For Immediate Release 7 January 2009 IN HOUSE GROUP PLC ("In House" or the "Company") ISSUE OF SHARES The Company announces that, today, it has issued 142,857,143 ordinary shares of
0.001p at a price of 0.0035p to UEB Consulting Limited on drawdown and
conversion of £5,000 of the loan facility announced on 27 October 2008. The
price is based on a formula provided for in the convertible loan agreements and
the money drawn down is being used for general working capital purposes.
Application has been made for the 142,857,143 new ordinary shares, which will
rank pari passu with the existing ordinary shares, to be admitted to trading on
AIM and trading is expected to commence on 14 January 2009. As a result the
Company's enlarged issued share capital will be 3,003,181,209 ordinary shares.
NOTES TO EDITORS In House Group plc operates its business in three main areas: Portfolios - which are ideally acquired on a self financing basis in that
funding has been arranged to cover the full cost of each acquisition with
anticipated rental income covering a substantial part of the interest costs of
the prospective debt financing for each Portfolio. The group's expertise is in
turning around distressed property and obtaining secure tenancies to elevate
property values and income streams. In some cases, the Company is able to agree
five year letting contracts with government appointed agencies, thus providing
security of income. As Portfolios are only being acquired where rents largely
cover ongoing costs (including interest), this enables the properties to be
held until the target price for each of the properties in the Portfolios is
obtained.
Property Broking - The Group has over £450 million of property for sale on the
Property Broking pages of its website. Instructions are either taken directly
from vendors, for which the Company receives between 0.25% and 2% commission on
completion of a sale, or through joint agency agreements with a number of other
agents where commission is split when a sale is agreed. The Group aims to have
a comprehensive and diverse investment property brokerage covering both
residential and commercial sales stock. Where portfolios are acquired by the
Group they will be immediately placed for sale through the Property Broking arm
on a break-up basis in order to generate income and cash flow for the Group.
Property Lettings Management - The group continues to manage properties for a
number of landlords and is actively looking for new instructions from property
owners and landlords. The Company is also looking to increase properties under
management with referrals from professional connections (for which a fee will
be paid) and from the acquisition of other lettings businesses. In House group
canvasses debt agencies for repossessed properties and is offering a turn key
service to these companies to let and manage properties whilst disposal is
sought. It is also intended that the lettings management arm of the Group will
take over the lettings management of the Portfolios. Whilst portfolios are
prepared for sale on a break-up basis, it aims is to retain the management of
these properties in the interim period.
Contact: Marcus Cassidy, In House Group Plc on 0845 061 9999 mcassidy@ihgroup.co.uk Roland Cornish, Beaumont Cornish Limited, 0207 628 3396 Sergio Pani, Ulysses Communications & Promotions on 0845 345 2705 sergio@ulyssesmarketing.com END
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