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Taylor Wimpey in talks to raise fresh funding

LONDON (MarketWatch) — U.K. home builder Taylor Wimpey said Monday that it’s in talks with shareholders and other institutions over raising additional financing, most likely through a share placing and open offer. The statement followed press reports over the weekend that the group is seeking a cash injection of 500 million pounds ($997 million). The group said its board is also reviewing the carrying value of its inventories and anticipates writing-down the value of its land bank and work-in-progress in the U.K. by around 550 million pounds, in the U.S. by 70 million pounds and in Spain by around 40 million pounds. Taylor Wimpey said it remains within the terms of its banking covenants, but has agreed a deal to amend the terms of its revolving credit facility with banks, which is conditional on it raising additional equity.
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This entry was posted on Sunday, June 29th, 2008 at 11:55 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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