Inland Homes PLC Launch of Direct Subscription & Updates (6699U)

TIDMINL

RNS Number : 6699U

Inland Homes PLC

29 March 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT

Inland Homes plc ("Inland Homes" or the "Company")

Launch of Direct Subscription for up to GBP4.6 million

Update on Potential Related Party Transactions and Termination of Strategic Review

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, is pleased to announce that it has today launched a direct subscription offer (the "Subscription") for up to GBP4.6 million by the issue of up to 46,000,000 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.

The Company also updates on the commissioning of an independent report in relation to potential related party transactions and the strategic review announced last year.

The Subscription

Inland Homes has been notified by Stephen Wicks, a founder of the Company, former CEO and the Company's major shareholder, that he would like to participate in the Subscription for a total of GBP2.5 million.

The Subscription is now open for applications until 2:30pm (UK time) on 30 March 2023, following which a further announcement will be made. Orders can be made by contacting Panmure Gordon (details below), who will liaise with the Company as required. The Company has complete discretion on whether to accept offers under the Subscription. Completion of the Subscription is conditional, inter alia, on admission of the Subscription Shares to AIM.

The Subscription Price represents a premium of 100 per cent. to the closing price of the Ordinary Shares on 29 March 2023 of 5 pence per share.

The Subscription Shares, when issued and fully paid, will rank pari passu in all respects with each other and with the Company's existing Ordinary Shares. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to AIM. Admission of the Subscription Shares is expected to become effective and dealings in such shares are expected to commence at 8.00 a.m. on 31 March 2023. The Subscription Shares will be issued under the authorities granted to the Company at its Annual General Meeting held on 21 March 2022.

Related Party Transactions Update and Strategic Review

Further to its announcement on 23 March 2023, the Company is in advanced discussions with a view to commissioning an independent report from a professional services firm for the purpose of reviewing certain related party issues (which may or may not fall to be treated as related party transactions under the AIM Rules). The completion of such a report is a pre-condition to the finalisation of the Company's audit process which is estimated will take a number of weeks.

In the meantime, as the Company will not be in a position to publish its audited results before the 31 March 2023 deadline stipulated in the AIM Rules, 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.

On 6 September 2022 the Company announced that it had appointed Lazard & Co., Limited to assist with a strategic review of the business. This process has now come to a conclusion, in relation to which Lazard has terminated its engagement.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

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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