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| 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 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.50 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Top Posts |
|---|
Posted at 28/7/2023 13:03 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 13:55 by stemis I'll try investor relations |
Posted at 01/3/2023 12:52 by volsung What if they bought some homes in between the coast and inland?Then they could get people who like the inland and the coast Then they could get loads of money and pay a nice dividend to investors Otherwise what about selling all the houses and starting a wrestling franchise? |
Posted at 01/3/2023 12:22 by cayenne45 Whatever one thinks of the US, if this type of thing went on there, some Federal body would be making these wise guy's life a living hellI feel for honest passive investors who actually rely on media/magazines and who haven't the time to dig down or haven't experienced the bottom feeders who inhabit the lower ranks of the AIM. |
Posted at 01/3/2023 08:37 by robertspc1 I was an investor here a few years ago. Pretty clear that the CEO and CFO ran it like a private company and they had big stakes so investors obviously thought they were aligned etc But the non execs were pretty weak and there were lots of opaque deal structures etc. The move away from land trading to house building was a total disaster and brought more complexity and debt. Not sure how it will all end but a lesson learned. |
Posted at 15/9/2022 09:16 by davebowler Master Investor -After the announcement of the shock retirement of Stephen Wicks at the end of this month, the ghastly Trading Update and the news that the Inland Homes (LON:INL) ‘brownfields&# |
Posted at 06/9/2022 09:35 by farnesbarnes As sad a story as this is, it is also totally avoidable from an investor perspective. I was lambasted for suggesting this was a sinking ship over 12 months ago: high site staff turnover is a huge red flag signifying lack of morale, lack of leadership. The investment case was even less rosy.But this is also indicative of the construction industry. An era of cheap money is coming to an end. The indebted will go to the wall. Fitter and leaner will merge. |
Posted at 14/7/2022 11:28 by oi_oi_savaloy Just showing that there are other opinions out there (and more important - aren't my opinion - there are others, in the industry whom have given theirs).If we're talking about Barratt then I'd suggest you look at Persimmon or bellway (I think they've performed better than Barratt, less debt too). I worked for Barratt from 2000 to 2009. Not that that makes me an expert on them or anything of course. Look at the INL Z shares David - perhaps that's where the true return is. Perhaps the dilution (agree with you on the 50p - I remember when they hit 75p and I thought, don't sell, they're going north of £1.....little did I know that that was pretty much the high-water mark). I bought energiser directly off the knowledge that Wicks and Nish were investors in that company too. Now Drumz of course and going in a different direction. I'm watching KCR too because of the Dominic White link between INL-Energiser/Drumz- I think what everyone misunderstands is that planning delays cost far more than just not crystallising the increased value that that planning permission represents. The holding costs can be extremely detrimental to IRR/ROCE and thus the profit of the entire scheme. Bearing in mind a big planning permission will cost £350,000 - with initial solicitors fees, architects fees, planning fees, political consultants fees, topographical, traffic, bat and newt surveys, highways, landscaping, intrusive surveys and the ridiculous amounts that planning boroughs want just to submit, nevermind all the pre-application costs, public consultation costs - if needed. They all have to be paid for upfront and more importantly out of equity - you can't usually borrow against the site as the deal structure that's usually agreed, gives you a right over the land, without actually owning it. You can't load the asset (be it a site, an offices or industrial estate) with debt because you don't own it and I think I'm right in saying it doesn't qualify for inclusion in an RCF either, if your company runs a RCF. Planning is a nightmare. And when a site is called in by the secretary of state (their Hillingdon site) - that's the worst case scenario. Massive delays. They were only acting as development manager on that of course (and planning manager) but nevertheless....you' I've got a day off today so I can post when I wish (just before someone chirps up 'when are you working oi_oi'). I have to say - just because I'm giving an alternate viewpoint to some on here - I don't think I deserve the vindictiveness. I might be totally wrong on inl, and they are going to fly. But having been in this share, and now out, as I've said, but having quite a close relationship with the various companies swirling around either the directors or inl, I feel I have as valid an opinion as anyone's on here. 30p could be the right price, or it might not be. Time will tell. Another land sale will do the trick imo. |
Posted at 27/4/2022 08:42 by davebowler Capital Access broker note;More Than a Housebuilder Inland Homes is, at its core, a specialist in gaining planning permission and developing large, brownfield sites in the South-East of England. This focus on a specific geography and class of land has resulted in a deep skillset and strong contact base, ensuring access to a good supply of new sites and the means to capitalise on them. It buys brownfield sites without planning and controls strategic greenfield land via discount to market value options, and works to gain planning consent. It has a wide variety of means by which to maximise value once planning has been achieved, including sale of consented land, building houses to sell to investors or private individuals, building modular temporary accommodation to rent for the short term to boost returns while the remainder of the site build out occurs, and building houses to add to its long term strategic rental portfolio. The management team is strongly focused on eking every bit of value from a site, regardless of market conditions. As such it can change the