1 March 2023
Inland Homes plc (the "Company")
Inland Homes announces that Simon Bennett, Chairman and the Group's other non-executive directors Carol Duncumb and Brian Johnson have resigned from their respective roles at the Company with immediate effect. The Board would like to place on record their thanks to Simon, Carol and Brian for their contributions to the Group and to wish them well in the future.
The Company has become aware of certain related party issues (which may or may not fall to be treated as related party transactions under the AIM Rules) of which the Board was not informed at the relevant times. The Company is collating relevant details, following which a further announcement will be made.
Whilst Simon Bennett has resigned as Chairman, in order that the Company can meet the minimum number of directors prescribed under the Company's Articles (which is two), he has agreed to remain in place as a non-executive director for a maximum period of two weeks whilst the Company formalises an additional appointment or appointments to the Board and for due diligence checks to be completed. As a consequence, Simon Bennett's resignation from the Board will become effective on the appointment of another Director to the Inland Homes board or at the close of business on 14 March 2023 whichever is the earlier.
If such additional appointment takes more than two weeks to conclude, the Board would be constituted by a single director, which would be below the minimum prescribed under the Company's Articles and would, in such circumstances, lead to a suspension of the Company's shares. The Company considers this to be an unlikely scenario. The Board is pleased to confirm its intention to re-appoint one of the original founders and former CEO, Stephen Wicks to the Board as soon as possible following due diligence checks, as to which a further announcement will be made in due course. Further appointments will be made to the Board in due course.
For further information, please contact:
Inland Homes plc Tel: 44 (0)1494 762450
Nishith Malde, Chief Financial Officer
Panmure Gordon (UK) Limited (NOMAD and broker to the Group) Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").