Barratt Developments PLC has announced the publication of a circular and prospectus in relation to the recommended all-share offer for the combination of Barratt and Redrow plc. The offer entails Barratt acquiring the entire issued and to be issued ordinary share capital of Redrow. Each Scheme Shareholder will be entitled to receive 1.44 New Barratt Shares for each Scheme Share held upon completion of the combination, subject to certain conditions.
The circular contains a notice convening a general meeting of Barratt Shareholders to be held on 15 May 2024 to consider and approve the Combination as a "Class 1" transaction under the Listing Rules. Barratt Shareholders are encouraged to vote on the Barratt Resolution contained in the Circular and are advised to carefully read the Circular in its entirety before making any decision.
The expected timetable for the implementation of the Combination is outlined in the Prospectus and Circular, with the Scheme expected to become effective during the second half of 2024 and, in any event, prior to the Longstop Date. The timetable includes key events such as the Barratt General Meeting, Redrow Court Meeting, Redrow General Meeting, Court Hearing to seek sanction of the Scheme, Scheme Effective Date, and Admission and commencement of dealings in New Barratt Shares on the London Stock Exchange.
Barratt has also noted that a Scheme Document in relation to the Combination is being sent or made available by Redrow to Redrow Shareholders, containing notices convening the Redrow Court Meeting and the Redrow General Meeting, which will take place on the same day as the Barratt General Meeting. The Circular, Prospectus, and related documentation will be available on Barratt's website and submitted to the National Storage Mechanism for inspection.