Barratt Redrow jumps 12% after Phoenix backs buyback at 32% tangible book discount
Barratt Redrow shares rose 5.2% to 295.7p Thursday, extending a two-day rally to 12.2%. Phoenix Asset Management urged Barratt’s board to “materially increase” buybacks, citing the share price’s 31.7% discount to tangible net asset value. At current prices, £100 million would buy about 33.8 million shares, 15% more than the recently completed buyback. Barratt expects net cash of £550–650 million at June’s end.