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LONDON (Alliance News) - Inland ZDP PLC said Friday the asset value of its zero dividend preference shares increased in its financial year as its loan repayment date approaches.
The company, which is owned by housing plot developer Inland Homes PLC through Inland Homes 2013 Ltd, has a structure which comprises unlisted ordinary shares and zero preference shares traded on the London Stock Exchange.
Inland ZDP has lent the proceeds of all its placings to Inland Homes and, as part of a loan agreement, Inland Homes is required to repay the loan when Inland ZDP is wound up in April 2024.
The asset value per zero dividend preference share at at June 30 was 148.23 pence, up from 138.95p the year before.
The accrued capital entitlement of the shares also increased, up at 147.59p from 137.55p. This will accrue to 201.4p when Inland ZDP is wound up in 2024.
The ZDP repayment date was initially April 2019, but this was extended by 5 years.
"The loans from the company to Inland Homes form an important component of the Inland group's financing arrangements as its business evolves and grows. The Inland group thanks ZDP shareholders for their ongoing support," the company said.
Shares in the company were untraded on Friday.