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Thu November 21 2019

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Pay-out for Morgan in Redrow share sale

12 Sep 17 House-building tycoon Steve Morgan has cashed £153m out of Redrow in a share placing.

Steve Morgan
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.

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