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INL Inland Homes Plc

8.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Inland Homes Plc INL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 8.50 00:00:00
Open Price Low Price High Price Close Price Previous Close
8.50
more quote information »
Industry Sector
REAL ESTATE INVESTMENT & SERVICES

Inland Homes INL Dividends History

No dividends issued between 27 Feb 2014 and 27 Feb 2024

Top Dividend Posts

Top Posts
Posted at 05/10/2023 13:09 by oi_oi_savaloy
That's right Scburbs - they acted as Development Manager, effectively putting their planning expertise in, with the actual owner paying for planning (and the site of course). INL then received various bonuses as the deal progressed. I might be wrong on the planning costs front - INL might have paid for them but the principle (in terms of the deal structure) is correct. INL didn't own the land at any point.
Posted at 05/10/2023 08:34 by oi_oi_savaloy
What really stuffed things was the Master Brewers site in Hillingdon (in between Uxbridge and Ickenham). That site had been a disaster for absolutely years before their involvement. Tesco had had a go (spending hundreds of thousands on planning etc etc) to no avail, I'd made an offer for it in, I think 2004/2005 when I was buying sites for a national builder but it was so politically tainted (I can't remember why but we swerved it once we'd established the planning landscape/narrative surrounding it). So when INL got involved with another party..........I knew I should have bailed at that point........but I thought that perhaps Hillingdon's planners might have changed their attitude to the site.............clearly not. And that was the end tbh - it coincided with covid then happening and really stuffing things. Council planning depts can't cope - they are inundated with planning applications/under-staffed/localism/nimbyism means more engagement is required which is a double-edged sword because the council's simply don't have the staff to engage thus everything is taking more time and they're using every trick in the book to push things out. Total shambles.
Posted at 27/9/2023 14:36 by spob
.
Shares suspended for 6 months equals game over

INL will be deleted on October 4th

Administrators appointed
Posted at 31/8/2023 09:57 by greedfear
I'd like to know who exactly are holders of INLZ because if those are very different from INL holders INL could be in for a nasty surprise.
Factually INLZ is in control of INL's future.
I expect a rollover but one where INLZ defines the terms and chances are those terms will be favorable for INLZ.
I would not be surprised if it will be a partial payment in INL shares (improves equity of INL) and a partial roll over where (high) interest will be paid.
What's bad for INL isn't necessarily bad for INLZ.
Posted at 30/8/2023 08:50 by skyracer
Inland ZDP PLC

30 August 2023

Inland ZDP PLC

Possible breach of loan covenant

30 August 2023

Inland Homes PLC is considering possible provisions to be made against certain asset values in its accounts with its auditors. The amounts of any such provisions, which have not yet been determined, appear likely to trigger a breach of the asset cover covenant applicable to the loan between Inland ZDP PLC and Inland Homes PLC.

A further announcement will be made as soon as the asset values (net of any relevant provisions) have been determined.


I guess as certain Inland assets covenanted as security against the INLZ loan are revalued downwards they cause the breach. How are Inland going to pay this loan off ?? INLZ shareholders will probably have to accept a rollover or get nothing but that rollover will be expensive for INL. If INL can get any half decent offer for the company they should accept IMHO.
Posted at 28/7/2023 16:18 by grahamg8
Just so long as INL don’t lend him the £4m to pay for the shares. Thus transferring his debt from NorthCountry to Inland. Surely the size of the transaction relative to INL MCap plus it being a related party deal would trigger an EGM.

The logic of the deal as explained is for NorthCounty to build low cost homes er in the North. And by implication asset strip INL in order to pay for it. As a shareholder I would prefer the business to be asset stripped and the proceeds given to me.

Vote NO, NO, NO unless a very convincing explanation is provided that benefits the INL shareholders.
Posted at 28/7/2023 12:03 by stemis
If anybody has the email address of the INL company secretary they could always ask if the £4m outstanding in NorthCountry Homes for subscription for shares was paid before the acquisition by INL. I tried various permutations of his name as an email but they all bounced back undelivered.

OK. Managed to get a reply from the company secretary through investor relations. Points out that the acquisition is proposed and is subject to all sorts of conditions, basically repeating the announcement:-

The proposed acquisition is subject to legal and financial due diligence, agreement of a formal sale agreement, the obtaining of any required shareholder and regulatory approvals, restoration to trading on AIM of Inland Homes' existing shares and the admission to trading of the new ordinary shares to be issued for the proposed acquisition.

