30 Mar 2023 15:45
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR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
Result of Direct Subscription
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 it has closed the direct subscription offer announced on 29 March 2023 (the "Subscription"), having raised £2.5 million with the issue of 25 million 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"). The net proceeds of the Subscription will be used to fund working capital requirements within the Company.
Application has been made to the London Stock Exchange for the admission of the Subscription Shares to be admitted to trading on AIM. Admission is expected to take place at 8.00 a.m. on 31 March 2023. The Subscription is conditional, inter alia, upon Admission becoming effective.
The Subscription Shares will, when issued, be credited as fully paid and rank pari passu with the existing Ordinary Shares, including, without limitation, the right to receive all future dividends and distributions declared, made or paid after the date of issue of the Subscription Shares.
Related party participation in the Subscription
Stephen Wicks, a founder of the Company, former CEO and the Company's major shareholder, has agreed to participate in the Subscription for a total of 25 million shares at the Subscription Price. Due to the fact that Stephen Wicks was a director of the Company in the last 12 months, he is treated as a related party of the Company for the purposes of the AIM Rules. The Directors consider, having consulted with the Company's nominated adviser, that the terms of the subscription by Stephen Wicks are fair and reasonable insofar as the Company's shareholders are concerned.
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)