Business
Court Sanction of Scheme of Arrangement
Court Sanction of Scheme of Arrangement.
About this update from Barratt Redrow Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nFOR IMMEDIATE RELEASE\n20 August 2024\nRECOMMENDED ALL-SHARE OFFER FOR THE COMBINATION\nof\nBARRATT DEVELOPMENTS PLC (\"Barratt\")\nand\nREDROW PLC (\"Redrow\")\nto be effected by means of a scheme of arrangement under\nPart 26 of the Companies Act 2006\nCOURT SANCTION OF SCHEME OF ARRANGEMENT\nOn 7 February 2024, the boards of Barratt and Redrow announced that they had reached agreement on the terms of a recommended all-share offer for the combination of Barratt and Redrow, pursuant to which Barratt will acquire the entire issued and to be issued ordinary share capital of Redrow (the \"Combination\") to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the \"Scheme\"). The circular in relation to the Scheme (the \"Scheme Document\") was published on 19 April 2024.\nFurther to the announcement made on 15 May 2024 in relation to the results of the Court Meeting and General Meeting and the announcement made on 19 August 2024 in relation to the waiver of the Regulatory Condition, Redrow is pleased to announce that the Court has today issued the Court Order sanctioning the Scheme.\nThe Scheme remains conditional on delivery of the Court Order to the Registrar of Companies, which is expected to occur after the Scheme Record Time, being 6:00 p.m. on 21 August 2024. It is anticipated that the Effective Date will be 21 August 2024. There has been no material change to the expected timetable of principal events for the Combination set out in the announcement made by Barratt and Redrow on 19 August 2024.\nThe last day of dealings in, and for the registration and transfer of, Redrow Shares, will be 21 August 2024. No transfers of Redrow Shares will be registered after 6:00 p.m. on 21 August 2024.\nApplications have been made for the suspension of: (i) trading in Redrow Shares on the London Stock Exchange's main market for listed securities (the \"Main Market\"); and (ii) the listing of Redrow Shares on the Official List of the Financial Conduct Authority (the \"Official List\"), and such suspensions are expected to take effect from 7:30 a.m. on 22 August 2024....