The property ranks of AIM swelled again today after the brownfield site investor, announced its admission to the junior stock market.
Inland, which specialises in enhancing the value of sites by obtaining planning permission, has raised £50m of equity from institutions via a placing of 100,000,000 ordinary shares at a price of 50p. Dawnay Day Corporate Finance is acting as nominated adviser and KBC Peel Hunt Ltd are acting as broker and underwriters to Inland in relation to the proposed placing and admission to AIM. Dealings are expected to commence on 3 April 2007 under the ticker symbol INL.
To date, Inland Homes, the group’s principal operating subsidiary, has acquired, obtained planning permission and sold 25 building plots on two sites, producing an average annual return on its equity investment of 122% and an average annual return on capital employed of 96%.
Stephen Wicks, chief executive of Inland, said: ‘The listing will not only raise our profile within the marketplace but will also provide the company with access to substantial resources which will enable the Group to grow the pipeline of brown field opportunities.’