7th Mar 2019 15:27
LONDON (Alliance News) - Redrow PLC on Thursday said it intends to return about GBP111 million to shareholders by a way of B share scheme.
The stock was trading 4.1% lower on Thursday at 616.50 pence a share.
The FTSE 250-listed housebuilder said it expects Barclays Bank PLC or its subsidiary to make an offer to purchase all of the B shares for 30p each, free of all expenses and commissions. Barclays is acting as principal, and not as agent, nominee or trustee for Redrow.
Redrow also said it intends to accompany B share scheme with a consolidation of its existing share capital at a ratio of 20 for 21, or such other ratio as may be proposed by the board of directors.
The B share scheme and share consolidation are both subject to the approval of Redrow's shareholders, it said.
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