Inland Homes Share Discussion Threads

[ravin146] 20/10/2015 05:52

Igbert, you may be correct there. The reason for the off balance sheet placement is likely to do with partners not wanting it shown on overal income for inland and for tax savings, or we would be in this standoff position if if was not that important. Inland have had plenty if time to spot this, so obviously they thought they'd get away with it but the auditors spotted it.

[dt1010] 19/10/2015 19:40

bought more today, a thank you v much :)

[igbertsponk] 19/10/2015 12:32

Problem for INL is that the DGV and Wilton Park agreements will have been drawn up specifically to keep lots of things off balance sheet and somewhat secret. Their partners will not be happy that everything will now be exposed in the INL accounts - no doubt agreeing disclosures with them is part of the reason for the delay.
There could be a knock on in the form of an increased tax charge too - if the JVs etc were set up to avoid tax and now the accounts show more of a true view then it will be hard to argue for differing tax treatment.
I doubt that Candy will want too much disclosure going forward either!

Its a shame really, as they should be trumpeting excellent results, and updating us on Wilton Park and the brilliant looking 3.55 acres of FLAT land in High Wycombe (not a lot of flat land there!). High Wycombe has a chronic housing shortage (the Council is letting people build on the few remaining green bits left!) so whatever INL stick up will go like hotcakes, or perhaps hot curries as its High Wycombe.

[shanklin] 19/10/2015 12:15

davidosh

That's interesting. I guess we may well end up with improved visibility of what has happened historically and is currently going on at INL.

Presumably nothing adverse is likely or the NOMADs would not have allowed that positive sentence to be included in today's RNS.

Thank you, Martin

[davidosh] 19/10/2015 11:51

A few comments...

I do not think that this consolidation issue is something new. It was discussed at the Agm two years ago and has been on the cards with the auditors pressing last year so I am surprised it has not been prepared for and agreed in readiness for the results....there has not been a change in auditor to my knowledge.

I do wonder whether it has wider implications for the future valuation and accounting for the Wilton Park site as I think this has been funded in a similar way ?

It is likely that results will still be imminent within the next day or two as they clearly left it until the last minute this morning to try to get the results out in accordance with the last RNS.

My results lunch presentation for next Monday has not been postponed as yet and these events will certainly make the meeting even more important and the questions are likely to focus on accounts rather that sites and potential developments which is a shame in some ways !

[manrobert] 19/10/2015 11:02

yeah and I got a stack of gold bars under the bed.lol.

[dt1010] 19/10/2015 10:47

My children's Isas are stacked with these. Say no more.

[winsome147] 19/10/2015 10:16

DT010, just because I'm more risk averse than you doesn't mean I don't know what I'm talking about. I've done pretty well last few years on discounts to NAV, Quintain being one of them. What I don't like is uncertainty. When the uncertainty is cleared up then I'll buy back in if the price is right? I bet you wouldn't advise your granny/kids to put their money on this until the issue is cleared up. I genuinely hope my instincts were wrong but that I can also buy back in at the right price when they make their mind up as to just when they'll show us their results.

[salchow] 19/10/2015 10:00

Could be that on Friday they hoped to have the results on Monday. Accountants do work over the weekends on urgent matters you know. Overnight even! However, it may have been realised that questions needed to be asked of other parties on, for example, valuations - it is not just this years figures that will be affected but the previous year for the comparatives.

I would say that perhaps they should have decided the consolidation needed to be done months ago so that everything was ready on time.

[retsius] 19/10/2015 09:49

Having read the initial comments this morning,I am annoyed their PR dept did not issue a statement last week.
That would seem to have been a normal thing to do rather than to issue a statement when we were all waiting for results. However we are not privy to all the facts and for that we have to trust the Board here.
However if the Drayton Sale is to be included,then the resulting profit will be much larger than anticipated. This would have to be commented on by an accountant who is following the blog,as I may be missing something.
A lot of sells must be from slight confusion this morning,but we have been reassured the results will be good.
Remember there is a huge no. of trades on T10 or T20 deadlines and we don't know the exact date of release.
R.

