12 Apr 2023 16:45
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT
Inland Homes plc ("Inland Homes" or the "Company")
Launch of Direct Subscription for up to £2.5 million
Inland Homes plc (AIM: INL), the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, announces that, following completion of the direct subscription announced on 29 March 2023 raising £2.5 million, it has received additional inbound indications of support for a second subscription. Accordingly, it has today launched a second direct subscription offer (the "Subscription") for up to £2.5 million by the issue of up to 25,000,000 new Ordinary Shares ("Subscription Shares") at a price per Subscription Share of 10 pence (the "Subscription Price"), being the nominal value of the Company's ordinary shares ("Ordinary Shares") and the same price as for the subscription recently completed. The net proceeds of the Subscription will also be used to fund working capital requirements within the Company.
The Subscription
The Subscription is now open for applications until 4:00pm (UK time) on 13 April 2023, following which a further announcement will be made. Orders can be made by contacting Panmure Gordon (details below), who will liaise with the Company as required. Any acceptance by the Company of indicative orders will be subject to completion of a subscription agreement. The Company has complete discretion on whether to accept offers under the Subscription. Completion of the Subscription is not conditional on admission of the Subscription Shares to trading on AIM.
Trading in the Ordinary Shares was suspended on 3 April 2023 due to the Company not publishing its annual accounts in accordance with AIM Rule 19. The Subscription Price represents a premium of 17.6 per cent. to the closing price of the Ordinary Shares on 31 March 2023 of 8.5 pence per share.
The Subscription Shares, when issued and fully paid, will rank pari passu in all respects with each other and with the Company's existing Ordinary Shares. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to AIM. Such application will be considered by the London Stock Exchange in due course around the time of any restoration of the Company's shares to trading on AIM. The Subscription Shares will be issued under the authorities granted to the Company at its Annual General Meeting held on 31 March 2023.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
The person responsible for arranging the release of this announcement on behalf of the Company is Nishith Malde, Finance Director of the Company.
For further information, please contact:
Inland Homes plc Tel: 44 (0)1494 762450
Nishith Malde, Chief Financial Officer
Panmure Gordon (UK) Limited (NOMAD and broker to the Group) Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)