INL.L Regulatory News (INL)

11 Dec 2007 07:00

Inland PLC11 December 2007 Immediate Release 11 December 2007 Inland PLC ("Inland" or the "Company") Progress Update for the Annual General Meeting The Annual General Meeting of Inland, which specialises in buying brownfieldsites and enhances their value by obtaining planning permission, will be heldat 11.00am today. Terry Roydon, Chairman, will make the following statement: "I would like to take this opportunity today to comment briefly on Inland'srecent performance and on our prospects for the current financial year. In line with our expectations we have received planning consent on the followingthree sites during the first five months of the current financial period: • 399 residential plots and approximately 100,000 sq ft of commercial space at our site in Farnborough, Hampshire;• 24 residential plots in Hatfield, Hertfordshire; and• 14 residential plots in Borehamwood, Hertfordshire. The development pipeline now comprises over 1,350 residential plots with a grossdevelopment value of circa £360m and approximately 230,000 sq ft of commercialspace. The shortage for land with planning consent remains acute, not withstanding the fact that the housing market is facing softer conditions and webelieve that we should achieve good returns on these sites. The expressions of interest received, for our sites at Farnborough and Hatfield,amply demonstrates the continued strong demand by housebuilders for land withplanning consent. We believe that in the current environment, housebuilderswill place a greater emphasis on acquiring land, which has already receivedplanning consent as opposed to land that has not which will permit building tostart immediately. 2007 has been a pivotal year for Inland as we successfully secured the desiredfunding through our IPO which has enabled us to implement our strategy ofunlocking value in brownfield redevelopment. With the current government committed to increasing house building from 200,000 to 240,000 new homes perannum by 2016, greater emphasis will be placed on brownfield developmentalongside pressure for the release of green field sites. Although the planningsystem in the UK is incredibly complex, I am confident that our managementteam, which has considerable experience, will continue to be successful inobtaining lucrative opportunities and in obtaining planning permissions. We are pleased to have completed the acquisition of Poole Investments PLC("Poole") which has presented some key opportunities for us going forward. Theprimary asset of Poole is a 9.5 acre site with waterside frontage in LowerHamworthy, Dorset, upon which is an investment property that provides a rentalincome of £335,000 per annum. The site has significant development potential andwe have already commenced initial discussions for what we believe will result inan exciting mixed use scheme, ultimately enhancing the value for ourshareholders. Inland continues to demonstrate its ability to identify opportunities and createvalue in a market where there is an acute shortage of land with planningpermission. I believe we have the strength and skills to increase Inland's underlying value and the next 12 months should represent a further period ofconsiderable growth for the Company." The Company's Annual Report for the period ending 30 June 2007 can be found onthe Company's website, www.inlandplc.com For further information please contact: Inland Plc Tel: 01923 713 600Stephen Wicks, Chief Executive Nish Malde, Finance Director Buchanan Communications Tel: 020 7466 5000Jeremy Garcia / Susanna Gale Notes to Editors:Inland plc is a dynamic developer of urban regeneration projects around SouthernEngland. Predominantly specialising in Brownfield developments, the Inland teamcan provide solutions to a variety of difficult and sensitive land situations. Inland successfully navigates the complex planning system, applying meticulousattention to detail throughout the design process whilst utilising its closeworking relationships with local authorities. Our ability to secure sites oftenoverlooked by others, means our track record in the development of Brownfieldopportunities is second to none. Dawnay, Day Corporate Finance Limited is the Nominated Adviser. David Floyd andAlex Stanbury can be contacted on 0207509 4570. This information is provided by RNS The company news service from the London Stock Exchange