(Alliance News) - Inland Homes PLC shares dropped on Thursday, after it said it plans to suspend its shares as its full-year results are delayed.
Inland is a Buckinghamshire, England-based brownfield site developer, housebuilder and regeneration specialist. Its shares were down 16% to 6.06 pence each in London on Thursday morning. Over the past 12 months, the stock is down 87%.
At the start of March, Inland said it had become aware of certain related party issues of which the board was not informed at the relevant times.
At the same time, its chair and two non-executive directors resigned with immediate effect. This left Chief Financial Officer Nishith Malde as the sole director of the company, but a minimum of two directors were required.
On March 14, Inland named Matthew Robinson as its new chair. With the appointment of Robinson, the resignation of former chair Simon Bennett took effect.
During this time, Inland reassured investors that it would be unlikely that its shares would be suspended.
However, on Thursday, the company will not be in a position to publish its audited results before its March 31 deadline. This means that trading in the company's shares will be suspended from April 3.
PricewaterhouseCoopers LLP was appointed as Inland's auditor on August 3. Since then, Inland and PWC have worked together to publish the final audit of the results for the year ended September 30, 2022.
Inland said the Audit committee has regularly met with PWC throughout, with the last meeting being held on February 23. However, following the resignation of Inland's directors, both the company and PWC concluded that they would require further time to publish the results and Inland would be required to commission an independent report on the related party issues.
Inland said it is now in the final stages of commissioning an independent report from a third party which will confirm details of the transactions in question as well as update the company's internal registers.
Inland noted that it plans to request a restoration of its shares on publication of its financial 2022 audited results.
Separately, Inland said that it is "contemplating" a fundraise of up to GBP5 million. It noted that it has received indicative support for about half of this amount and is progressing discussions.
By Sophie Rose, Alliance News reporter
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