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27 Jul 2009 07:00
27 July 2009
INLAND PLC ("Inland" or "Company")
PLACING TO RAISE £738,500
Inland announces the conditional placing of 7,385,000 new ordinary shares of 10 pence each ("New Ordinary Shares") at a price of 10 pence per New Ordinary Share by way of a private placement to raise gross proceeds of approximately £738,500.
The proceeds of the placing will be used for general working capital purposes and in particular to assist in funding professional fees in connection with Inland's joint venture of the former RAF West Drayton site where consent will be sought for over 800 homes.
The issue of the New Ordinary Shares pursuant to the placing is conditional on the admission of the new Ordinary Shares to trading on AIM ("Admission") which is expected to take place on or prior to 30 July 2009. The placing has been conducted using authorities approved at Inland's last AGM held on 28 November 2008.
The New Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 10 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared or paid thereon following Admission.
Following Admission, the Company will have 174,815,079 ordinary shares of 10 pence each in issue ("Enlarged Share Capital"), of which the following director of the Company will hold, or be interested in, the following:
|
New Ordinary Shares |
Total ordinary shares held following Admission |
% of the Enlarged Share Capital |
|
|
Stephen Wicks |
85,000 |
22,135,009 |
12.66% |
About Inland
Inland are dynamic developers of urban regeneration projects around Southern England predominantly specialising in buying brownfield property and enhancing its value through obtaining planning permissions for residential and mixed-use developments. Inland successfully navigate the complex planning system, applying meticulous attention to detail throughout the design process whilst utilising their close working relationships with local authorities. Their ability to secure sites often overlooked by others, means their track record in the development of Brownfield opportunities is second to none.
For further information
Inland plc Tel. +44(0)149 476 2450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
KBC Peel Hunt Ltd (Nominated Adviser) Tel. +44(0)207 418 8900
Julian Blunt
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