Breach of loan covenant

Inland Homes PLC

11 September 2023

 

Inland Homes plc

('Inland Homes' or the 'Group')

Breach of loan covenant

Inland Homes plc (AIM: INL), the housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, announces that it has advised HSBC that  it considers that its subsidiary Inland Homes Developments Ltd is in breach of certain historic and forward looking covenants in relation to a debt facility of £13.6m provided to that company.  The facility is guaranteed by Inland Homes plc. 

The total amount drawn under this facility from HSBC to date is approximately £11m. Inland Homes plc is in active discussions with HSBC regarding waivers for the breaches and a further announcement will be made in due course.

Enquiries

Inland Homes plc:                                                                                Tel: [phone]

Jolyon Harrison, Chief Executive Officer

Panmure Gordon (UK) Limited                                                             Tel: [phone]

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 Jolyon Harrison, Chief Executive Officer.

 

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