REG - Inland Homes PLC - Final Results <Origin Href="QuoteRef">ILND.L</Origin> - Part 3
28/09/2017 07:07
- Part 3: For the preceding part double click ID:nRSb0282Sb
activities multiplied by the standard rate of corporation tax in the UK of 19.0% (2016: 20.0%) 3,722 6,747
Expenses not deductible for tax purposes 12 14
ZDP interest not deductible for tax purposes 214 177
Adjustments to tax charge in respect of previous periods 63 167
Timing differences (157) (746)
Release deferred tax asset on disposal of joint venture 59 -
Deferred tax liability on investment properties 1,259 (1,518)
Tax losses utilised (1,362) -
Tax charge 3,810 4,841
A prior year adjustment of £1,298,000 has been made to recognise an additional deferred tax liability relating to the revaluation gains on investment properties due to sufficient capital losses not being available.
4. EARNINGS AND NET ASSET VALUE PER SHARE
Basic and diluted EPS
Basic and diluted earnings per share is calculated by dividing the earnings attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
2017 2016
restated
Profit attributable to equity holders of the Company (£000) 15,779 28,293
Net assets attributable to equity holders of the Company (£000) 130,550 116,347
Weighted average number of ordinary shares in issue (000) 201,875 201,957
Dilutive effect of share options (000) 1,882 2,413
Dilutive effect of shares held in EBT (000) 1,627 1,027
Dilutive effect of growth shares (000) 6,000 6,000
Weighted average number of ordinary shares used in determining diluted EPS (000) 211,384 211,397
Basic earnings per share in pence 7.82p 14.01p
Diluted earnings per share in pence 7.46p 13.38p
Shares in issue (000) 202,027 201,779
Net asset value per share in pence 64.62p 57.66p
Diluted net asset value per share in pence 61.72p 55.08p
The Group's Employee Benefit Trust purchased 643,216 shares on 29 October 2014, 383,850 shares on 20 December 2015 and a further 600,000 shares on 16 December 2016 in Inland Homes plc under the terms of the Long Term Incentive Plan. These have been deducted from the weighted average number of ordinary shares in issue and also from the shares in issue at the year end.
5. DIVIDENDS
2017£000 2016£000
Final dividend of 0.9p per share proposed and paid January 2017 1,832 -
Interim dividend of 0.5p per share paid June 2017 1,018 -
Interim dividend of 0.3p per share paid July 2015 - 608
Final dividend of 0.7p per share proposed and paid January 2016 - 1,412
Interim dividend of 0.4p per share paid May 2016 - 812
2,850 2,832
The Directors are proposing a final dividend of 1.2p (2016: 0.9p) per share totalling £2,420,000. Dividends are not paid on the shares owned by the Employee Benefit Trust. The dividend has not been accrued in the consolidated balance sheet at 30 June 2017.
6. INVESTMENT PROPERTIES
Commercial properties Residential properties Development land Total
Level 3 Level 3 Level 3 £000
£000 £000 £000
Fair value
At 30 June 2015 - 26,000 8,000 34,000
Additions 854 167 - 1,021
Fair value adjustment 111 17,904 - 18,015
Transfer from/(to) inventories - 1,319 (2,650) (1,331)
At 30 June 2016 965 45,390 5,350 51,705
Additions 329 58 - 387
Fair value adjustment (26) 1,492 - 1,466
At 30 June 2017 1,268 46,940 5,350 53,558
At 30 June 2016 965 45,390 5,350 51,705
At 30 June 2015 - 26,000 8,000 34,000
The different valuation method levels are defined below.
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
These levels are specified in accordance with IFRS 13 Fair Value Measurement. Our property valuation approach and process
is set out within the 'Valuation and sensitivity' section of this note below. Property valuations are inherently subjective
as they are made on the basis of assumptions made by the valuer which may not prove to be accurate. For these reasons we
have classified the investment property valuations as Level 3 as defined by IFRS 13.
The Group's policy is to recognise transfers between fair value hierarchy levels as of the date of the event or change in
circumstances that caused the transfer. There have been no transfers during the period.
At 30 June 2017, the Group's investment properties were valued at £53.6m (2016: £51.7m) and the historical costs were
£15.4m (2016: £15.0m).
The Poole investment property is pledged as security against the £20m Barclays RCF. The carrying value of the property is
£5.35m (2016: £5.35m).
