Inland Homes PLC Intention to appoint Administrators & Cancellation (8773N)
27 September 2023 - 3:30PM
UK Regulatory
TIDMINL TIDMINLZ
RNS Number : 8773N
Inland Homes PLC
27 September 2023
Inland Homes plc ("Inland" or the "Company")
Notice of intention to appoint Administrators
Cancellation of admission
The directors of Inland Homes plc advise that they have resolved
to proceed with the process of appointing David Hudson and Phil
Armstrong of FRP Advisory Trading Ltd as Administrators of the
Company and that certain of its subsidiaries which have granted
floating charges have today filed notices of intention to appoint
Administrators. This announcement provides background to this
decision.
Financial statements preparation process
On 24 July 2023, Inland announced the outcome of a review by FRP
Advisory Trading Ltd (FRP) into related party relationships and
transactions and other matters. As part of the process to complete
the audit for the year to 30 September 2022 ("FY22"), Inland
commissioned a further limited review by FRP designed to identify,
amongst other matters, whether control breaches or incomplete
disclosures impacted other areas of corporate governance and
financial reporting in the period 1 October 2020 to 30 September
2022 including material judgements and estimates.
The review conducted by FRP, on which they reported on 22
September 2023, has provided sufficient indication that further
work is still required into material judgements and estimates
applied to the financial statements both for the year to 30
September 2022 and for the year to 30 September 2021 ("FY21")
before the preparation of the financial statements could be
completed and then audited.
The extent of further work and cost required to complete the
preparation of the financial statements and the audit for FY22
cannot be certain at this stage, and the timeframe within which
this might be feasible is not known.
The Company continues to be in active discussions with HSBC
regarding waivers for the breaches announced on 11 September 2023.
Inland also anticipates that it is likely to be in breach of
covenants with other lenders shortly and it has already initiated
discussions with such lenders.
Strategy
On 24 July 2023, Inland announced the proposed acquisition of
NorthCountry Homes Limited ("NorthCountry") as part of a strategy
to develop a low cost homes business model, based in Wakefield,
taking advantage of low Northern land values and developing the
Inland brownfield and strategic land business in the South, as well
as completing Inland's existing construction commitments. The
proposed acquisition was subject to a number of conditions
including the restoration to trading on AIM of Inland's shares. For
the reasons set out below, restoration to trading is not likely to
occur, and accordingly this strategy cannot be implemented.
Appointment of administrators
Inland has reviewed options to continue its policy of seeking to
complete existing construction projects at the same time as
undertaking a comprehensive programme of disposals of its land
assets, most of which are held as inventory.
Taking into account the current circumstances and including the
group structure and the current cash resources available to it
Inland has concluded that the appointment of Administrators in
accordance with the provisions of the Insolvency Act is in the best
interests of all stakeholders.
Accordingly notices of intention to appoint David Hudson and
Phil Armstrong of FRP Advisory Trading Ltd as Administrators have
today been filed in respect of certain Inland group companies over
which there are registered floating charges. It is intended that
the formal appointment of Administrators in respect of Inland,
those subsidiaries and the remaining Inland group companies will be
made imminently.
Cancellation of admission
As set out above, the extent and cost of the work necessary to
complete the preparation of the financial statements and the audit
for FY22 and the timeframe within which this might be feasible is
not known. In light of the circumstances set out above regarding
the financial position of the Company, the Company considers that
it may be difficult to complete the work necessary for the
preparation of financial statements and the audit for FY22. Trading
of the Company's shares on AIM was suspended on 3 April 2023 and
pursuant to AIM Rule 41 admission of a company's shares to AIM will
be cancelled where trading in its shares has been suspended for six
months. Accordingly, Inland anticipates that admission of its
shares to AIM will be cancelled on 4 October 2023.
Contacts:
Inland Homes plc Tel: 44 (0)1494 762450
Matthew Robinson, Chair
Jolyon Harrison, CEO
FRP Tel: 44 (0)20 3005 4000
David Hudson
Justin Matthews
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Tom Scrivens (Corporate Broking)
The information contained in this Announcement is deemed by the
Group to constitute inside information as stipulated under the
Market Abuse Regulations (Regulation 596/2014), as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"). The person responsible for arranging for the release of
this announcement on behalf of Inland Homes plc is Matthew
Robinson, Chair.
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