Redrow Share Discussion Threads

[what is a login ?] 16/10/2009 10:07

I phoned the number and received a prompt friendly reply before being put through to the legal department and then back to reception. No information on RI. They did offer to call me back. I forgot to ask about the balloon. I suppose Selftrade will send an e-mail in a few days time.

[what is a login ?] 16/10/2009 09:46

I was looking for information on the RI on the company website:

"Find out when Redrow's hot air balloon is at an event near you"

The houses they have built look homely and comfortable but I'm not very interested in the big red Redrow montgolfier. LOL

The number for enquiries (about the RI and also, I suppose, about the ballon) is Steve Morgan 01244 530044.

[what is a login ?] 16/10/2009 09:37

From the announcement of the RI:

"The Rights Issue will be made on the basis of:

13 New Shares at 105 pence per New Share for every 14 Existing Shares

held by Qualifying Shareholders on the Record Date (being the close of business on 15 October 2009).

I suppose nothing seems to have happened because there still has to be a vote on the RI at the General Meeting on 19th October.

[mryesyes] 15/10/2009 19:38

lots of private individuals on here talking about shorting, inevitably spread betters
when do the allotment letters arrive?

[hamsterape] 06/10/2009 02:10

You end up short the rights as well.

Imagine the position before and after the ex-date if you
were long and simply reverse it.

[rkjones] 01/10/2009 15:03

Not surprised. Shares are overpriced given the discount offered on rights. Company is giving away half the company for £150m. Given that company is valued at £300m plus on current market value, it has someway to fall before offering fair value. Existing holders are in a difficult position. OK if you bought in sub 150p but recent buyers are facing a difficult decision.

If share price drops to 180p, I will buy but at present level its a shorters paradise.

[dataline] 01/10/2009 13:20

Short seller funds attacking Redrow and Barratt.
See RNS

[hamsterape] 25/9/2009 20:50

Please get your facts right before posting on a bulletin board and
misinforming people.

The record date is the 15th so all holders before this date
are entitled. But if you sell before they go "ex-rights" you
sell them "cum-rights" so the new owner can claim those rights
off you. This is why I hate these incomplete RNS announcements
that bury the most relevant date somewhere at the bottom, if
at all. To short-term traders the actual record date is largely
irrelevant.

[rkjones] 25/9/2009 15:09

To qualify for the rights, you must be on the record as a shareholder on 15 October. If you buy after that date, you don't and the price you paid for the shares excludes the option to take up the rights. Where does 20 October come into it??

[jaws6] 25/9/2009 08:53

if its30% =220-66=154 ? more ??? or may be 174 as p gorden said.

[rkjones] 24/9/2009 10:52

The price is not ex-rights so any buyers at present qualify. In the absence of any announcement, this position is likely to continue until shareholder approval is granted - 19 October. Redrow want as many on board as possible so why close the door early.

Once shares go ex-rights you can expect a sharp fall in share price perhaps 30/40% depending on sentiment at the time.

[jaws6] 23/9/2009 18:14

That means those who buy now will not qualify for rights ?

[spob] 23/9/2009 10:03

Rights Issue


* 13 for 14 Rights Issue to raise gross proceeds of approximately GBP156 million
(approximately GBP150 million net of expenses) through the issue of 148,584,705
New Shares at a price of 105 pence each. The Issue Price represents a 55.0 per
cent. discount to the closing middle-market price of 233.5 pence per Ordinary
Share on 22 September 2009 (being the last business day prior to the date of
this announcement) and a 38.8 per cent. discount to the theoretical ex-rights
price based on this closing middle-market price.



* The Rights Issue is underwritten by a syndicate of banks led by Merrill Lynch
International and J.P. Morgan Cazenove (save in respect of the New Shares which
Bridgemere and Durcan have irrevocably undertaken to acquire under the Rights
Issue). Bridgemere and Durcan, entities ultimately controlled by Steve Morgan,
have provided irrevocable undertakings to acquire the New Shares to which they
are entitled (44.5 million New Shares, representing, in aggregate, 29.9 per
cent. of the New Shares to be issued in the Rights issue).



The Rights Issue and the Harrow Estates Transaction are subject to approval by
Shareholders at a General Meeting expected to be held on 19 October 2009.

[spob] 23/9/2009 10:02

Rights Issue


* 13 for 14 Rights Issue to raise gross proceeds of approximately GBP156 million
(approximately GBP150 million net of expenses) through the issue of 148,584,705
New Shares at a price of 105 pence each. The Issue Price represents a 55.0 per
cent. discount to the closing middle-market price of 233.5 pence per Ordinary
Share on 22 September 2009 (being the last business day prior to the date of
this announcement) and a 38.8 per cent. discount to the theoretical ex-rights
price based on this closing middle-market price.



* The Rights Issue is underwritten by a syndicate of banks led by Merrill Lynch
International and J.P. Morgan Cazenove (save in respect of the New Shares which
Bridgemere and Durcan have irrevocably undertaken to acquire under the Rights
Issue). Bridgemere and Durcan, entities ultimately controlled by Steve Morgan,
have provided irrevocable undertakings to acquire the New Shares to which they
are entitled (44.5 million New Shares, representing, in aggregate, 29.9 per
cent. of the New Shares to be issued in the Rights issue).



The Rights Issue and the Harrow Estates Transaction are subject to approval by
Shareholders at a General Meeting expected to be held on 19 October 2009.

[maverick247] 23/9/2009 09:31

if i buy shares post announcement will I qualify for the rights issue offer? Is there an ex rights qualifying date or something?

[lyntwyn] 23/9/2009 09:17

Redrow, its smaller rival, is raising £150 million in a 13 for 14 rights issue also in order to amend its debt covenants with banks. It accompanied the raising with the £15 million acquisition of a smaller, privately owned developer, Harrow Estates. Redrow's shares rose by 7.5p to 241p today.

[jaws6] 22/9/2009 18:43

what price ?

[spob] 22/9/2009 16:53

rights issue tomorrow

[dr darkstar] 10/9/2009 17:31

looks like maybe a double top?

[lyntwyn] 10/9/2009 08:02

MARKET TALK: Redrow FY Statement Disappoints - Analyst
0626 GMT [Dow Jones] Redrow (RDW.LN) releases its FY results, which are surprising and disappointing, says an analyst. Says people will be surprised by the size of the write-down - a substantial GBP96.6M. Investors will also be disappointed by the lack of a rights issue, which was expected by many. Adds "although the company can get out on its own it will take much longer without a capital injection." Shares closed at 245.9p. (ALI)


Contact us in London. [phone]
[e-mail]

(END) Dow Jones Newswires

[wrighty25] 12/8/2009 00:15

redrow are doing fine funding in place,new sites opening. worked for them for many years. also work for others ie. tw. bovis.and others, not apatch on redrow

[triples] 12/8/2009 00:08

debt probs so I hear