The Wilton Park investment properties are pledged as security against a Secure Trust Bank loan. The carrying value of the
properties is £46.94m (2016: £45.39m) and the security value is £45.7m.
Income and expense
During the year ended 30 June 2017 £1,113,000 (2016: £642,000) rental and ancilliary income from investment properties was
recognised in the Group Income Statement. Direct operating expenses, including repairs and maintenance, arising from
investment property that generated rental income amounted to £185,000 (2016: £203,000). The Group did not incur any direct
operating expenses arising from investment properties that did not generate rental income (2016: £nil).
Restrictions and obligations
At 30 June 2017 there were no restrictions on the realisability of investment property or the remittance of income and
proceeds of disposal (2016: £nil)
There are no obligations to construct or develop the Group's residential or development land investment property.
Valuation and sensitivity
- Residential
The Group's residential investment properties were valued by the Directors on the basis of 'open market value'. In arriving
at their view of open market value the Directors had regard to the following; the accommodation offered, the square footage
and the condition of each property. They then considered the above in light of the local market and prices achieved in
recent transaction in consultation with a local property agent.
If house prices fell by 5% this would result in a reduction in fair value of £2.35m.
- Development
The Group's development property is carried at fair value which has been established by the Directors using an internal
appraisal model based on the 'residual method'. The inputs for this model are the market value of units to be constructed
in accordance with the planning permission, the costs of any housebuilding, infrastructure, local authority fees and
professional fees. The market value of the units has been assumed to be at a similar level to the prices obtained by the
Group on earlier phases of the same development for similar property types. Housebuilding and infrastructure costs have
been forecast using costs incurred by the Group on this or other similar developments with an allowance for cost increases.
Local authority fees were agreed at the time of the signing of the planning permission and are therefore known costs.
Professional fees are input using costs incurred on similar projects and finance holding costs are the Group's cost of debt
capital. Using a profit margin of 20% this generated a land value for the remaining site of £5.35m. The Directors are of
the opinion that developing the site reflects the highest and best use of this asset.
As a residual valuation model is used, if house prices were to fall by 5% this would result in a reduction in fair value of
£1.3m in order to maintain a profit margin of 20% on the development. If costs should increase by 5% this would result in a
reduction in fair value of £1.1m in order to maintain the required 20% profit margin.
- Commercial
The Group's commercial property at Leighton Buzzard is carried at fair value which has been established by the Directors
using a rental yield of 5.5%. The annual rent used in this calculation is the subject of a lease with the Co-op. Costs to
complete have been deducted from the fair value along with a suitable developer's margin.
If rental values dropped by 5% the value of this property would decrease by £63,000.
7. INVESTMENTS
Investment in associates Investment in joint ventures Total
£000 £000 £000
Cost or fair value
At 30 June 2015 - 1,488 1,488
Additions 251 202 453
Transfer to loans to joint ventures - (242) (242)
Share of loss after tax (138) (232) (370)
Movement during the year to 30 June 2016 113 (272) (159)
At 30 June 2016 113 1,216 1,329
Additions 1,250 238 1,488
Transfer to loans to joint ventures - (193) (193)
Disposal of interest in joint venture - (1,110) (1,110)
Share of (loss)/profit after tax (238) 13 (225)
Movement during the year to 30 June 2017 1,012 (1,052) (40)
Net book value
At 30 June 2017 1,125 164 1,289
At 30 June 2016 113 1,216 1,329
At 30 June 2017, the Company, directly or indirectly, held equity of the following:
Company name Country of Principal activity Holding and voting rights Class of shares
registration
Subsidiary undertakings
Inland Homes 2013 Limited* England & Wales Holding company 100% Ordinary
Inland Limited* England & Wales Real estate development 100% Ordinary
Poole Investments Limited* England & Wales Real estate investment 100% Ordinary
Inland Housing Limited* England & Wales Real estate development 100% Ordinary
Inland Finance Limited* England & Wales Real estate development 100% Ordinary
Inland (Southern) Limited* England & Wales Real estate development 100% Ordinary
Inland Homes (Essex) Limited* England & Wales Real estate development 100% Ordinary
Inland Homes Developments Limited* England & Wales Real estate development 100% Ordinary
Inland (STB) Limited* England & Wales Provision of finance 100% Ordinary
Inland Property Finance Limited* England & Wales Provision of finance 100% Ordinary
Exeter Road (Bournemouth) Limited* England & Wales Real estate development 100% Ordinary