proportion of plots processed under each strategy according to where the best returns are available at the time. Inland additionally offers land management services for third parties – from sourcing land, then obtaining planning and advising/executing on any subsequent disposal. This business is potentially high growth, capital light (Inland invests a small portion alongside the third party) with high margins. Management fees are earned on when Inland achieves certain agreed milestones and cash is received by Inland once proceeds of sale have been received and after the investors have received their share. As this segment grows, we would expect both margins and earnings quality (visibility and stability) to increase – at present income is lumpy due to the timing of value uplift following planning consent on large sites. Inland Homes is underpinned by a strong land bank, strong relationships and bidding capability, a perfect planning record on brownfield sites (it’s never failed to secure planning consent), falling net debt, growing EPRA NTV, and a flexible, highly skilled and experienced management team. Furthermore, it has no direct cladding exposure, and the structural shortage of houses in England is focused on the south east of the country. There are risks on the demand side with rising rates and cost of living squeezes, but wages are growing and the sector is under-building the estimated steady-state demand of 300,000 new properties per annum by over 100,000 units – and has done so for at least the last 10 years. SWOT Table Strengths Weaknesses • Prime land bank in South of England • Exceptional vendor relationships, including with MoD • Deep understanding and experience of UK brownfield planning process • Flexible business model with agile management team • Has had issues with managing specification changes, infrastructure contracts. Review is under way though • Limited geographic diversity increases reliance on “the London effect” on its surrounding areas • Story can seem complex relative to typical housebuilders Opportunities Threats • MoD sees land sales as one of its key priorities • Build-to-rent market is likely to provide significant growth, including increasing institutional interest • There remains a large residential housing supply shortfall • Increasingly difficult planning environment – expertise is a moat • Wage & material cost inflation • End of HTB • Rising interest rate environment • Cost of living situation in the UK • Increasingly difficult planning environment – increases costs Inland’s multi-faceted business model and flexibility gives rise to complexity, which we believe is causing the market to discount Inland Homes against its simpler peers, and against its own EPRA NTV of £1.08/share. However, as the third-party land management business grows from its current 6 projects, we can envisage the fog clearing and the discount narrowing. |
Posted at 01/10/2021 07:33 by skinny Land and build sale to leading housing association.Inland Homes, the brownfield developer and housebuilder focused on building residentially led developments for direct sale or on behalf of partner organisations, today announces the sale, on behalf of the project investors, of 228 plots at the former Homebase site in Walthamstow to the leading housing association Newlon Build Ltd. The sale is for a total consideration of GBP22.5m and generates fees of GBP1.2m for Inland Homes. The Group has separately secured a build contract for Inland Partnerships to construct the 228 homes, adding GBP42.4m to the Group's forward order book for partnership housing and bringing the total number of homes under construction on behalf of third parties to 1,358. The Group acted on behalf of external investors in the land sale. As one of the Group's asset management projects, the project has been funded externally, with the investors benefitting from Inland Homes' expertise and experience in identifying and securing attractive, viable sites and achieving planning consent on these. The capital light nature of this funding model, together with the management fees earned at various milestones of the project, enable the Group to generate attractive and significant returns. Contracts have been exchanged and completed for 72 of the 228 residential plots. Contracts for the remaining 156 plots have been exchanged and will complete in early 2022. The Group is also pleased to announce that contracts have been completed by the project investors for the sale of 173 plots within the same development to London BTR Investment Holdings. This follows the exchange of contracts with the Build to Rent operator for 355 homes in June 2021, for a total consideration of GBP27.5m. Completion of the sale of the remaining 182 plots is expected by September 2022. As previously announced, Inland Partnerships is constructing these 355 private homes in what is its largest partnership housing contract secured to-date at GBP88.9m. Planning consent was achieved for the 583 homes at Walthamstow in April 2021. Following site demolition and preparation works, construction began in September 2021 and build completion is scheduled for 2025. The project is one of six currently within the Group's asset management division which together have the potential for more than 3,275 new homes. Chief Executive Stephen Wicks commented: "The sale of 228 plots at Walthamstow to a leading housing association, together with the build contract for Inland Partnerships to deliver these homes, further endorses the Inland Homes business model. Inland is once again demonstrating its ability to add value at all stages of a project: from identifying the right site and obtaining planning permission on behalf of investors to having the expertise needed to deliver homes on behalf of one of the country's leading housing associations. Transactions like these are helping Inland to deliver against its key strategic priorities: reducing our net debt, maximising the value of our land bank, growing the capital light asset management business and delivering homes which meet the market's needs in the most cost-effective way. We look forward to working with both Newlon and London BTR Investment Holdings to deliver this exciting inner-city regeneration project." |
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