Transfer of shares

RNS Number : 8804W

Redrow PLC

14 February 2017

 

14 February 2017

Redrow plc

Steve Morgan, the Chairman of Redrow, held 40.4% of the issued share capital of Redrow through Bridgemere Securities Limited, an entity controlled by the trustees of the Trinity Trust ("the Trustees"), a trust settled by Mr Morgan in 1996 for the benefit of his family.  The Trustees have today resolved to distribute 42 million shares representing 11.36% of the issued share capital of Redrow to the Morgan Foundation (the "Foundation") a charitable trust founded by Mr Morgan in 2001 (www.morganfoundation.co.uk).

In accordance with the Trustee's resolution Bridgemere Securities Limited has transferred 42 million shares representing 11.36% of the issued share capital of Redrow to the Morgan Foundation (the "Foundation").

The Trustees have decided to make the transfer in order to give a significant boost to the Foundation's ability to deliver projects across the region over the long term.  The Foundation has a six-strong Board of Trustees, including Mr Morgan, who is Chairman of the Board of Trustees.

The Foundation has historically supported charities and organisations helping children and families as well as the elderly, disabled and socially isolated across North Wales, Merseyside, West Cheshire and North Shropshire. This substantial injection of assets will enable the Foundation to significantly increase its activities over the coming years.

Enquiries:

Redrow plc

Steve Morgan, Chairman                                              01244 527411

Barbara Richmond, Group Finance Director                  01244 527411

John Tutte, Group Chief Executive                                01244 527411

Instinctif Partners                                                      0207 457 2020

Mark Garraway                                                            07771 860 938

Helen Tarbet                                                                07825 609 737

James Gray                                                                  07583 936 031

 

END

 

 

MSCGGUGGPUPMGQC