Inland ZDP PLC
ZDP Share Accrued Value and Asset Cover
27 August 2021
As at 30 June 2021, each ZDP Share had an accrued Capital Entitlement of 173.6 pence. The redemption value per ZDP Share is 201.4p on 10 April 2024. The annual rate of return on the mid market closing price on 27 August 2021 of 168 pence is 7.17%.
The Cover Ratio as at 30 June 2021 has been calculated as follows:
Cover Ratio (Assets / Financial Indebtedness) 2.2 times
Capital Entitlement, Assets, Financial Indebtedness and Cover Ratio have been determined as set out in the Circular to ZDP Shareholders published by Inland ZDP PLC on 19 July 2018, which is available at: http://www.inlandhomesplc.com/investors/inland-zdp/zdp-documents-and-accounts/.
As at 30 June 2021, Inland Homes plc, which has guaranteed the amounts due to ZDP Shareholders, had complied with all its covenants under the Loan Note, Contribution Agreement and related security documentation. ZDPCo has the benefit of first legal charges granted by members of the Inland Homes Group over specific pledged assets (typically properties and interests in property joint ventures) and pledged cash. There are no prior charges to any other Inland Group creditors in relation to the pledged assets or pledged cash.
The book value of the pledged assets is required to be more than 120% of the aggregate accrued amount due to ZDP Shareholders net of any pledged cash.
The book values used for the cover ratio and security covenant are based on historical cost less any impairment provisions. In practice, as work through the planning process progresses, the open market value of the sites increases above the book value. The uplift is measured on an EPRA basis in the annual and half year accounts, but has not been calculated as at 30 June.
ZDP Share statistics
ZDP Share price as at 27 August 2021: 168p
Annual rate or return to maturity: 7.17%
Hurdle rate to recover ZDP Share price -26.6% per annum
Hurdle rate to Final Capital Entitlement -24.1% per annum
These hurdle rates are based on the book values in the Inland Homes PLC unaudited management accounts as at 30 June 2021:
Inland ZDP PLC
Nishith Malde FCA Tel: 01494 762450
Egremont Capital Ltd
David Floyd Tel: 01722 781142
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU) No.596/2014 as retained in UK law (MAR). Upon the publication of this announcement, this information is considered to be in the public domain.