[pinkcopernicus] 19/10/2015 09:31

All those trades at 71.7 and 71.75 are buys, not sells as shown. People taking advantage of the situation?

[manrobert] 19/10/2015 09:16

winsome.you did very well.i tried but H>L>wouldn't give me a quote so still holding,

[manrobert] 19/10/2015 09:06

yes?240000sold

[dt1010] 19/10/2015 09:01

Like I said, nice buying Oppo this morning

[joe say] 19/10/2015 08:48

Personally not too perturbed by this albeit this perhaps should have gone out Friday (morning not the graveyard shift)

[salchow] 19/10/2015 08:46

Do you really think they would reiterate at this late stage that "the group’s profit before tax for the year ended 30 June 2015 will be significantly ahead of the then consensus forecast in the market of £12.7m" if that were not the case?

Most investors here will be showing large profits and a drop of 5p or so is a total irrelevance and what you can expect at any time for no particular reason. Some of you traders may be surprised to hear that persons I know who have accumulated the largest profits over the years have done so despite only looking at their share prices once a week if that!

[dt1010] 19/10/2015 08:45

Winsome...with respect dude you don't know what on earth you're talking about.
Net asset value/ break up value here exceeds 100p.
You buy the share on down days like today. its hilarious how doubts creep in if this loses 2p...it's still 70p+....it was 50p for most of last year. People have no patience these days, that's why most private investors lose money.

[ravin146] 19/10/2015 08:42

Not surprised, I did say a RNS day was buy the rumour sell the fact day, regardless of what the RNS stated. wimsome fair play to you.

Underlying has not changed, it's a shame they did not mention another date when the account are expected to be released, and why they did not just mention this piece of news on Friday. The PR seems amateurish to me, but on wards and upwards, hope it hold 75p level.

gla

[manrobert] 19/10/2015 08:40

spot- you make a good point.a rival may well think a good time to pounce with a lot of disgruntled shareholders,

[winsome147] 19/10/2015 08:34

Don't speak too soon. It may be that those who ignored the warning signs are the amateurs. The good news was mostly priced in at around 77p, which was my 2 month target price. If things turn out ok with the auditors in the end I'll consider buying back in, if only because we are approaching the New Year period when housebuilder sp's usually do well.

[dt1010] 19/10/2015 08:27

Crashing? Ha keep selling lol I will gladly sweep some more up as the amateurs panic

[bluerunner] 19/10/2015 08:26

Winsome - no offence but if you were so 'on the game' (a word you've used a couple of times today) how come you were in so late? P.s any more tired and obvious cliches are a bit much for a Monday but thanks anyway.It's an administrative matter. A poor one but simply paperwork if we are to be believed.Doesn't affect what will be excellent results apparently.

[spot1034] 19/10/2015 08:24

On the other hand, perhaps this has been flagged up by someone going through the accounts on behalf of a potential bidder - we all know that the sale of the company is the ultimate goal here, and that time might not be too far away. Results are often published at the same time as a bid is unveiled.

At the very least, this will be a talking point at rival firms this morning - might just prompt them to take a closer look?

[pastybap] 19/10/2015 08:23

Winsome, as an accountant myself I can tell you that treatment and consolidation within this industry is not as simple as you see to think. I am content that they reiterated results will be significicantly ahead of forecast, but disappointed by the poor communication and lack of a new target date.

[winsome147] 19/10/2015 08:18

There are no cut and dried correct decisions in this game. You learn to go with gut instinct. Sometimes you are right, sometimes wrong. Just follow golden rule of Don't lose money foremost. I don't see how the company can let a simple accounting issue take so long to be resolved. I can only suspect some other accounting regularity that they are arguing with the auditors about.