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Just a quick one on this - Drumz was energiser which was a vehicle for the directors of Inland Homes. Inland Homes went into administration last week so don't be surprised if there's some selling here (as perhaps the directors of INL need some money). Just a thought.

The shares aren't being cancelled.......which is a pity. I think there's a worry that loads of those bought-back shares will be distributed to the directors in a bonus structure........that's why the inflection point never seems to actually arrive.

There's a persistent seller in the mkt too - doesn't matter how many Plus buy a day.............down she goes..........if there's anything but a 'business as usual, we confirm the guidance previously given as to performance' on 24th it'll be mayhem/carnage here. The shares seem to be hit hardest and recover slowest if there's a nasty surprise............they've got previous for it in years gone by..........holding my breath tbh.

Can someone enlighten me? What are these trades?

Inland buying back their own shares looks criminally insane, with hindsight too. What were they thinking.........unless they thought it would show confidence in the business, when they knew, it was in a perilous position and needed to outwardly show that, to stop shareholders from selling. Shocking tbh. How do they get away with it. I'm just about even (having lost my investment I made over the last 3 years, having traded in and out of INL over the last 15 or so). What a waste of time and effort.

It doesn't even surprise me that INL have gone bust (or rather pretty much every subsidiary they've got so I'm assuming it's stuffed. It was staring us in the face for months.............but their RNS's seemed to speak otherwise................but we knew, deep down. Just didn't want to believe it.

They've been trying to sell Hugg Homes too (on linkedin - they'd put an advert on there couple of weeks ago).

We’re seeing boroughs play every trick in the book; from stretching out decisions, people going off ill, asking for more reports – some completely irrelevant – but you can’t say no as they’ll simply invalidate the application, which you’ll have to fight…..which achieves what they want, which is more time or they’ll ask for reports that are time-sensitive – usually to do with ecology where you can only conduct the report at certain times of the year……therefore it can’t be conducted til next year…….loads of things happening out of the public eye that are just simply wrong but what can you do?) Lots of these reports used to be dealt with under the conditions attached to a planning permission……..but the boroughs have cottoned-on that it’ll give them more time so they want them upfront or during the process. They think they’re being cute………but like S106/CIL, everything has an unintended consequence; it’s just they’re too stupid or too short-term in mentality or they literally don’t care right now to realise it.

I'm not sure whom was giving them advice or if they were getting any advice at all but part of me feels that the whole share buybacks thing was a way of trying to convey confidence in the business, even though they knew the true reality of the situation…….that the main-contracting business was in severe difficulties, brought on by the economic effects of covid (that no one really truly saw) and land sales weren’t coming through quick enough or profitably enough because planning permissions were taking way, way too long (not their fault - all planning boroughs are pretty much inundated with planning applications and they literally don't have the staff to deal with them in a timely manner.......and they've all realised that asking developers to engage with them early and extensively comes at a cost - in time, money and personnel – of which no borough has any of).

INL were caught between a rock and a hard place – fixed contracts going south on one hand and planning permission costs rising, and the holding costs of those sites rising too because they couldn’t sell a site until a planning permission had been consented.

I can understand the rationale of having the two businesses – each cross-polinising the other depending on how the economy is going but they’ve just been hit with a perfect storm……….that none of us, not even the Bank of England, foresaw. Not sure where it goes from here tbh. Perhaps boring fixed income might have been better (resi units or commercial units rented out). Who knows – it’s easy with hindsight.

From my perspective – I’m talking to a lot of land owners right now and there’s stress out there that’s for certain……….but cheap deals are not quite on the table yet because the stress isn’t at a level where vendors are prepared to meet the actual valuations the market economics we’re in, are currently generating. The banks are picking off the low hanging fruit of course (and thus fixed charge receivers etc etc are busy selling part-built sites or sites in receivership) but I’m not seeing the deals we saw in 2009/2010 yet…… time will tell however. Give it another 6 months (and let’s see how things are after the spring-selling season next year – traditionally a v v busy time of the year for developers). I think we’re in a v short selling window right now and that sales will dry up much earlier than normal in the run up to Xmas this year……and then we’ll see developers heavily discounting to get cash through the door.

Perhaps that’ll trickle into land owner’s minds and their price aspirations will fall too. We’ll see. I don’t mean to be doom and gloom on INL and the market but it’s my career and I’m in it right now; seeing what INL are going through in planning from my own perspective (it’s a horrible, long, depressing, expensive and risky thing getting planning at the moment. So arbitrary in decision making too from borough’s perspect

the sp is going to fall out of it's **** and not just because of the covenant breach imo. macro-economic headwinds (look at the other housebuilder's share prices, look at the unbelievable news about vistry) - development at the moment is in freefall - house sales are way, way down, housebuilders have literally downed tools on house building unless that particular phase, or that house that they are builing, has been been exchanged upon. really bad. the sp is definitely not going up when it re-starts trading on aim imo.....(if it's soon).

