Redrow PLC Issue of B Shares and Share Consolidation (3428V)

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RNS Number : 3428V

Redrow PLC

08 April 2019

8 April 2019

Redrow plc ("Redrow")

Return of Cash: Issue of B Shares, Share Consolidation and Total Voting Rights

Further to the publication on 7 March 2019 of the explanatory circular regarding the B Share Scheme and the Share Consolidation (the "Circular"), and the passing of all the required resolutions at Redrow's General Meeting on 27 March 2019, Redrow announces that the allotment and issue of 369,799,941 B Shares relating to the B Share Scheme (there being 369,799,941 Existing Ordinary Shares in issue at the Record Time) will occur today.

No application has been, or will be, made to the FCA or to the LSE, respectively, for any of the B Shares to be admitted to the Official List or to trading on the LSE's main market for listed securities, nor will the B Shares be listed or admitted to trading on any other recognised investment exchange.

No share certificates will be issued in respect of the B Shares and no CREST accounts will be credited with B Shares.

As set out in the Circular, it is expected that Barclays Bank PLC (or a subsidiary thereof) ("Barclays") (acting as principal, and not as agent, nominee or trustee for Redrow) will make an offer to purchase all of the B Shares for an amount of 30 pence per B Share (free of all expenses and commissions) tomorrow, 9 April 2019. Each of the Directors and the Company Secretary of Redrow are irrevocably authorised (on behalf of holders of the B Shares) to accept the B Share Purchase Offer and no holders of B Shares are separately able to accept or reject the B Share Purchase Offer. It is expected that a further announcement will be made tomorrow regarding the B Share Purchase Offer.

Share Consolidation

With effect from 8.00 a.m. today, 8 April 2019, the New Ordinary Shares will be admitted to the premium listing segment of the Official List of the FCA and to trading on the main market of the LSE. Share certificates in respect of Existing Ordinary Shares will cease to be valid. It is expected that by 16 April 2019, the Company will despatch share certificates in respect of New Ordinary Shares to those Shareholders who held their Existing Ordinary Shares in certificated form. Until such time Shareholders should retain any share certificate(s) they currently hold in respect of Existing Ordinary Shares for record purposes only. No share certificates will be issued in respect of the B Shares.

Shareholders who held their Existing Ordinary Shares in CREST will have the New Ordinary Shares to which they are entitled automatically credited to their CREST accounts at approximately 8.00 a.m. today (or as soon as possible thereafter).

Total Voting Rights

Following the completion of the Share Consolidation at 8:00 a.m. today and in accordance with the FCA's Disclosure Guidance and Transparency Rule 5.6.1R, Redrow hereby notifies the market that as of 8 April 2019, Redrow's issued share capital consists of 352,190,420 New Ordinary Shares with voting rights and 369,799,941 B Shares with no voting rights (except at a shareholder general meeting of Redrow on a resolution to consider a winding-up of Redrow (excluding any intra-group reorganisation on a solvent basis)).

There are no New Ordinary Shares held in Treasury.

The above figure (352,190,420) may be used by Shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, Redrow under the FCA's Disclosure Guidance and Transparency Rules.

Important Notices

Capitalised terms used in this announcement which are not otherwise defined in this announcement have the same meaning as in the Circular, which is available at http://www.morningstar.co.uk/uk/NSM and on the Redrow's website at www.redrowplc.co.uk. All references to time in this announcement are to London time.

The release, publication or distribution of this announcement into jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any such restrictions.

Barclays, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, is acting exclusively for Redrow and for no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Redrow for providing the protections afforded to its clients or for providing advice in relation to the matters referred to in this announcement. Neither Barclays, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Barclays in connection with this announcement, any statement contained herein or otherwise.

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. This announcement does not constitute an invitation to participate in the B Share Scheme in or from any jurisdiction in or from which, or to or from whom, it is unlawful to make such offer under applicable securities laws or otherwise or where such offer would require a prospectus to be published. Neither this announcement, nor any other document issued in connection with the proposed return of cash to Shareholders, may be issued or distributed to any person except under circumstances which do not constitute an offer to the public under applicable securities laws.

LEI Number:

2138008WJZBBA7EYEL28

Announcement Classification:

2.5: Total number of voting rights and capital

3.1: Additional regulated information required to be disclosed under the laws of a Member State

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April 08, 2019 02:45 ET (06:45 GMT)