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Redrow PLC - COVID-19 Update

RNS Number : 1103K
Redrow PLC
20 April 2020
 

 

FOR IMMEDIATE RELEASE

 

 

Monday 20 April 2020

 

 

REDROW plc

 

COVID-19 Update

 

Redrow plc is providing a further update to that issued on 9 April 2020, on actions being taken to mitigate the impact of the Covid-19 pandemic on the business.

 

 

Banking

Further to the statement on 9 April that Redrow has been confirmed as an eligible issuer for the Covid Corporate Financing Facility with an issuer limit of £300m, we are pleased to announce Redrow has also now successfully concluded negotiations with its six relationship banks regarding the request for £100m additional funding under its existing Revolving Credit Facility (RCF). The company now has £350m of committed facilities under the RCF which matures at the end of December 2022.

 

 

Board Update

As a consequence of the unprecedented impact of COVID-19 on the business and the housebuilding industry, John Tutte has agreed to delay the step back to non-executive Chairman from 30th June until the company's AGM in November 2020. John will support the senior management team to ensure an orderly return to operations when the business is satisfied it is safe to do so. It remains John's intention to retire from the Board ahead of the AGM in 2021. As previously announced, Matthew Pratt will take up the position of Group Chief Executive with effect from 1st July 2020.

 

 

Enquiries:

 

Redrow plc

John Tutte, Executive Chairman                           

01244 527411

Barbara Richmond, Group Finance Director     

01244 527411



Instinctif Partners

0207 457 2020

Mark Garraway

07771 860938

James Gray

07814 379412

 

 

LEI Number:

2138008WJZBBA7EYEL28

 

Announcement Classification:

3.1: Additional regulated information required to be disclosed under the laws of a Member State


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Quick facts: Redrow PLC

Price: 464.4

Market: LSE
Market Cap: £1.64 billion
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