Postal strife hurts Barratt October 27, 2009 PROPERTY group Barratt Developments yesterday voiced concerns that national postal strikes might affect the take-up of its £720m rights issue. Barratt Developments issued a notice to shareholders urging them to promptly take up their share entitlement, or use another courier service to return their applications. In a statement to the stock market yesterday, the company [...]
Builders tap the market September 23, 2009 HOUSEBUILDER Barratt yesterday unveiled its widely tipped £750m fundraising through a rights issue and share placing in a bid to repair its battered balance sheet. The group said it would raise £545.5m in a rights issues and £175m through a placing. Chief executive Mark Clare said the 1.3 for one rights issue would be priced [...]
…as Barratt chief pockets 847k in pay September 23, 2009 BARRATT yesterday brought forward its full-year results and annual report to join its much-hyped rights issue, in which it revealed it had slumped to a £678.9m pre-tax loss. Barratt said revenues had slid by 35.7 per cent to £2.29bn over the first six months of the year to 31 June. Chief executive Mark Clare said: [...]
BUILDERS GO CAP IN HAND FOR 850M September 22, 2009 HOUSEBUILDERS Barratt and Redrow are today expected to tap shareholders for a total of £850m to shore up balance sheets that have been battered by the property slump. Barratt is set to unveil plans to raise £700m in a placing and open offer through its house broker UBS. And rival Redrow is expected to launch [...]
BEST OF THE BROKERS September 15, 2009 BARRATT DEVELOPMENTSInvestec said that Barratt Developments is geared up disastrously to pay peak values for land and Wilson Bowden. The broker said that, at £1.3bn, net debt is still surprisingly high. With the firm reported to be considering a highly dilutive £500m rights issue at the end of the month, the broker rates the stock [...]
Barratt Developments set to launch 500m rights issue September 6, 2009 Housebuilder Barratt Development is expected to launch its £500m rights issue at the end of this month. Insurer RSA, rival housebuilder Redrow and several others are thought to be readying themselves to bid for the stake. The cash call is believed to be part of the group’s efforts to make further inroads into its £1.3bn [...]
Bovis Homes raises 60m in cash call September 3, 2009 HOUSEBUILDER Bovis Homes yesterday launched a £60m share placing to take advantage of depressed land values. Bovis said that its recent half year results showed it had maintained a net cash position of £7m despite the economic turmoil and it was beginning to see a number of opportunities to acquire land for development. The group [...]
BEST OF THE BROKERS August 17, 2009 AEGONNomura said that it sees Aegon’s capital position as being very solid and views the firm as having a “belt and braces” approach to capital management. The broker thinks that the firm’s economic rationale for early repayment to the Dutch government is compelling and rates the stock a “buy” with a €7.00 target price. HAMPSON [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 4, 2009 FINANCIAL TIMES BMW EYES TIE-UP WITH PEUGEOT FOR MINIBMW is examining whether to share platforms with PSA Peugeot Citroën for its Mini small car, it emerged yesterday, as the German premium carmaker returned to profit in the second quarter on the back of cost-cutting. Norbert Reithofer, BMW’s chief executive, said the company was talking to [...]
FOCUS ON: CROYDON, GREATER LONDON July 23, 2009 39 RADCLIFFE ROAD, CROYDON, CR0 5QJPrice: £765,000If you’re a cricket lover glued to the television at the moment, then this smart four-bedroom period house backing on to the exclusive Whitgift Foundation’s cricket grounds is exactly what you are looking for. It comes with four bedrooms and has been refurbished to the highest standard by the [...]