(Alliance News) - Inland Homes PLC on Wednesday said its chair and two non-executive directors also have resigned with immediate effect, leaving the company with just a single director.

The Buckinghamshire, England-based brownfield site developer, housebuilder and regeneration specialist also said it plans to re-appoint one of its founders and former chief executive officers to the board.

Shares in Inland Homes plunged 19% to 8.15 pence each in London on Wednesday morning.

Chair Simon Bennett will remain in post as a non-executive director for a maximum period of two weeks, while the company formalises appointments to the board and completes due diligence checks.

Inland Homes said it plans to reappoint one of its original founders and former CEO, Stephen Wicks, to the board "as soon as possible", pending due diligence checks.

Bennett's departure would leave Chief Financial Officer Nishith Malde as the sole director of the company, and a minimum of two are required.

This is because non-executive directors Carol Duncumb and Brian Johnson also resigned, effective immediately, on Tuesday, reducing the number of board directors from four to one.

This could lead to a suspension of trading in its shares, Inland Homes warned, though it said it does not consider this a likely scenario.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.