Land Update & Details of NED Directorships

RNS Number : 4809H

Inland PLC

31 May 2011

 



For immediate release	31 May 2011

Inland plc

('Inland' or the 'Company')

Land Update &

Notification of Change in Details of NED Directorships

Land Update

Inland, which specialises in buying brown field sites and enhances their value by obtaining planning permission before selling consented land onto developers, advises that negotiations with a house builder regarding the sale of an area at Drayton Garden Village with consent for 88 apartments, which was referred to in its most recent interim results announcement, have been ended at Inland's instigation.  The Company is confident that it will secure a purchaser for this land and confirms that it is already in discussions with a number of interested parties.

The Company remains pleased with the progress to date on this site in respect of realisations made to date and value added by installing the infrastructure.  Drayton Garden Village is consented for a total of 773 plots of which 148 have been sold generating gross land receipts of GBP14.6m so far on this project. 

The Company is pleased to confirm that it has exchanged contracts conditional on detailed planning consent being obtained for an 80 bed nursing home at Drayton Garden Village for £1.8m.  The relevant area already has outline planning consent for this use.

Notification of Change in Details of NED Directorships

The Company has also been notified by Terry Roydon, Non-Executive Chairman of Inland, of the following change in the details of his other directorships:  

Shareholders of McCann Homes Holdings Ltd. ("McCann Homes"), of which Mr Roydon was a non-executive director, resolved to put McCann Homes into Creditors Voluntary Liquidation on 17 May 2011.  Mr Roydon resigned as director of McCann Homes Holdings Limited on 17 May 2011.

Inland plc(tel: [phone])

Stephen Wicks, Chief Executive

NishithMalde, Finance Director

finnCap Nominated Adviser & Broker (tel: [phone])

Matthew Robinson / Charlotte Stranner (Corporate Finance)

Simon Starr (Corporate Broking)

Buchanan Communications(tel: [phone])

Jeremy Garcia / Christian Goodbody

About Inland:

Inland identifies brownfield land in the South East of England with excellent potential for residential and mixed use development including commercial space. Inland then enhances the land value by applying its expertise to obtain planning permission and subsequently sells the consented land onto house builders. Inland's current portfolio consists of 8 sites with a total of 1,600 residential plots of which 1,165 are consented and 296,000 sq. ft of commercial space of which 156,000 sq. ft. is consented. Inland's strategy is to secure larger sites alongside joint venture partners. Land disposals are core to fund operations and realise the value of existing sites. The Company also develops a small part of large sites and constructs the infrastructure so as to provide serviced sites to house builders and create an attractive environment.

 

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