Despite buying 30,000 shares a day themselves this continues to drop. Which means that, despite volatility being Plus's friend (activity is supposed to increase in volatile mkts), the opposite is happening to Plus's share price..........ergo, imo, there's something we're not being told. Either customers are doing really well (bad for Plus, that doesn't hedge this element of course - which is excellent for shareholders when customers lose........not, when they win) or activity in existing mkts (and new mkts) is weak for Plus .......or a combination of these............but either way............the share price is dropping. Now - the last guidance we had was 'we're going to hit the year's forecast'.......but perhaps things have changed then? Thouhts? I said it would hit £13.........and now it feels like it'll go to £12.....

Feels like there's no resistance to the drops we're seeing at the moment.

I can guarantee that if there's a right way of doing something or a totally tone-deaf way of doing it (in the shareholder's eyes) then Plus will take the tone-deaf route everytime. It's just their way of letting us know they hold us in complete contempt (and why there will never be a re-rating as everyone hopes). Those bought shares will come back to haunt us I reckon, ultimately and all that money they've spent.................could have just been given back to us in divis all along.

But let's see eh? Plus might surprise us.

agree with the first part (about the numbers and report - it's all bitsa stuff imo too) but the share price re-rating after the suspension has been lifted? would love that to happen but i think there are headwinds on that front. it would be nice if they released an update on how the main contracting business is doing (key weakness) and if we're running out of money etc etc.

tough market to sell land in at the moment too. buying unconsented sites from non-developer owners is still tough but there's a modicum of stress in seller's circumstances at the moment meaning there's motivation but not necessarily 'cheap' sites available. but there's definitely deals to be done at prices that don't put you under water before you've even started on planning.

planning costs, particularly ecology and sustainablity and all the attendant other reports you have to produce have risen significantly this last 12 months or so, with a visible drop-off in performance too. planning timeframes are an absolute joke too - ridiculously long. and don't get me started on solicitors fees. they take the absolute **** for the service you actually receive and have significantly risen in the last 12 months (along with quite alot of consolidation of firms and some people i've used for 15 years retiring). not sure anyone is interested in that side of things but i'm at the coal-face buying sites at the moment around midlands etc etc. i feel like there's alot of people leaving the industry too but that's anecdotal.

Https://find-and-update.company-information.service.gov.uk/company/05337416/officers and check out the persons with significant control too....

I think you'd seen my comment on advfn rather than here Sain :)

I'm a total pessimist at heart and was trying to turn over a new leaf.

Got to be honest; building affordable homes and making money out of it is only possible if schemes attract government grant-funding. It's just not a way to run a business imo. Look at the consolidation going on amongst RSL's at the moment (it's because they're all f*cked financially).

And 75.....worried all round tbh.

You're right testpack; I first invested at £3.45 and then sold at £7 and then came back in at £9ish and have stayed in ever since (but buying and selling percentages of my holding; some at good times others at bad times); I'd love this to rerate (but tbh getting to £20 and staying there would be good. ) I do feel there's someone in the background toying with us however.

I'd prefer divi's to buybacks tbh - but I recognise what bb's are good. I just don't like the fact they aren't cancelled. Watch them shell out a load to the directors (it's happened before). Hate stuff like that.

Everyone keeps banging on about a re-rate.................and we've been waiting for it for about 5 years...........but Plus has a couple of major errors of concern that simply won't be overcome any time soon. Lack of Trust in the Board, extra tax because of it's domicility and the opaqueness, and the way it earns it's money (customer income and the lack of hedging, even though the lack of hedge means greater profits.........sometimes........risk).

So..........if you're hoping for a re-rate to the same as it's peers...........in my opinion.......that aint ever happening unless something changes. Floating on NASDAQ for example would take away the domicility and opaqueness issues once and for all (and the tax).

INL have also instructed an agent to sell 104 units are the above site in Soton too.

I think the buybacks would resonate more if the bought-back shares were cancelled. What if they relaunch 30 million of them again at £10 a share or something?

INL are hoping to raise £11.75m from the sale of 4 plots (3 resi plots, 1 wholly commercial plot) totalling 61 resi units.

INL have launched the sale of some of the smaller phases of the Hounslow Barracks consent today. Using an agent to do so (makes sense - go high and wide and get the details to as many people as possible)