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LONDON (Alliance News) - Inland ZDP PLC Thursday said its loan to parent company, Inland Homes at the end of June stood at GBP9.8 million, as it net assets stood at GBP50,000.
Earlier this week Inland ZDP, which was established solely for the purpose of issuing and redeeming ZDP shares, said the residential development company had complied with all covenants under its loan-note contribution agreement. These related to asset cover and gearing.
Inland ZDP said 8.5 million and 849,900 of its shares were issued on December 14 2012 at 100 pence per share and January 23 2013 at 103 pence per share, respectively.
They will redeem on April 10 2019 at a price of 155.9 pence per ZDP share giving a redemption yield of 7.3% per annum on the first placing and 6.9% per annum on the second, it said.
The proceeds of the ZDP share issues were lent to Inland for use in future investment opportunities.
For the period to June 30, Inland ZDP said it had interest income of GBP346,000.
The stock was trading at 116.30 pence Thursday morning, up 1.30 pence or 1.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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