Inland ZDP PLC ZDP Share accrued value and asset cover (9273Q)
March 03 2021 - 01:30AM
UK Regulatory
TIDMINLZ TIDMINL
RNS Number : 9273Q
Inland ZDP PLC
03 March 2021
Inland ZDP PLC
ZDP Share Accrued Value and Asset Cover
3 March 2021
As at 31 December 2020, each ZDP Share had an accrued Capital
Entitlement of 169.1 pence. The redemption value per ZDP Share is
201.4p on 10 April 2024. The annual rate of return on the mid
market closing price on 2 March 2021 of 161 pence is 7.36%.
The Cover Ratio as at 31 December 2020 has been calculated as
follows:
Cover Ratio (Assets / Financial Indebtedness) 2.1 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 31 December 2020, 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 (typically properties and interests in property
joint ventures) 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.
Enquiries:
Inland ZDP PLC
Nishith Malde FCA Tel: 01494 762450
Egremont Capital Ltd
David Floyd Tel: 01722 781142
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