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("Inland" or the "Company")
Inland plc (AIM:INL), which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to announce that, in response to institutional demand, it has placed 8,184,405 new ordinary shares at a price of 18.5 pence per share, to raise gross proceeds of approximately £1,514,000.
It is expected that the placing proceeds will be applied to accelerate the ongoing demolition and remediation process at Drayton Garden Village in West Drayton. Early completion of this work will enable land sales to be brought forward once planning consent is in place. Planning application on West Drayton has been submitted for 775 homes and 55,000 sq ft of employment and community uses. Negotiations are proceeding well and a planning decision is anticipated shortly.
The new ordinary shares being placed represent approximately 5% of the current issued share capital. The placing is conditional on admission of the new ordinary shares to trading on AIM ("Admission") which is expected to take place on 27 May 2010. The placing has been conducted using authorities approved at Inland's last AGM held on 26 November 2009.
The new ordinary shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 10 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared or paid thereon following Admission. Following Admission, the Company will have 182,999,484 ordinary shares of 10 pence each in issue.
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Nominated Adviser & Broker
Matthew Robinson (Corporate Finance)
Tom Jenkins (Corporate Broking)
020 7600 1658
020 7466 5000