THE housebuilder Taylor Wimpey is in the advanced stages of an emergency £400m fund-raising to save it from collapse.
A deal could be in place by Wednesday to accompany a gloomy trading statement. Chairman Norman Askew and Peter Redfern, chief executive, are also close to securing a deal with its banks to relax lending covenants on bank debt of £1.9 billion.
The dramatic rescue is being coordinated by UBS, the investment bank, and JP Morgan Cazenove. The builder’s biggest investors, which include Alliance Bernstein, Toscafund Asset Management, Standard Life, Barclays, Legal & General and M&G, have been approached to support a placing that could total at least £400m.
Between them these investors account for 25% of the company. They are broadly supportive of the proposal, but have still not agreed on the price.
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