AIM-listed housebuilder’s shares will be suspended until its annual audited accounts are published
The shares of troubled AIM-listed housebuilder and land promoter Inland Homes were suspended today from 7.30am, a trading update confirmed.
The move is a result of the firm being unable to publish its annual audited accounts before 31 March while it investigates “related party issues”.
The board, led by new chair Matthew Robinson, has been commissioning a report to investigate the issues and other relevant matters. Until this is done and the annual accounts are published, shares will be suspended under AIM listing rules.
This was the second time the housebuilder has delayed its annual accounts, agreeing with auditors PricewaterhouseCoopers LLP that “they both require additional time to finalise and complete the accounts and related audit procedures”.
Inland Homes also announced last month it was considering fundraising up to £5m, which would be implemented at 10p per share - the nominal value of its shares. But at the end of last month it said its fundraising bid had secured only half the hoped for amount, with the firm’s co-founder Stephen Wicks the only subscriber.
The firm had raised the possibility of Wicks making a return to Inland Homes, but a spokesperson for the firm told Housing Today Wicks would “not be joining the board but will be continuing in his position as consultant for the business”.
He was the sole supporter of the company’s fundraising efforts.
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