Inland ZDP plc* England & Wales Provision of finance 100% Ordinary
Inland Helix Limited* England & Wales Real estate development 100% Ordinary
Inland Property Limited* England & Wales Real estate investment 100% Ordinary
Inland Commercial Limited* England & Wales Real estate investment 100% Ordinary
Drayton Developments Limited* England & Wales Real estate development 100% Ordinary
Leighton Developments Limited* England & Wales Real estate development 100% Ordinary
Chapel Riverside Developments Limited* England & Wales Real estate development 100% Ordinary
Bucks Developments Limited* England & Wales Real estate development 100% Ordinary
Wilton Park Developments Limited* England & Wales Real estate development 100% Ordinary
Drayton Garden Village Limited* England & Wales Real estate development 100% Ordinary
Rosewood Housing Limited* England & Wales Real estate development 100% Ordinary
Wessex Hotel Developments Limited* England & Wales Real estate development 100% Ordinary
Inland Partnerships Limited* England & Wales Construction of domestic buildings 100% Ordinary
Hugg Homes Limited* England & Wales Letting or operating of real estate 100% Ordinary
Hugg Housing Limited* England & Wales Letting or operating of real estate 100% Ordinary
Basildon United Football, Sports & Leisure Limited* England & Wales Sports club 100% Ordinary
Interests in joint ventures
10 Ant South Limited* England & Wales Real estate investment 50% Ordinary
Bucknalls Developments Limited* England & Wales Real estate development 50% Ordinary
Cheshunt Lakeside Developments Limited* England & Wales Real estate development 50% Ordinary
Gardiners Park LLP** England & Wales Real estate development 50% Ordinary
Project Helix Holdco Limited* England & Wales Holding company 20% Ordinary
Interests in associates
Troy Homes Limited*** England & Wales Real estate development 25% Ordinary
* Registered office is Decimal Place, Chiltern Avenue, Amersham, Buckinghamshire, HP6 5FG
** Registered office is Springfield Lodge, Colchester Road, Chelmsford, Essex, CM2 5PW
*** Registered office is 10-14 Accommodation Road, London, NW11 8ED
Inland Homes 2013 Limited is the only direct subsidiary of the Company. All others are indirect holdings.
The joint ventures and associates listed above are accounted for using the equity method.
There are no restrictions on the ability of the Parent Company or its subsidiaries to transfer cash or other assets to or
from other entities in the Group.
On 22 December 2016 Inland Homes 2013 Limited disposed of its 100% owned subsidiary, Inland New Homes Limited. A management
fee of £6.0m was charged by Inland Ltd to Inland New Homes Ltd prior to the sale for £1 resulting in a gain of £6.0m which
has been recognised in the Group Income Statement.
INTERESTS IN JOINT VENTURES
Aston Clinton S.A.R.L.
In November 2014, the Group acquired a 10% interest in Aston Clinton S.A.R.L (Lux) whose purpose is to acquire a site near
Aylesbury, Buckinghamshire, and obtain planning permission. During the year ended 30 June 2017 planning consent for 400
residential units and commercial space was achieved. Also during the year the Group sold its interest in Aton Clinton
S.A.R.L. for £8.3m, generating a gain of £7.0m which has been recognised in the Group Income Statement. This investment was
accounted for using the equity method. Aston Clinton S.A.R.L. is based in Luxembourg.
Aston Clinton S.A.R.L. - summarised statement of financial position
As at 30 June 2017 As at 30 June 2016
£000 £000
Current assets
Cash and cash equivalents - 36
Other current assets - 7,348
Total current assets - 7,384
Current liabilities
Financial liabilities (excluding trade payables and provisions) - 4,938
Other current liabilities - 77
Total current liabilities - 5,015
Net assets - 2,369
Reporting entity's share in % 0% 50%
Reporting entity's share in £000 - 1,185
Investment cost £000 - 12
Carrying amount at year end £000 - 1,197
Aston Clinton S.A.R.L. - summarised statement of total comprehensive income
Period to 28 June 2017 12 months to 30 June 2016 £000
£000
Revenue - -
Interest income - -
Interest charge (298) (272)
Income tax expense (2) (1)
Total comprehensive income (300) (273)
Project Helix Group
In December 2014, the Group entered into a joint venture with CPC Group Ltd (CPC) to purchase land, obtain planning
permission and ultimately sell the land. Under the terms of the joint venture, the Group owns 20% of the share capital and
is obliged to fund 20% of the costs of the sites acquired by the joint venture. A 'waterfall' calculation determines the
amount of profit to be received by the Group, using performance hurdles. Along with the Group's capital investment of
£8,000 (after recognising the Group's share of profits and losses), £4,888,000 of loans have been provided, which is
accounted for as Amounts due from Joint Ventures within Current Assets in the Group Statement of Financial Position. This
investment is accounted for using the equity method. Project Helix is based at the Company's registered office. The
results below are for both Project Helix Holdco Ltd and its subsidiary undertakings: High Wycombe Developments Ltd; High
Wycombe Developments No. 2 Ltd; and Brooklands Helix Developments Ltd.
