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Thu May 30 2024

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Morgan's Redrow stake passes 40%

15 May 12 Redrow founder and chairman Steve Morgan has raised his stake in the business to just over 40% after a share issue.

Only 26.3% of the £80m shares on offer were signed up for by yesterday’s deadline, leaving Morgan, whose Bridgemere Securities vehicle had underwritten the issue, having to pick up the rest. This has left him with 40.4% of the company.

Shares were offered at 130p – an 11% premium on the 117p at which they were trading when the offer was announced last month.

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