities we are seeing but also to widen our investor base."

 

Details of the fundraising

The issue of equity comprises a conditional placing of 18,151,848 Ordinary Shares at 27 pence per Ordinary Share (the "Placing") through finnCap Ltd ("finnCap") as agent for the Company (the "Placing Shares") and a subscription of 148,100 Ordinary Shares at 27 pence per Ordinary Share (the "Subscription") by the pension fund of Nishith Malde, a director of the Company (the "Subscription Shares").

 

The Placing and Subscription are conditional, inter alia, upon admission to trading on AIM of the Placing Shares and subject to the terms and conditions of a Placing agreement entered into between Inland and finnCap.

 

Neither the Placing nor the Subscription is being underwritten by finnCap. The Placing Shares together with the Subscription Shares will be issued pursuant to the authority granted to the Directors to allot shares free from statutory pre-emption rights at the Company's Annual General Meeting on 27 November 2012.  Application has been made for the Placing Shares and the Subscription Shares, which will rank pari passu in all respects with the existing Ordinary Shares, to be admitted to trading on AIM which is expected to occur on 29 May 2013.

 

Director's shareholding

Following Nishith Malde's participation in the Fundraising, in which his pension fund subscribed for 148,100 Ordinary Shares, Mr Malde will be beneficially interested in a total of 11,220,500 Ordinary Shares representing 5.61% of the Company's enlarged Voting Rights ("TVR").

 

Total Voting Rights

Subsequent to the issue of the Placing Shares and the Subscription Shares, the total issued share capital of the Company will be 201,299,432 Ordinary Shares of which 1,325,000 Ordinary Shares are held in treasury.  Accordingly, as at 29 May 2013, the TVR in the Company will be 199,974,432.



 

 

 

Enquiries:

Inland Homes plc

finnCap

TooleyStreet Communications

Stephen Wicks, Chief Executive

Nominated Adviser & Broker

IR, corporate & media relations

Nishith Malde, Finance Director

Paul Brett, Land Director

 

Corporate Finance:

Matthew Robinson or

Rose Herbert

Fiona Tooley, Director

or

Graeme Cull, Consultant

www.inlandplc.com

AIM: Ticker: INL

 

Corporate Broking:

Simon Starr or Brian Patient




Tel: 07785 703523 (FMT)

Tel: 01494 762450

Tel: 020 7220 0500

Tel: 0121 309 0099

 

 


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