Inland ZDP PLC Update on Administration of Inland Homes PLC (2332O)
30 9월 2023 - 12:05AM
UK Regulatory
TIDMINLZ
RNS Number : 2332O
Inland ZDP PLC
29 September 2023
Inland ZDP PLC
Update on Administration of Inland Homes PLC
On 27 September 2023 Inland Homes PLC ("Inland") announced its
intention to appoint Administrators.
This announcement contains a summary of the background and
security arrangements applicable to Inland ZDP PLC ("ZDPCo"), the
present situation and expected next steps.
Background and security arrangements
Inland is the holding company of ZDPCo which was formed to issue
zero dividend shares ("ZDP Shares") and lend the proceeds to Inland
for use in its property development and housebuilding business. The
Articles of ZDPCo provide for it to be liquidated on 10 April 2024
and for the payment of a Final Capital Entitlement of 201.4p to the
holder of each ZDP Share (the "ZDP Shareholders") at that time.
The arrangements between Inland and ZDPCo include a Contribution
Agreement making Inland responsible for ZDPCo's costs and expenses
and for the payment of the Final Capital Entitlement, together with
Loan Notes and security documentation under which Inland is
committed to providing first charge security over "Pledged Assets"
with a book value of 120% of the accrued value of the ZDP Shares
(less any cash held in a pledged bank account). The book values
used for the security cover covenant have historically been on a
'going concern' basis. Consequently they do not reflect the value
obtainable in a forced sale which could be lower.
The directors of ZDPCo are also directors of other companies in
the Inland group. The prospective Administrator and Inland have
agreed to advance funds to cover the costs of the provision of
independent legal advice to ZDPCo and the ZDPCo directors intend to
act in accordance with that advice in fulfilling their duties to
ZDPCo and its stakeholders.
The present situation
The accrued capital entitlement due to ZDP Shareholders as at 30
September 2023 is GBP35.3m. The present Pledged Assets,
comprise:
-- a loan by Inland Limited to Cheshunt Lakeside Developments
Ltd ("CLDL"). CLDL is a joint venture company which owns a
substantial consented site. CLDL has secured borrowings which rank
in priority to the unsecured loan due to Inland Ltd and other
unsecured creditors. The loan to Inland Limited, which has been
pledged to ZDPCo, ranks ahead of the equity interests in CLDL;
-- modular housing units owned by Hugg Homes Ltd charged directly in favour of ZDPCo; and
-- a loan by Inland Limited to High Wycombe Developments Ltd, a
company owning three commercial units. This loan is unsecured but
there are no prior ranking charges over the property assets. There
are certain amounts due to unsecured creditors ranking pari passu
with the pledged loan from Inland.
Next steps
When the Administrators are appointed to Inland (and to various
of its subsidiaries), they will work with the directors and other
parties to determine the liabilities of relevant Inland companies.
Working with relevant parties, including secured lenders such as
ZDPCo, a realisation process is then expected to be conducted.
The proposed Administrators have already received expressions of
interest in various assets of the Inland group. However, until the
realisation process is underway it is not possible to predict the
extent of recoveries of amounts owed to ZDPCo or the timing
thereof.
Further information:
Neither Inland nor ZDPCo is able to respond to individual
enquiries. Further announcements will be made in due course. These
will incorporate information relevant to ZDPCo in the periodic
updates published by the Administrators.
The LEI of Inland ZDP PLC is 2138005ARQZZ34Y2TH34.
The information contained in this Announcement is deemed by the
Group to constitute inside information as stipulated under the
Market Abuse Regulations (Regulation 596/2014), as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"). Upon release, this information is considered to be in the
public domain. The person responsible for arranging for the release
of this announcement on behalf of Inland ZDP plc is Jolyon
Harrison, Director.
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END
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