Rebel shareholders fail to oust Redrow non-executive director

Kasmira Jefford
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A GROUP of rebel shareholders failed to oust one of Redrow’s senior non-executive directors yesterday over his handling of founder and chairman Steve Morgan’s failed attempt to take the housebuilder private.

Alan Jackson saw a 24 per cent vote against his re-election at the firm’s annual meeting in Wales, after investors voiced concerns over his alleged failure to protect the interests of smaller investors.

Morgan, who owns 40 per cent of the firm, withdrew his bid ahead of the Takeover Panel deadline last month amid the protests led by fund manager Fidelity, which owns 10 per cent stake.

One retail shareholder, Simon Cussons of the soap dynasty, spoke out yesterday against attempts to scupper the bid, proposing “a vote of no confidence” in the Takeover Panel.

The meeting came as Redrow said trading in the first 19 weeks of the year was “challenging but stable”, with house sales up 22 per cent from the same time last year.