Inland Homes (LON:INL) – Strategic Review could see it up For Sale
Well, is that it?
Yesterday morning it was announced that Stephen Wicks, the co-founder and massive shareholder in this ‘brownfield’ property investor and development group, is stepping down as CEO.
His co-founding colleague and long-term co-investor Nish Malde stands in as interim CEO as well as holding down his important CFO post.
Long been a fan
I have been a very long-time follower and fan of the duo as they built up their previous property group before they sold it off, and then started Inland.
Disagreed with ‘buybacks’
I did not agree with their share buy-back programme, which helped to drive down the share price from below 50p to just 20p this morning.
This morning’s announcement sees the suspension of the second such programme.
Lazards called in
It also declared that the group has asked Lazards to prepare a ‘Strategic Review’ into the company.
How do I read that?
That now could be a very good time to buy some more shares in the group, which is actually valued at closer to 100p a share.
After the housebuilding sector has been impacted by Vistry’s £1.25bn cash bid for Countryside, I believe that Inland Homes has now put itself up for sale.