Goes on to say the question will doubtlessly be raised as part of the financial due diligence and will require a satisfactory response (in the view of the non-conflicted Inland directors) for the transaction to complete. Other than that it is commercially confidential.

Basically I don't know, but if I did I wouldn't tell you, however the independent directors will certainly want to know for it to complete. Bit weird...
Posted at 27/7/2023 08:55 by stemis
If anybody has the email address of the INL company secretary they could always ask if the £4m outstanding in NorthCountry Homes for subscription for shares was paid before the acquisition by INL. I tried various permutations of his name as an email but they all bounced back undelivered.
Posted at 30/6/2023 14:38 by cerrito
Went through today 's results from INLZ in which I have a modest holding to see if I should buy more and read the following on the increased debt position of INL
Quote
This led to a reduction of net debt from GBP152.3m as at 30 September 2019 to GBP86.8m as at 30 September 2022. The Inland Group's net debt was GBP103.4m as at 31 March 2023
Unquote
Posted at 01/7/2022 16:28 by cravencottage
For those that are interested...

Inland serves up mixed bag

First half pre-tax loss of £8.2mn due to losses on housebuilding and partnership homes construction activities
Analysts maintain full-year pre-tax profit and earnings per share estimates of £14.4mn and 5.1p, reflecting profits from land sales and asset management activities
Net debt reduced from £118mn to £96mn in six-month period
Inland Homes (INL:39p), a south-east England-focused housebuilder and brownfield land developer, has reported a first half loss of £8.2mn on revenue of £80mn, but the board is maintaining full-year profit expectations that point to annual pre-tax profit rising from £13.3mn to £14.4mn.

The first half result was dragged down by £10.9mn of combined pre-tax losses on housebuilding and partnership housing construction activities. A strategic shift to build houses rather than apartments meant that housebuilding revenue dipped from £39mn to £21.9mn on 20 per cent fewer unit sales, leading to a £3.5mn divisional pre-tax loss. A gross profit margin of 6.4 per cent is poor for the sector, a figure north of 20 per cent is the norm.

Partnership homes performed even worse, delivering a pre-tax loss of £7.4mn on revenue of £33.5mn after accounting for an additional £4mn of costs to complete one contract and £1.5mn of credit losses. Post period end, one sub-contractor went into administration, but Inland has a parent company guarantee which it expects to be fulfilled, so no financial provision has been made in the accounts.

The directors have put in place cost control processes to improve returns in both divisions, but Inland is up against market cost inflation pressures and supply chain headwinds. Indeed, the directors expect pricing pressures to impact partnership contract margins through the second half of this year and into 2023.

Fortunately, the group’s land division (pre-tax profit of £3.6mn on revenue of £16.4mn in the first half), and asset management business (£1.8mn of pre-tax profit on revenue of £7.8mn) continue to perform well. Inland’s 9,161-plot land bank is in the South and South East of England, regions in the new homes market that remain strong and are seeing elevated interest from buyers. Proceeds from land sales helped drive down net debt by almost a fifth to £96mn in first half, and the directors are expecting a further £15-20mn reduction in the second half to 30 September 2022.

Inland’s asset management business is also contributing to the debt reduction, generating £10mn of cash in the first half. The unit is managing five projects encompassing 2,600 new homes that are funded by external investors, earning management fees as milestones are met. Over the next 24-36 months, house broker Panmure Gordon expects Inland to receive £39mn of management fees, of which £7-8mn should be collected by the year-end.

Reducing gearing levels is key. Current net borrowings of £96mn equate to 40 per cent of Inland’s EPRA net tangible assets (NTA) of £236mn (103.6p a share), or 55 per cent of IFRS NTA of £174.6mn (76.4p). The realisation of substantial gains on the company’s land bank as it passes through the planning process, and an attractive share price discount to net asset value (NAV), were key bull points when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares Portfolio. The price subsequently hit a high of 94p in January 2020, in line with the target range (95p to 100p) I outlined (‘Options for bumper profits’, 24 September 2020).

However, Inland’s operational performance has been far from plain sailing since the Covid-19 stock market crash, hence the failure of the share price to recover. Furthermore, the risk now is that the large housebuilding players temper their land buying activity if the UK economic outlook worsens. Not that it is an issue right now, but it would remove a prop from Inland’s profits and debt reduction programme if they do so. A return to profit in Inland’s partnership homes and housebuilding operations may take time, too, another headwind preventing a narrowing of the large share price discount to NAV.

So, having last rated the shares a hold, at 42p (‘A trio of value plays’, 7 April 2022), I am calling time on the holding. Sell.

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