Extension of deadline under Rule 2.6(c)

RNS Number : 9836N

Redrow PLC

04 October 2012

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

4 October 2012

Extension of deadline under Rule 2.6(c) of the Takeover Code

The Independent Directors of Redrow Plc ("Redrow" or the "Company") announced on 31 August 2012, that they had received a preliminary expression of interest from Bridgemere Securities Limited ("Bridgemere"), Toscafund Asset Management LLP ("Tosca") and Penta Capital LLP ("Penta", and together with Bridgemere and Tosca, the "Consortium") in relation to a possible offer for the Company.

In accordance with Rule 2.6(a) of the Takeover Code, the Consortium is required, by not later than 5.00 p.m. on 4 October 2012, to either announce a firm intention to make an offer for Redrow in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer.

At the request of the Company, the Panel has consented to an extension of this deadline until 5.00 p.m. on 18 October 2012.  There is no certainty that, at the end of this period, an offer for Redrow will be made, nor as to the terms of any such offer (if made). This extended deadline may be extended further with the consent of the Panel, at Redrow's request, in accordance with Rule 2.6(c) of the Takeover Code.

The Independent Directors will make any further announcement in due course.

A copy of this announcement will be available at http://investors.redrowplc.co.uk/

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Redrow plc                                                                                            [phone]

Alan Jackson

Non-Executive Deputy Chairman and Senior Independent Director

Graham Cope

Company Secretary

BofA Merrill Lynch (financial adviser and corporate broker)             [phone]

Andrew Tusa

Ken McLaren

Geoff Iles

Merrill Lynch International ("BofA Merrill Lynch"), a subsidiary of Bank of America Corporation, is acting exclusively for Redrow in connection with the offer and for no one else 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 offer.

 Disclosure requirements of the Takeover Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies inrespect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on [phone] if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

 

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