23 Mar 2023 07:00
23 March 2023
Inland Homes plc (the "Company")
Update on related party matters and
timetable for audit of accounts for year ended 30 September 2022
On 1 March 2023 the Company announced that it had become aware of certain related party issues (which may or may not fall to be treated as related party transactions under the AIM Rules) of which the Board was not informed at the relevant times.
PricewaterhouseCoopers LLP ("PwC") was appointed as the Group's auditor on 3 August 2022 following an independent competitive tender process undertaken by the Company's Audit Committee during 2022.
The final audit of the results for the year ended 30 September 2022 commenced in November 2022. The Audit Committee has regularly met with PwC throughout, the last such meeting being held on 23 February 2023.
Following resignations of three Non-Executive Directors, Simon Bennett, Carol Duncumb and Brian Johnson, and the related party issues announced in outline on 1 March 2023, both the Board and PwC concluded that they would require further time to review these matters and required the Company to commission an independent report on the related party issues and any other relevant matters.
Matthew Robinson and Trevor Sawyer have since been appointed to the Board as independent non-executive directors. The Non-Executive directors and PwC have explored options for completing the audit and a practical solution involving suitable internal management procedures along with an independent review, has been identified. This is being led by Matthew Robinson, independent non-executive Chairman of the Company.
Once completed these procedures will be audited by PwC. The Board is now in the final stages of commissioning an independent report from a third party which will confirm details of the transactions in question as well as update the Company's internal registers.
As a result of these matters, the Company will not be in a position to publish its audited results before the 31 March 2023 deadline stipulated in the AIM Rules. Consequently, trading in the Company's shares will be suspended at 7.30 a.m. on 3 April 2023. The Company intends to request a restoration of trading in its shares on publication of its FY22 audited results.
The Group's Audit Committee will continue to meet with PwC to review all other aspects of the audit as appropriate and the Board will issue a further update in due course.
Separately the Company announces that it is contemplating a fund raising of up to £5 million, to be implemented at 10 pence per share, being the nominal value of the Company's shares. It has received indicative support for around half of this amount and is progressing discussions in this regard. Completion of any such fund raising would be subject to customary formalities and launch.
Further announcements will be made as appropriate.
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)
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").