REG - Inland Homes PLC - Update on related party matters & audit timetable

Inland HomesAnnouncement

23/03/2023 07:15

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RNS Number : 9339T  Inland Homes PLC  23 March 2023

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").

 

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