Project Helix Group - summarised statement of financial position
As at 30 June 2017 As at 30 June 2016
£000 £000
Current assets
Cash and cash equivalents 18 148
Other current assets 24,284 22,659
Total current assets 24,302 22,807
Current liabilities
Financial liabilities (excluding trade payables and provisions) 648 3,325
Other current liabilities 23,972 19,819
Total current liabilities 24,620 23,144
Net liabilities (318) (337)
Reporting entity's share in % 20% 20%
Reporting entity's share in £000 (64) (67)
Investment cost £000 72 68
Carrying amount at year end in £000 8 1
12 months to 30 June 2017 12 months to 30 June 2016
£000 £000
Revenue 146 84
Operating expenses (70) (33)
Total comprehensive income 76 51
Bucknalls Developments Ltd
In December 2015, the Group entered into a joint venture with two individuals to purchase land, obtain planning permission
and develop the homes in Garston, Hertfordshire. During the year ended 30 June 2017 outline planning consent was obtained
for 100 residential units. Under the terms of the joint venture, the Group owns 50% of the share capital, is obliged to
fund 50% of the costs of the site and is entitled to receive a management fee and 50% of the returns. Along with the
Group's capital investment of £nil (after recognising the Group's share of losses), loans of £4,371,000 have been provided
which are accounted for as Amounts due from Joint Ventures within Current Assets in the Group Statement of Financial
Position. This investment is accounted for using the equity method. Bucknalls Developments Ltd is based at the Company's
registered office.
Bucknalls Developments Ltd - summarised statement of financial position
As at 30 June 2017 As at 30 June 2016
£000 £000
Current assets
Cash and cash equivalents 5 -
Other current assets 8,355 8,318
Total current assets 8,360 8,318
Current liabilities
Financial liabilities (excluding trade payables and provisions) 8,339 8,258
Other current liabilities 34 72
Total current liabilities 8,373 8,330
Net liabilities (13) (12)
Reporting entity's share in % 50% 50%
Reporting entity's share in £000 (7) (6)
Losses restricted to nil £000 7 25
Carrying amount at year end in £000 - 19
12 months to 30 June 2017 7 months to30 June 2016
£000 £000
Revenue 12 -
Operating expenses (20) (1)
Interest 5 (11)
Total comprehensive income (3) (12)
Cheshunt Lakeside Developments Ltd (formerly Inland (Stonegate) Ltd)
In June 2016, the Group entered into a joint venture whose purpose is to acquire a site in Cheshunt, Hertfordshire, obtain
planning permission and ultimately sell the land. The site has the potential for 1,500 residential plots. Under the terms
of the joint venture agreement, the Group has an obligation to fund 50% of the costs of the site and is entitled to receive
50% of the net returns. The Group has made a capital investment of £155,000 (after recognising the Group's share of profit)
as at 30 June 2017, which is accounted for as an Investment in Joint Ventures. Funds of £8,177,000 have also been forwarded
and are accounted for as Amounts due from Joint Ventures on the Group Statement of Financial Position. This investment is
accounted for using the equity method.
