Inland Homes shares tumble as chairman walks

1st Mar 2023 09:46

(Sharecast News) - Housebuilder and brownfield developer Inland Homes revealed on Wednesday that chairman Simon Bennett had resigned from his role.

Inland Homes stated Bennett, along with non-executive directors Carol Duncumb and Brian Johnson, will stand down from their respective roles with immediate effect.

However, the AIM-listed group noted that while Bennett has resigned as chairman, in order for it to meet the minimum number of directors prescribed under its articles, he agreed to remain in place as a non-executive director for a maximum period of two weeks whilst it formalises an additional appointment.

If the appointment takes longer than two weeks to conclude, Inland Homes' board will be constituted by a single director, below the minimum prescribed under its articles, and could lead to a suspension of the company's shares.

"The company considers this to be an unlikely scenario," said Inland Homes. "The board is pleased to confirm its intention to re-appoint one of the original founders and former CEO, Stephen Wicks to the board as soon as possible following due diligence checks, as to which a further announcement will be made in due course. Further appointments will be made to the board in due course."

As of 0945 GMT, Inland Homes shares had sunk 20.79% to 8.0p.

Reporting by Iain Gilbert at Sharecast.com