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Fri, 19 Oct 2012

On 31 August 2012, Bridgemere Securities Limited (“Bridgemere"), Toscafund Asset Management LLP (“Toscafund") and Penta Capital LLP (“Penta") announced a possible cash offer for Redrow at 152 pence per Redrow share under Rule 2.4 of The City Code on Takeovers and Mergers (the “Code").

Each of Bridgemere, Toscafund and Penta confirms that discussions with Redrow and between themselves in relation to the possible offer have now been terminated and that none of them has a current intention to make an offer for Redrow.

Each of Bridgemere, Toscafund and Penta reserves the right to acquire Redrow shares, subject to, and in accordance with, the Code and other applicable regulations. For the purposes of Rule 2.8 of the Code, each Regulatory Story Go to market news section Company Bridgemere Securities Limited TIDM of Bridgemere, Toscafund and Penta reserves the right to make or participate in an offer for Redrow (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement

(i) with the agreement or recommendation of the board of directors of Redrow;
(ii) following the announcement of an offer for Redrow by or on behalf of a third party;
(iii) following the announcement by Redrow of a “whitewash" proposal (see Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover; or
(iv) where the Panel on Takeovers and Mergers has determined that there has been a material change of circumstances.

For enquiries please contact:

Barclays Bank PLC
Mark Warham, Managing Director
Tel: +44 (0)20 76232323
Derek Shakespeare, Managing Director

Pendomer Communications LLP
Charles Armitstead
Tel: +44 (0)20 36035224

Fri, 29 Jul 2011
City Boost with £50 Million Compton Park Investment

Proposals for a major £50 million investment into Compton Park have today been announced, which will see the education, sport and community benefits spread throughout Wolverhampton. This unique proposal would result in over 150 direct construction jobs being created, plus an additional 250 indirect jobs in the supply chain.

The carefully co-ordinated plans have been prompted by the decision of the University of Wolverhampton to vacate its Compton Park Campus. This has led to a unique collaboration between some of the main partners on Compton Park: University of Wolverhampton, St Edmund’s Catholic School, the Archdiocese of Birmingham, and Wolverhampton Wanderers (‘Wolves’) Football Club, together with Redrow Homes.

The proposals will result in:

  • St Edmund’s Catholic School relocating onto the former University of Wolverhampton campus, in part-refurbished, part-new buildings delivering significantly enhanced facilities than their existing plans through Building Schools for the Future (BSF).
  • Wolves building a new indoor pitch on the vacated St Edmund’s Catholic School site, improving existing pitches and creating an FA Premier League ‘Category 1’ Football Academy, complying with the new Academy accreditation system. Wolves’ aim is to create a world-class facility, giving talented local youngsters the best possible chance to progress, along with providing some community access.
  • The University of Wolverhampton re-investing in a new multi-million pound proposed Science facility on its City Centre Campus.
  • Wolves donating its £1 million Indoor Academy Arena at Aldersley Leisure Village to Wolves Community Trust, which will assist the independent charity in positively impacting thousands of young, disadvantaged and disabled people across Wolverhampton.
  • 55 new four-and five-bed executive homes to be built by Redrow Homes on the remainder of the University’s land, providing a large part of the enabling funding necessary to make the proposals happen.

Financing for the development is already in place and the proposals have been welcomed by the Wolverhampton Building Schools for the Future programme.

Steve Morgan, Chairman of Wolves and speaking at a joint press conference at St Edmund’s Catholic School, “This unique proposal has huge benefits for the City of Wolverhampton. It is almost unheard of to see so many parties from the public and private sector collaborating so well together for the benefit of all.”

Read More: City Boost with £50 Million Compton Park Investment
Mon, 14 Feb 2011
Huge Economic Boost for City

Wolves to create 50 Permanent Jobs and an extra 300 casual match day staff.

Wolves’ decision to proceed with Stadium Redevelopment has been welcomed by a number of local businesses and figureheads as a great economic boost to the City of Wolverhampton.

Up to 200 people will be working on the construction over the course of the development and up to half of the sub-contractors could be from the West Midlands area.

Once the full three-phase development is completed, Wolves expect to create 50 permanent jobs (40 full-time and 10 part-time) and nearly 300 additional match day casual staff.

Currently Wolves employs 300 permanent staff (this includes playing staff) and nearly 500 casual match day workers, making it one of the largest private employers in Wolverhampton.

On completion of the three phase development, nearly 800,000 people a year could be visiting Molineux and Wolverhampton either on a match day or visiting the Club’s new Museum, Retail Megastore or Conference & Banqueting facilities during the week.

Steve Morgan, Chairman, Wolves, said: “The redevelopment of Molineux will provide a much-needed economic shot in the arm for the City. I’d like to thank everyone at the Club and our partners, in particular Wolverhampton City Council and Wolverhampton University, for their ongoing support in helping us get this far.

"There is still a lot of hard work to be done and we will continue to require the support of the Council and other stakeholders."

To keep up-to-date with the Stadium Redevelopment project, visit: www.molineuxpride.co.uk

Read More: Huge Economic Boost for City