Cheshunt Lakeside Developments Ltd - summarised statement of financial position
As at 30 June 2017 As at 30 June 2016
£000 £000
Current assets
Cash and cash equivalents 234 -
Other current assets 39,347 31,642
Total current assets 39,581 31,642
Current liabilities
Financial liabilities (excluding trade payables and provisions) 22,657 30,017
Other current liabilities 16,680 1,625
Total current liabilities 39,337 31,642
Net assets 244 -
Reporting entity's share in % 50% 50%
Reporting entity's share in £000 122 -
Investment cost £000 33 -
Carrying amount at year end in £000 155 -
12 months to 30 June 2017 £000 1 month to30 June 2016
£000
Revenue 248 -
Operating expenses (4) -
Interest - -
Income tax expense - -
Total comprehensive income 244 -
Gardiners Park LLP
In November 2016, the Group entered a joint venture with Constable Homes to develop a site in Basildon, Essex with 30
private and 13 Housing Association units. Under the terms of the joint venture agreement, the Group has an obligation to
fund 50% of the costs of the site and is entitled to receive 50% of the net returns. The Group has made a capital
investment of £nil (after recognising the Group's share of losses) as at 30 June 2017, which is accounted for as an
Investment in Joint Ventures. Funds of £919,000 have also been forwarded and are accounted for as Amounts due from Joint
Ventures on the Group Statement of Financial Position. This investment is accounted for using the equity method. Gardiners
Park LLP is based at Springfield Lodge, Colchester Road, Chelmsford, Essex, CM2 5PW.
Gardiners Park LLP - summarised statement of financial position
As at 30 June 2017
£000
Current assets
Cash and cash equivalents 300
Other current assets 5,881
Total current assets 6,181
Current liabilities
Financial liabilities (excluding trade payables and provisions) 3,371
Partners loans 1,806
Other current liabilities 1,088
Total current liabilities 6,265
Net assets (84)
Reporting entity's share in % 50%
Reporting entity's share in £000 (42)
Investment cost £000 42
Carrying amount at year end in £000 -
7 months to 30 June 2016
£000
Revenue 869
Operating expenses (919)
Interest (34)
Income tax expense -
Total comprehensive income (84)
INTERESTS IN ASSOCIATES
Troy Homes Ltd
In October 2015 the Group acquired 25% of Troy Homes Ltd (Troy), a new premium housebuilder, and is entitled to 25% of the
net returns. At 30 June 2017 the Group had made a capital investment of £1.125m (after recognising the Group's share of
losses) (2016: £113,000) and had provided loans of £3.1m (2016: £894,000) which are accounted for as Loans to Associates
within Non-Current Assets in the Group Statement of Financial Position. The Group has subscribed to a further £125,000 of
loan notes which are payable when called for by the board of Troy. The Group sold 2 sites amounting to £2.8m on deferred
terms to Troy during the year ended 30 June 2016. There is a debtor of £2.7m in relation to these transactions in Amounts
due from Associates within Non-Current Assets and they are secured by way of a legal charge over the sites. This investment
is accounted for using the equity method, further details of which can be found in the accounting policies.
Troy Homes Ltd - summarised statement of financial position
As at 30 June 2017 As at31 March 2016
£000 £000
Non-current assets
Tangible assets 82 37
Total non- current assets 82 37
Current assets
Cash and cash equivalents 569 111
Other current assets 26,087 10,367
Total current assets 26,656 10,478
Total assets 26,738 10,515
Current liabilities
Financial liabilities (excluding trade payables and provisions) 10,364 9,475
Other current liabilities 3,393 637
Total current liabilities 13,757 10,112
Non-current liabilities
Financial liabilities (excluding trade payables and provisions) 9,467 -
Total non-current liabilities 9,467 -
Total liabilities 23,224 10,112
Net assets 3,514 403
Reporting entity's share in % 25% 25%
Reporting entity's share in £000 879 101
Investment cost £000 246 12
Carrying amount at year end in £000 1,125 113
12 months to 30 June 2017 5 months to 30 June 2016
£000 £000
Revenue 1,011 -
Operating expenses (1,890) (539)
Interest (836) (152)
Income tax 334 138
Total comprehensive income (1,381) (553)
8. DEFERRED TAX
The net movement on the deferred tax account is as follows: £000
At 1 July 2016 (restated) (960)
Income statement charge (1,066)
At 30 June 2017 (2,026)
The movement in deferred tax assets is as follows:
Capital losses recognised on revaluation gain Revaluation gain Other £000 Share based compensation Notional interest on deferred consideration Total
£000 £000 £000 £000 £000
At 1 July 2015 (restated) 3,983 (3,983) (148) 406 290 548
Credited/(charged) to income statement 623 (2,708) 250 133 194 (1,508)
At 1 July 2016 (restated) 4,606 (6,691) 102 539 484 (960)
(Charged)/credited to income statement (1,410) 152 (78) 87 183 (1,066)
At 30 June 2017 3,196 (6,539) 24 626 667 (2,026)
9. INVENTORIES
2017 2016 2015
£000 £000 £000
restated restated
Stock and work in progress 139,898 148,438 121,795
During the year, a total of £71,226,000 (2016: £72,329,000) of inventories was included in the Group Income Statement as an
expense. The Group conducted a review of the net realisable value of its land bank in view of current market conditions.
