Redrow PLC Result of AGM (7811O)

TIDMRDW

RNS Number : 7811O

Redrow PLC

09 November 2016

9 November 2016

Redrow plc

Result of AGM

Redrow plc (the "Company") is pleased to announce that at its annual general meeting ("AGM") held earlier today all resolutions put to the meeting were passed by way of a poll and the results of the poll are set out below.

 
 RESOLUTION      VOTES        %        VOTES        %        VOTES       % of      VOTES 
                  FOR                  AGAINST               TOTAL        ISC     WITHHELD 
                                                                         VOTED 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     1        322,981,686   100.00        4,740    0.00   322,986,426   87.34%       26,083 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     2        323,036,399   100.00          612    0.00   323,037,011   87.35%          498 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     3        319,095,143    99.11    2,851,981    0.89   321,947,124   87.06%    1,090,384 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     4        322,535,943    99.85      494,888    0.15   323,030,831   87.35%        6,678 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     5        322,243,639    99.76      787,363    0.24   323,031,002   87.35%        5,907 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     6        316,371,037    97.94    6,661,957    2.06   323,032,994   87.35%        4,515 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     6*       166,984,992    96.16    6,661,957    3.84   173,646,949   78.78%        4,515 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     7        322,852,457    99.94      179,662    0.06   323,032,119   87.35%        5,390 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     7*       173,466,412    99.90      179,662    0.10   173,646,074   78.78%        5,390 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     8        322,737,025    99.96      122,470    0.04   322,859,495   87.31%        8,919 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     8*       173,350,980    99.93      122,470    0.07   173,473,450   78.70%        8,919 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     9        322,887,028    99.96      128,081    0.04   323,015,109   87.35%       21,436 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     9*       173,500,983    99.93      128,081    0.07   173,629,064   78.77%       21,436 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     10       320,332,646    99.17    2,693,549    0.83   323,026,195   87.35%       10,739 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     11       322,995,896    99.99       27,209    0.01   323,023,105   87.35%       13,970 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     12       319,777,364    99.78      704,392    0.22   320,481,756   86.66%    2,555,752 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     13       322,148,972    99.73      866,139    0.27   323,015,111   87.35%       22,398 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
    14**       91,680,018    61.69   56,932,011   38.31   148,612,029   40.19%   25,038,860 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     15       319,951,192    99.05    3,063,926    0.95   323,015,118   87.35%       22,391 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     16       317,374,718    98.25    5,641,735    1.75   323,016,453   87.35%       21,055 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     17       321,308,147    99.47    1,717,973    0.53   323,026,120   87.35%       11,388 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
     18       314,865,962    97.48    8,146,706    2.52   323,012,668   87.35%       24,840 
-----------  ------------  -------  -----------  ------  ------------  -------  ----------- 
 

N.B Percentage of Votes cast excludes Withheld Votes and percentages are calculated to two decimal places

* Following changes to the Listing Rules which took effect in May 2014, Resolutions 6, 7, 8 and 9 must be approved by a simple majority of all shareholders and by a simple majority of the independent shareholders, 6*, 7*, 8* and 9* above sets out the results of the independent shareholder vote.

** Resolution 14 was put to the AGM as a resolution of the independent shareholders of the Company. As a result, 220,413,893 of the ordinary shares in issue were eligible to vote on this Resolution, these shares not being held by Steve Morgan or persons with whom Mr Morgan is acting in concert (as defined in the City Code on Takeovers and Mergers) (the "Significant Shareholders").

*** ISC = Issued Share Capital

The payment date of the dividend approved by Resolution 2 will be 11 November 2016.

The Board notes that Resolution 14 relating to the approval of the terms of the Waiver (as defined in the Notice of AGM), received a vote of 61.69% in favour. The Board values and respects the views of shareholders. The Board has already consulted with a number of shareholders and proxy advisor bodies prior to the AGM to discuss their concerns relating to the Waiver. The Board continues to take its responsibility to engage with shareholders seriously and will assess the feedback it has received to inform future consultations.

Assuming: (i) full use by the Company of the authority to buy back ordinary shares granted under Resolution 17; (ii) no participation or other sales of interests in ordinary shares by any Significant Shareholder in connection with any share repurchases or otherwise; and (iii) no other person exercising any options or any other rights to subscribe for ordinary shares, the Significant Shareholders' maximum potential interest in the ordinary shares would be as set out in the following table:

 
 Significant Shareholders'   Number of ordinary    Significant Shareholders' 
   interests in ordinary       shares in issue         maximum potential 
    shares on 9 November      on 9 November 2016     interests in ordinary 
            2016                                             shares 
--------------------------  --------------------  -------------------------- 
        149,386,045              369,799,938              149,386,045 
          (40.40%)                                          (44.88%) 
--------------------------  --------------------  -------------------------- 
 

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November 09, 2016 09:59 ET (14:59 GMT)