REG - Inland Homes PLC - Result of Direct Subscription

Inland HomesAnnouncement

30/03/2023 16:00

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RNS Number : 8285U  Inland Homes PLC  30 March 2023

 

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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)

 

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