Where the estimated future net realisable value of the site is less than the carrying value within the Group Statement of
Financial Position, the Group has impaired the land value. This has resulted in an impairment of £400,000 (2016: £95,000).
The amount of loans and ZDP borrowings secured against inventory is £62.1m (2016: £85.4m). During the year £1.1m of
interest was capitalised within inventories and there has been a prior year adjustment of £0.85m to 2016 and £0.76m to
2015.
10. TRADE AND OTHER RECEIVABLES
2017 2016
£000 £000 restated
Trade receivables 3,444 3,506
Prepayments and accrued income 1,262 895
Amounts due from associates - 3,372
Amounts due from joint ventures 18,267 10,103
Other receivables 17,785 2,415
Amounts owed by Group undertakings - -
Corporation tax debtor - -
Loans to associates due in more than one year 5,763 894
Other receivables due in more than one year 5,830 55
52,351 21,240
The carrying value of trade and other receivables is considered a reasonable approximation of fair value. During the year
ended 30 June 2016, the Directors made a provision of £1.1m against a debtor relating to a contractor who has been placed
into administration. No other trade receivables are considered to be impaired. There were no unimpaired trade receivables
past due at the reporting date.
Within other receivables is £420,000 (2016: £309,000) relating to retentions receivable from construction contracting
clients. Within prepayments and accrued income is £983,000 (2016: £10,000) relating to income accrued on a construction
contract.
At the balance sheet date, the Group has provided loans of £4,888,000 (2016: £3,902,000) to Project Helix as shown in note
7.
At the balance sheet date, the Group has provided loans of £4,371,000 (2016: £2,680,000) to Bucknalls Developments Ltd as
shown in note 7.
At the balance sheet date, the Group has provided loans of £8,177,000 (2016: £1,017,000) to Cheshunt Lakeside Developments
Ltd as shown in note 7.
At the balance sheet date, the Group has provided loans of £919,000 (2016: £nil) to Gardiners Park LLP as shown in note 7.
At the balance sheet date, the Group has provided loans of £2,994,000 (2016: £894,000) to Troy Homes Ltd and was due
£2,769,000 for the sale of 2 sites as shown in note 7.
11. SHARE CAPITAL
2017 2016
£000 £000 restated
Allotted, issued and fully paid - ordinary, redeemable and deferred shares
203,654,432 (2015: 202,799,432) ordinary shares of 10p each 20,365 20,280
9,980 (2015: 9,980) deferred shares of 10p each 1 1
20,366 20,281
2017 2017 2016 2016
Number £000 Number £000 restated
Allotted, issued and fully paid - ZDP shares
At 1 July 11,313 1,132 10,285 1,029
Issued for cash during the year 1,131 113 1,028 103
At 30 June 12,444 1,245 11,313 1,132
Ordinary shares
Each share has the right to one vote and is entitled to participate in any distribution made by the Company, including the
right to receive a dividend.
Deferred shares
Deferred shares shall not confer the right to be paid a dividend or to receive notice of or attend or vote at a general
meeting. On a winding-up, after the distribution of the first £10,000,000 of the assets of the Company, the holders of the
deferred shares (if any) shall be entitled to receive an amount equal to the nominal value of such deferred shares pro rata
to their respective holdings.
ZDP shares
The ZDP shares carry no entitlement to any dividends or other distributions or to participate in the revenue or any other
profits of the company. The ZDP shareholders have no right to receive notice of, or to attend or vote at, any general
meeting of the company except in those circumstances set out in the Inland ZDP plc's Articles of Association, which would
be likely to affect their rights or general interests.
The Group's Employee Benefit Trust purchased 643,216 shares on 29 October 2014, 383,850 shares on 20 December 2015 and a
further 600,000 on 16 December 2016 in Inland Homes plc under the terms of the Long Term Incentive Plan. This is a separate
entity which is consolidated in the Group's financial statements.
The Company operates an unapproved share option scheme. Awards under each scheme are made periodically to employees. Share
options vest three years after the date of grant and have an exercise period of seven years from the date of vesting. The
schemes are all equity-settled. The Company has used the Black-Scholes formula to calculate the fair value of outstanding
share options and deferred shares.
The Company also operates a long term incentive plan (2013 LTIP) for the Executive
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