Redrow PLC COVID-19 Update (2773J)
April 09 2020 - 1:00AM
UK Regulatory
TIDMRDW
RNS Number : 2773J
Redrow PLC
09 April 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2016. UPON
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN. THE INFORMATION CONTAINED IN
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
Thursday 9 April 2020
REDROW plc
COVID-19 Update
Redrow plc is providing a further update to that issued on 27
March 2020 on the impact of the Covid-19 pandemic on the business,
and in particular, the progress made on securing additional
committed banking facilities.
We are pleased to announce Redrow plc has been confirmed as an
eligible issuer for the Covid Corporate Financing Facility (CCFF)
with an issuer limit under the facility of GBP300m. The facility is
currently undrawn.
Negotiations for the additional GBP100m of headroom under the
Group's existing Revolving Credit Facility (RCF) with its six
relationship banks are progressing well and the documentation is
expected to be concluded by the end of April. This will result in
the existing RCF increasing from GBP250m to GBP350m. A further
update will be provided in due course.
Meanwhile, we continue to take measures to proactively protect
our cash flow. Currently around 80% of the workforce has been
furloughed under the Government's Job Retention Scheme. On 27 March
2020, the Board and senior Directors in the business announced
internally they had volunteered to take a 20% cut in salary for the
duration of the crisis. Since then, the wider directorate in the
business have also volunteered to take a salary cut of 20%.
John Tutte, Executive Chairman said, "The response from
colleagues and customers during these unparalleled times has been
magnificent and I am grateful for their continuing support and
understanding. The positive progress we have made on securing
additional banking facilities means we can now finalise plans for
our valued workforce and supply chain, to make an orderly return to
work when we are advised it is safe to do so".
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
The person responsible for the release of this announcement is
Graham Cope, Group Company Secretary of Redrow plc.
LEI Number:
2138008WJZBBA7EYEL28
Announcement Classification:
2.2: Inside information
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END
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