A fairly brief report this morning, as I have to catch a train to Amersham, for the Inland Homes (INL)  AGM. There is expected to be a high turnout, as many private shareholders are, like me, unhappy with the excessive Director remuneration, which does not correlate with the very poor performance of the company both in terms of share price (down over 60% from the 2007 IPO price of 50p), and the

"The Group is exploring a number of longer term funding possibilities to finance some exciting new land opportunities which it is currently evaluating. Stephen Wicks, Chief Executive commented: "Inland is now making significant progress in its key operating areas with an increasing number of transactions concluding or close to doing so. I am particularly pleased that the Ashford Development Agreement has been signed after many months of negotiations. We believe that agreements such as this can enhance the returns from our land bank and we are looking at how we might develop this concept further. The funding secured from Barclays is a significant step forward and represents a welcome return to mainstream funding for the Group"."

My view is that, at present the Directors remuneration is far too high, and needs re-basing at a lower level, and their interests to be more aligned with shareholders - so bonuses only linked to meeting target increases in NAV, etc. I shall be putting that view to the Directors today & will report back with their response. However, if they were to considerably increase the size of the company (as hinted at from their comments above), then the existing salaries would be diluted enough to possibly make more sense. (Paul holds shares in Inland Homes)

Another company I follow, although don't have a holding in currently, is Plastics Capital (PLA). Dave Stredder & myself interviewed the Executive Chairman, Faisal Rahmatallah in our first ever "Mellocast"video (more to follow, but we're being highly selective about who we want to interview! It's by invitation only basically).

Interim results this morning from PLA today look a tad soft on the top line & EBITDA, down 3% and 16% respectively. Although profit before tax is down less, at 7%, and due to R&D tax credits (which are expected to recur), EPS is actually up 4% to 5.5p. These figures are stated after adding back goodwill amortisation by the way, which I…

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