Chair and two other board members step down after 鈥榬elated party issues鈥�
Inland Homes is set to reappoint founder Stephen Wicks to its board after the firm this morning said its chair and two other directors had resigned.
The troubled South-east housebuilder announced in a market update this morning that chair Simon Bennett and board members Carol Duncomb and Brian Johnson, formerly the boss of housing association Metropolitan, have all resigned.
The update said the trio stood down after the rest of the board was not informed of issues which may be treated as 鈥榬elated party transactions鈥� under stock exchange rules. Under disclosure rules, firms must issue notification without delay of certain transactions with 鈥榬elated parties鈥�. It said it will make a further announcement in due course.
Inland said founder Stephen Wicks, who himself on the announcement of a major profit warning, is to be drafted back in to the firm as the resignations would leave it with less than the minimum number of directors under its own articles.
The existing chair Simon Bennett will technically remain on the board for a maximum of two weeks to allow the firm to draft in an extra board member.
If the appointment takes longer than two weeks, the board would be classed as only having a single director in breach of its own rules, leading to a suspension of the company鈥檚 shares. However Inland said it 鈥渃onsiders this to be an unlikely scenario鈥�.
Inland said: 鈥淭he 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.鈥�
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The move is the latest chapter in a torrid period for the 拢182m-turnover regeneration specialist. Last September it warned that it would make a loss of However in January it revealed this figure had .
Wicks announced his retirement last September but his replacement, former Galliard boss Don O鈥橲ullivan quit in January
The firm, which yesterday delayed publication of its annual results, .
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