Inland ZDP PLC ZDP Share Accrued Value, Asset Cover and return (9946Y)

TIDMINLZ

RNS Number : 9946Y

Inland ZDP PLC

09 September 2022

Inland ZDP PLC

ZDP Share Accrued Value, Asset Cover and return

9 September 2022

As at 30 June 2022, each ZDP Share had an accrued Capital Entitlement of 180.4 pence. The redemption value per ZDP Share is 201.4p on 10 April 2024.

The annual rate of return on the mid market price on 9 September 2022 of 173.5 pence is 9.87%.

The Cover Ratio as at 30 June 2022 has been calculated as follows:

   Cover Ratio (Assets / Financial Indebtedness)                             2.53 times

Capital Entitlement, Assets, Financial Indebtedness and Cover Ratio have been determined as set out in the Circular to ZDP Shareholders published by Inland ZDP PLC on 19 July 2018, which is available at: http://www.inlandhomesplc.com/investors/inland-zdp/zdp-documents-and-accounts/ .

As at 30 June 2022, Inland Homes plc, which has guaranteed the amounts due to ZDP Shareholders, had complied with all its covenants under the Loan Note, Contribution Agreement and related security documentation. ZDPCo has the benefit of first legal charges granted by members of the Inland Homes Group over specific pledged assets and pledged cash. There are no prior charges to any other Inland Group creditors in relation to the pledged assets or pledged cash.

The book value of the pledged assets is required to be more than 120% of the aggregate accrued amount due to ZDP Shareholders net of any pledged cash.

The book values used for the cover ratio and security covenant are based on historical cost less any impairment provisions. In practice, as work through the planning process progresses, the open market value of the sites increases above the book value. The uplift is measured on an EPRA basis in the annual and half year accounts, but has not been calculated as at 30 June 2022.

ZDP Share statistics

   ZDP Share price as at 9 September 2022:          173.5p 
   Annual rate or return to maturity:                             9.9% 
   Hurdle rate to recover ZDP Share price               -44.8% per annum 
   Hurdle rate to Final Capital Entitlement              -40.6% per annum

These hurdle rates are based on the unaudited book values in the Inland Homes PLC unaudited management accounts as at 30 June 2022.

On 6 September 2022 Inland Homes PLC announced provisions relating to the poor performance of the construction division (GBP15.4m for the second half of the financial year). The Cover Ratio is based on the book value of Assets and Financial Indebtedness and reflects any write down of asset values; however it is not impacted by provisions for future trading losses or value enhancements arising from planning consents being obtained. The book value of certain receivables was written down by GBP4.7 million after 30 June 2022. If this provision had been made before 30 June, the Cover Ratio would have been 2.49 times.

Enquiries:

Inland ZDP PLC

   Nishith Malde FCA                                                                 Tel: 01494 762450

David Floyd Tel: 01722 781142

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU) No.596/2014 as retained in UK law (MAR). Upon the publication of this announcement, this information is considered to be in the public domain.

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END

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September 09, 2022 11:34 ET (15:34 GMT)

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