(Alliance News) - Inland Homes PLC on Thursday said it has raised GBP2.5 million through the issue of 25 million new shares at a subscription price of 10 pence each.
Inland Homes is a Buckinghamshire, England-based brownfield site developer, housebuilder and regeneration specialist. Its shares closed up 35% at 6.75p each in London on Thursday
Inland Homes explained that company founder, former chief executive officer & major shareholder Stephen Wicks has bought 25 million shares at the subscription price.
The company said the proceeds of the subscription will be used to fund "working capital requirements."
On Wednesday, Inland Homes launched a direct subscription offer for up to GBP4.6 million by the issue of up to 46.0 million new ordinary shares at a price per share of 10p.
It also said that further to its announcement on March 23, it is in advanced discussions with a view to commissioning an independent report from a professional services firm. The completion of such a report is a pre-condition to the finalisation of its audit process, which is estimated will take a number of weeks.
In the meantime, it is not able to publish its audited results before March 31, and its shares will be suspended from AIM on April 3.
By Sophie Rose, Alliance News reporter
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