Placement of Rights Issue rum

RNS Number : 9222B

Redrow PLC

04 November 2009

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR SWITZERLAND

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The availability of the Rights Issue to persons not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Such persons should inform themselves about and observe any applicable requirements.

4 November 2009

REDROW PLC - SALE OF RIGHTS ISSUE RUMP 

The Board of Redrow announced previously that, as at 11:00 a.m. London time on 03 November 2009, being the latest date for receipt of valid acceptances, it had received valid acceptances in respect of 144,380,477 New Shares, representing approximately 97.2 per cent. of the total number of New Shares offered to Qualifying Shareholders pursuant to the thirteen for fourteen rights issue announced by Redrow on 23 September 2009 (the "Rights Issue").

The Board of Redrow announces that, in accordance with the arrangements set out in Part III of the Prospectus, the Joint Bookrunners have procured subscribers for the remaining 4,206,018 New Shares for which valid acceptances were not received at a price of 143 pence per New Share.

The net proceeds from such subscription after deduction of the Issue Price of 105 pence per New Share and the expenses of procuring such subscribers (including any applicable brokerage and commissions and amounts in respect of value added tax) will be paid (without interest):

where the Nil Paid Rights were, at the time they lapsed, represented by a Provisional Allotment Letter, to the person whose name and address appeared on the Provisional Allotment Letter;

where the Nil Paid Rights were, at the time they lapsed, in uncertificated form, to the person registered as the holder of those Nil Paid Rights at the time of their disablement in CREST; and

where an entitlement to New Shares was not taken up by an Overseas Shareholder, to that Overseas Shareholder,

pro rata to their lapsed provisional allotments, save that amounts of less than £5.00 per holding will not be so paid but will be aggregated and retained by Computershare Investor Services Plc on behalf of Merrill Lynch International who are acting as principal on receipt of such monies. 

Enquiries:

Redrow plc

Steve Morgan, Chairman                 01244 520044

David Arnold, Group Finance Director

BofA Merrill Lynch (Joint Sponsor and Joint Bookrunner)

Rupert Hume-Kendall                        020 7628 1000

Andrew Tusa

J.P. Morgan Cazenove (Joint Sponsor and Joint Bookrunner)

Laurence Hollingworth                        020 7588 2828

Patrick Magee

HSBC (Financial Adviser to Redrow and Co-Lead Manager)

Charles Packshaw                              020 7991 8888

Simon Cloke

Tulchan Communications

Susanna Voyle                                     020 7353 4200

Lucy Legh

This announcement is not a Prospectus. A Prospectus relating to the Rights Issue was published by the Company on 23 September 2009. Investors should only rely on the information contained in the Prospectus and any documents incorporated therein by reference. 

This announcement shall not constitute an offer to buy, sell, issue, subscribe for or otherwise acquire, or the solicitation of an offer to buy, sell or issue, subscribe for or otherwise acquire any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  

This announcement has been issued by and is the sole responsibility of Redrow. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by J.P. Morgan Cazenove, Merrill Lynch International, HSBC, Lloyds TSB Corporate Markets or RBS Hoare Govett or by any of their respective affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any responsibility or liability therefor whether arising in tort, contract or otherwise is expressly disclaimed.  

Distribution of this announcement and/or the Provisional Allotment Letters and/or the transfer of Nil Paid Rights, Fully Paid Rights and/or New Shares into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves of and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. 

This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any state of the United States and the District of Columbia), Australia, Canada, Japan, South Africa or Switzerland or any jurisdiction into which the same would be unlawful. This announcement does not constitute or form a part of any offer or solicitation to purchase, subscribe for or otherwise acquire securities in the United States, Australia, Canada, Japan, South Africa or Switzerland or any jurisdiction in which such an offer or solicitation is unlawful. The Provisional Allotment Letters, the Nil Paid Rights, the Fully Paid Rights and the New Shares have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or under any securities laws of any state or other jurisdiction of the United States and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. Subject to certain exceptions, the Provisional Allotment Letters, the Nil Paid Rights, the Fully Paid Rights, and the New Shares are being offered and sold only outside the United States in accordance with Regulation S under the Securities Act. There will be no public offer of these securities in the United States. 

The Provisional Allotment Letters, the Nil Paid Rights, the Fully Paid Rights and the New Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state's securities commission in the United States or any US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the Provisional Allotment Letters, the Nil Paid Rights, the Fully Paid Rights, the New Shares or the accuracy or adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States. 

The Provisional Allotment Letters, the Nil Paid Rights, the Fully Paid Rights and the New Shares will also not be registered under the securities laws of Australia, Canada, Japan, South Africa and Switzerland and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such jurisdictions except pursuant to an applicable exemption from and in compliance with any applicable securities laws. There will be no public offer in any of Australia, Canada, Japan, South Africa or Switzerland.

Neither the content of Redrow's website nor any website accessible by hyperlinks on Redrow's website is incorporated in, or forms part of, this announcement. 

J.P. Morgan Cazenove, Merrill Lynch International, HSBC, Lloyds TSB Corporate Markets and RBS Hoare Govett are acting for Redrow and no one else in connection with the Rights Issue and will not regard any other person as a client in relation to the Rights Issue and will not be responsible to anyone other than Redrow for providing the protections afforded to their respective clients or for providing advice in relation to the Rights Issue or any matters referred to in this announcement.

Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Prospectus published by the Company on 23 September 2009. 

 

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