Result of Tender Offer

Redrow Group PLC 2 October 2000 RESULT OF REDROW'S TENDER OFFER FOR 67.6 MILLION SHARES Redrow Group plc ('Redrow') announces that it has received valid tenders for 16,067,212 of its ordinary shares in addition to the 70,242,732 shares tendered by Bridgemere Investments Limited ('Bridgemere'), a company controlled by Steve Morgan. The tender offer for 67,620,642 shares or 30.0% of Redrow's issued ordinary share capital, at a fixed price of 170p per share, was originally announced on 12 September 2000. The tender offer period opened on Wednesday 13 September 2000 and closed on Friday 29 September 2000. Shareholder approval was granted at an Extraordinary General Meeting of the Company held on Friday 29 September 2000. As the number of ordinary shares tendered exceeded the 67,620,642 shares being tendered for, valid tenders will be scaled back pro rata so that approximately 78.3 shares will be repurchased for every 100 shares tendered. Following the tender offer, Bridgemere remains interested in 15,210,155 Redrow shares, representing approximately 9.6% of Redrow's issued share capital. Bridgemere has undertaken not to sell or otherwise dispose of these shares before April 2002. Steve Morgan is a beneficiary of a further 7,600,000 Redrow shares held in trust. The repurchase of the tendered shares will be effected by Cazenove, as agent for Redrow, today. The consideration for the tender offer will be sent out, to those shareholders who successfully tendered shares, on Monday 9 October 2000. Robert Jones, Redrow's Chairman designate, said: 'We are delighted that the tender offer has been successfully completed. Redrow has delivered an outstanding profit record during its six years as a public company. The Board considers this to be the best mechanism of further enhancing shareholder value.' Enquiries: Redrow Group plc Tel: 01244 520044 Paul Pedley Neil Fitzsimmons Cazenove & Co. Tel: 020 7588 2828 Nick Wiles George Brenan

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Redrow (RDW)
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