Redrow PLC Result of General Meeting (2014U)

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RNS Number : 2014U

Redrow PLC

27 March 2019

27 March 2019

Redrow plc ("Redrow")

Return of Cash: Results of General Meeting, Share Consolidation, amendment to Official List, Additional Listing

Further to the circular posted to Shareholders on 7 March 2019 (the "Circular"), Redrow announces that at the General Meeting held today to approve the B Share Scheme, the Share Consolidation and certain associated resolutions regarding the share capital of Redrow, all resolutions proposed to Shareholders set out in the Notice of General Meeting dated 7 March 2019 were passed by the requisite majority on a poll.

Accordingly, Redrow announces that the B Shares will be issued and the Share Consolidation will become effective on Monday 8 April 2019. The record time for entitlement to the B Shares and the Share Consolidation will be 6.00 p.m. on Friday 5 April 2019. A further announcement will be made on Monday 8 April 2019 regarding the issue of the B Shares.

General Meeting poll results

A poll was conducted on each resolution proposed at the General Meeting. Resolutions 1, 5 and 6 (special resolutions) and Resolutions 2, 3 and 4 (ordinary resolutions) were all passed by the required majority. The numbers of votes cast for and against each of the Resolutions, and the number of votes withheld, were as follows:

 
                                    Votes For           Votes Against      Votes Total (exc. 
                               (inc. discretionary)                          Votes Withheld) 
      Resolution                 No. of         %       No. of      %       No. of        %        Votes 
                                 shares                  shares              shares               Withheld 
                                                                                                    (1) 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
      Amendment 
       of Articles 
 1.    of Association         309,410,993     99.98     60,757     0.02   309,471,750   83.69%    11,217 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
      Issue of 
       B Shares 
       and related 
 2.    Share Consolidation    309,397,614     99.98     67,088     0.02   309,464,702   83.68%    18,265 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
      Approval 
       of the terms 
       of the Option 
 3.    Agreement              309,084,377     99.94     188,647    0.06   309,273,024   83.63%    17,029 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
      Authority 
       to allot 
 4.    securities             306,346,455     99.05    2,937,698   0.95   309,284,153   83.64%     5,900 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
      General authority 
       to disapply 
       pre-emption 
 5.    rights                 309,120,671     99.95     160,908    0.05   309,281,579   83.63%     8,474 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
      Authority 
       to disapply 
       pre-emption 
       rights for 
       the purposes 
       of acquisitions 
       or capital 
 6.    investments            305,088,711     98.64    4,194,804   1.36   309,283,515   83.64%     6,538 
     ---------------------  ---------------  -------  ----------  -----  ------------  -------  ---------- 
 

(1) A 'vote withheld' is not a vote in law and is not counted in the proportion of votes 'for' or 'against' a resolution. All percentages are calculated to two decimal places

(2) In compliance with Listing Rule 9.6.2R, copies of all Resolutions have been forwarded to the UK Listing Authority for publication through the National Storage Mechanism. Results of the poll can also be viewed on Redrow's website at www.redrowplc.co.uk.

Share Consolidation

The Share Consolidation will replace every 21 Existing Ordinary Shares with 20 New Ordinary Shares. Applications have been made to the FCA to amend the Official List and to the LSE for an amendment to trading to reflect the Share Consolidation. It is expected that the New Ordinary Shares will commence trading on the LSE at 8.00 a.m. on Monday 8 April 2019. The New Ordinary Shares will have an ISIN of GB00BG11K365 and a SEDOL of BG11K36.

Additional Listing

Redrow hereby notifies the market that an application has been made to the FCA and the LSE for three Existing Ordinary Shares of 10 pence each (the "Shares") to be admitted to the Official List.

The Shares are being issued to The Redrow Employee Share Trust to ensure that a whole number of New Ordinary Shares are created following the implementation of the Share Consolidation. When issued, the Shares will be fully paid and rank pari passu with Redrow's Existing Ordinary Shares.

It is expected that the issue of the Shares will take place at or shortly before 8.00 a.m. on Friday 29 March 2019 and that admission will occur and trading will commence at 8.00 a.m. on the same day.

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.

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:

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

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March 27, 2019 08:46 ET (12:46 GMT)