REG - Inland Homes PLC - Board Changes

Inland HomesAnnouncement

01/03/2023 07:00

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RNS Number : 4202R  Inland Homes PLC  01 March 2023

1 March 2023

Inland Homes plc (the "Company")

Board changes

Inland Homes announces that Simon Bennett, Chairman and the Group's other
non-executive directors Carol Duncumb and Brian Johnson have resigned from
their respective roles at the Company with immediate effect. The Board would
like to place on record their thanks to Simon, Carol and Brian for their
contributions to the Group and to wish them well in the future.

The Company has 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. The Company is
collating relevant details, following which a further announcement will be
made.

Whilst Simon Bennett has resigned as Chairman, in order that the Company can
meet the minimum number of directors prescribed under the Company's Articles
(which is two), he has agreed to remain in place as a non-executive director
for a maximum period of two weeks whilst the Company formalises an additional
appointment or appointments to the Board and for due diligence checks to be
completed. As a consequence, Simon Bennett's resignation from the Board will
become effective on the appointment of another Director to the Inland Homes
board or at the close of business on 14 March 2023 whichever is the earlier.

If such additional appointment takes more than two weeks to conclude, the
Board would be constituted by a single director, which would be below the
minimum prescribed under the Company's Articles and would, in such
circumstances, lead to a suspension of the Company's shares. The Company
considers this to be an unlikely scenario. The Board is pleased to confirm its
intention to re-appoint one of the original founders and former CEO, Stephen
Wicks to the Board as soon as possible following due diligence checks, as to
which a further announcement will be made in due course.  Further
appointments will be made to the Board in due course.

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").

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