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RDW Redrow Plc

665.50
-3.00 (-0.45%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Redrow Plc LSE:RDW London Ordinary Share GB00BG11K365 ORD 10.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.00 -0.45% 665.50 668.00 671.00 674.00 665.00 665.00 6,452,416 16:35:14
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gen Contractor-oth Residentl 2.13B 298M 0.9009 7.42 2.21B

Redrow PLC Resolutions to Purchase Own Shares & Rule 9 Waiver (6788R)

25/09/2017 8:19am

UK Regulatory


Redrow (LSE:RDW)
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TIDMRDW

RNS Number : 6788R

Redrow PLC

25 September 2017

25 September 2017

Redrow plc

Proposed Resolution to Purchase Own Shares and Rule 9 Waiver

In accordance with Listing Rule 12.4.4, Redrow plc (the "Company") announces that the Board has decided to propose a resolution seeking general authorisation to make market purchases of up to 36,979,993 ordinary shares of the Company (representing 10 per cent. of the Company's issued share capital) subject to the requirements of the Listing Rules of the UK Listing Authority (the "Buy Back Resolution") at the Company's forthcoming annual general meeting (the "2017 AGM").

The Board considers that it is appropriate for the Company to be in a position to buy back shares in the coming year if it would be in the best economic interests of the Company to do so. Accordingly, the Directors intend to propose the Buy Back Resolution at the 2017 AGM. It is the Directors' current intention to request authorisation annually going forward.

Since the Concert Party (as defined in the Company's Notice of the 2017 AGM, published today) has an interest in approximately 32.70 per cent. of the Company's issued share capital, any purchase of ordinary shares of the Company pursuant to the authority granted by the Buy Back Resolution would result in an obligation for the Concert Party to make a general offer in accordance with Rule 9 of the City Code on Takeovers and Mergers (the "Code"). Therefore, the Board has also decided to ask independent shareholders to approve at the 2017 AGM a waiver by the Panel on Takeovers and Mergers (the "Waiver") of any such obligation following any increase in the shareholding of the Concert Party up to a maximum of approximately 36.34 per cent. of the Company's share capital as a result of any exercise of the authority granted under the Buy Back Resolution (the "Waiver Resolution").

Passing the Waiver Resolution will give the Company the flexibility to buy back its shares without triggering an obligation for the Concert Party to make a mandatory offer for the Company. Although the Board has no current intention to repurchase shares, it believes that giving the Company authority to do so is in the best interests of the Company and its shareholders as a whole and the independent Directors (being the Directors other than Steve Morgan) consider that the Waiver is a prudent measure to facilitate this.

The Directors would exercise the authority granted under the Buy Back Resolution only if they felt it would be in the best economic interests of the Company to do so. Other investment opportunities, appropriate gearing levels and the overall financial position of the Company will be taken into account before deciding upon the course of action. The Company's current intention is to cancel any repurchased shares but retains the flexibility to hold any repurchased shares as treasury shares if it considers this to be in the best interests of the Company.

Full details of the Buy Back Resolution and the Waiver Resolution will be set out in the Company's Notice of the 2017 AGM, which will be sent to shareholders and made available on the Company's website (www.redrowplc.co.uk) today.

Graham Cope

Company Secretary

01244 520044

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLAMRTMBBTMPR

(END) Dow Jones Newswires

September 25, 2017 03:19 ET (07:19 GMT)

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