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News » UK » Pay-out for Morgan in Redrow share sale » published 12 Sep 2017

Pay-out for Morgan in Redrow share sale

House-building tycoon Steve Morgan has cashed £153m out of Redrow in a share placing.

Steve Morgan Above: Steve Morgan

Steve Morgan announced last week that he was taking a back seat in the business, moving to non-executive chairman.

He has now reduced his shareholding in the business from around 40% to 33%, remaining the largest shareholder.

Two of his vehicles, Bridgemere Securities Limited and the Steve Morgan Foundation, have sold 25.9 million ordinary Redrow shares at a price of 590 pence per share. This represents 7.0% of Redrow's issued share capital.

Bridgemere Securities now owns 25.5% of Redrow and the Steve Morgan Foundation holds 7.0%.

The share placing was conducted through an accelerated bookbuild by Barclays Bank.

 

MPU

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This article was published on 12 Sep 2017 (last updated on 12 Sep 2017).

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