Inland ZDP PLC
ZDP Share Accrued Value and Asset Cover and financing arrangements.
8 May 2018
As at 31 March 2018, each ZDP Share had an accrued Capital Entitlement of 145.02 pence.
The Cover Ratio and Gearing Ratio as at 31 March 2018 have been calculated as follows:
Cover Ratio (Assets / Financial Indebtedness) 10.3 times
Gearing Ratio 9.1 per cent.
Capital Entitlement, Assets, Financial Indebtedness, Cover Ratio and Gearing Ratio have been determined as set out in the Prospectus published by Inland ZDP PLC on 14 December 2012, which is available at: http://www.inlandhomes.co.uk/inland-zdp-plc/.
The figures used to calculate Financial Indebtedness exclude debt which falls due for repayment after 10 October 2019 (being six months after the redemption date for the ZDP Shares). The inclusion of all the relevant tangible assets in the Assets, but the exclusion of most of the Inland Group's borrowings from the Financial Indebtedness is the reason for the high level of the Cover Ratio and the low level of the Gearing Ratio.
As at 31 March 2018, Inland Homes plc had complied with all its covenants under the Loan Note, Contribution Agreement and related security documentation, save that a charge over a pledged asset was released on 28 March 2018 (due to a transaction relating to the relevant property asset), creating a temporary shortfall as the replacement security, which had been approved by the board, had not been formally registered as at 31 March 2018. The replacement security has subsequently been registered within the time limits set out in the Loan Note. The Board of Inland ZDP PLC is pleased to confirm that Inland Homes plc is currently compliant with all its covenants under the Loan Note, Contribution Agreement and related security documentation.
As the redemption date of the ZDP shares on 10 April 2019 is now within a year, Inland Homes plc intends to consult major ZDP Shareholders in relation to refinancing options, which include the possibility of a rollover into new ZDP Shares or the deferral of the redemption date of the existing ZDP Shares (with an appropriate increase in the Final Capital Entitlement), certain possible changes to the terms of the Loan Note, Contribution Agreement and related security documentation and an opportunity for those ZDP Shareholders who wish to realise their investment in ZDP Shares to do so.
Inland ZDP PLC
Nishith Malde FCA Tel: 01494 762450