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’Snap news
Breaking pre-market news on Tuesday,
- RBS sells RBS Aviation Capital – statement.
- Dixons underlying like-for-like sales down 5 per cent – statement.
- Premier Foods ramps up cost-cutting plans,
Snap news
Breaking pre-market news on Thursday,
- Hennes & Mauritz Q1 results undershoot market forecasts — statement and statement.
- 2010 net profit at Rusal more than triples — statement.
- Taylor Wimpey announces sale of North American business for £595m — statement.
Snap news
Breaking pre-market news on Monday,
- Rolls Royce wins £1.8bn contract to supply Air China with 20 engines — statement.
- QinetiQ wins $1.959bn engineering contract with NASA — statement.
- Taylor Wimpey announces £100m facility agreement and £200m senior notes offering — statement.
Snap news
Breaking pre-market news on Tuesday,
- Vedanta to list Zambian division, Konkola Resources, on the London stock exchange — statement and statement.
- Nat Rothschild’s Vallar pays $3bn for stakes in two Indonesia coal businesses;
Snap news
Breaking pre-market news on Tuesday,
- ITV confirms move into pay-TV with Sky agreement — statement and statement.
- Xstrata operating Ebitda up 67 per cent to $4.494bn in first half — statement.
Snap news
Breaking pre-market news on Monday,
- Standard Chartered expects H1 2010 profits flat on H1 2009 — statement.
- Cost of BP oil spill response rises to $2.65bn — statement.
- DP World postpones LSE listing — statement.
The City of London ATM
Predictable really. PLCs are taking advantage of the huge run-up in their stock prices from their March lows to tap shareholders for more cash.
On Friday morning, housebuilder Taylor Wimpey announced plans to raise £510m via a placing and open offer that will dilute existing shareholders by 33 per cent,
Snap news
Breaking pre-market news on Friday,
- RBS posts a Q1 pre-tax loss of £44m on impairment losses totalling £4.93bn — statement.
- 3i announces £700m rights issue, posts fiscal-year results – statement,
Taylor Wimpey, 3i make cash calls
Taylor Wimpey, the UK housebuilder, and 3i, the UK buyout group are on Friday expected to raise £1.25bn by issuing new shares. Both companies had to wrestle with investors to win support for the capital raisings,
Taylor Wimpey in 11th-hour rescue deal
Taylor Wimpey, the stricken UK housebuilder, has reached a refinancing agreement with its key creditors after more than nine months of negotiations, the FT reported. The company also revealed pre-tax losses of nearly £2bn and net debts of £1.57bn.The 11th-hour deal came on the eve of a deadline on Wednesday to seek approval from its creditors,
Taylor Wimpey nears debt revamp
Taylor Wimpey, the troubled UK housebuilder, has struck a deal with a group of its main creditors, nearing completion of protracted talks to restructure its debt after its failed capital-raising last summer.
Taylor Wimpey nears creditor deal
UK housebuilder Taylor Wimpey is in the final stages of discussions to restructure its £1.55bn debt pile, ahead of deadlines next month for debt repayments. The company is expected to strike a deal with its banking syndicate and holders of its private placement bonds in time to seek the approval of other bondholders,
Snap news
Breaking pre-market news on Tuesday,
- Marstons closes deal with banks on £400m debt restructuring – statement
- Mecom sells off German assets – statement
- Corporate results: AGA, Big Yellow,
Taylor Wimpey to offer equity to lenders
Taylor Wimpey, the troubled UK housebuilder, is set to yield to pressure from its lenders to offer them some equity as part of a package to refinance its £1.9bn net debt pile. The company’s banks and other lenders are set to own a single-digit stake in the business,
Banks press Taylor Wimpey
Taylor Wimpey’s bankers have stepped up demands on the UK housebuilder for compensation for resetting its debt terms to avoid a breach of banking covenants in early 2009, seeking the option to take up equity in the company.
Snap news
The latest on Tuesday,
- T1 scuppers Gemfields offer – statement
- ONGC Videsh says Russian regulatory conditions have been met in bid for Imperial Energy – statement
- Corporate results: Aveva,
TDR in talks on Taylor Wimpey stake
UK private equity firm TDR Capital is in talks to inject cash into Taylor Wimpey in exchange for a stake in Britain’s largest house builder by number of homes, according to the Mail on Sunday, reports Reuters.
UK’s Taylor Wimpey reassures on debt
Taylor Wimpey has not yet reached a deal to restructure its debt but expects an agreement by the end of the year, the UK housebuilder said Wednesday as it reported a collapse in interim profits. In a trading statement,
Liveblogging the Taylor Wipeout results…
It’s another Taylor Wipeout.
Shares in the UK’s largest housebuilder are off 15 per cent at 8:30BST.
We’ll be Liveblogging the analysts’ presentation at 9:00am BST. Hit refresh to read the latest below.
Snap news
The latest on Wednesday,
- GfK terminates offer talks for TNS -statement.
- TNS reports 20% increase in profits, increases dividend by 25% – interim results.
- Taylor Wimpey scraps dividend, says is working on revising borrowing agreements by end of the year – interim results part I,
Snap news
The latest on Friday.
- RBS looks to sell the ABN Amro investment banking business in Australia and New Zealand to National Australia Bank – Statement (via Business Spectator)
- Anheuser-Busch reportedly holds talks with InBev,
Taylor Wimpey to seek waiver
Taylor Wimpey, the stricken UK housebuilder, plans to seek a waiver for a possible breach of covenants from holders of some £380m of outstanding private placement notes. These notes are subject to the same covenants as its bank debt,
Taylor Wimpey fails to secure rescue deal
Taylor Wimpey said Wednesday it had failed to agree a £500m refinancing deal with shareholders and potential new investors, forcing the stricken UK housebuilder to admit it could breach banking covenants if the housing market does not recover.
M&S and Taylor Wimpey cast pall over City
Retailer Marks and Spencer issued an unexpected profits warning on Wednesday as Sir Stuart Rose, its executive chairman, warned that Britain faces the most severe consumer downturn since the 1990s. The trading update,
Live blogging the Taylor Wimpey conference call
The full statement from TW is available here. Keep hitting refresh for the latest below.
It’s 8:55BST and TW is down 47% – having come back a bit from earlier lows. Down nearly 56% shortly after open.
Housebuilder crash
Things are not looking good for Taylor Wimpey. Premarket indicates the UK housebuilder could open as much as 50 per cent down in short order.
Taylor Wimpey cant raise cash. And management expect it to breach covenants on its loan facilities at some point – most likely towards the end of the year.
Top-level casualty at Taylor Wimpey
Taylor Wimpey is set to announce the departure of its finance director on Wednesday as the troubled UK housebuilder updates markets on an expected capital injection of about £500m. Peter Johnson, who led the developer’s finances since its creation through a merger last summer,