Oh dear, two large companies combine and, like an intergalactic "event" only negative matter remains....a case of 1 + 1 = 0.2

Let me say - sp a year ago was 10x today's - so this business has earned its place in the 90% club....and maybe more to come, as they will need to go overseas for cash, if the UK is dry.

I doubt there is a UK Builder with enough dosh to bail-out this dullard. They all thought they could expand until the UK burst with immigrants - yet they consistently went for pricier properties and projects where ( even now), there is some doubt whether there are enough jobs to support new-build developments.

EDIT ( Nov 2015 ) - Seven years on and we're at 183p - so anyone that bought at the all-time Low has done very well - but the Market was fearful and that meant few were Buying. 2009/2010 averaged about 40p - that was a good time if you had the LT cash.
With the rise and yield-multiplier effect, this is looking like Buying it was "probably" inspired.... but it has not regained that earlier Value - which will surely take a lot longer.

bye bye

I bet a lot of shareholders are pretty much resigned they are ruined.

sp sure tells that story - but isn't this a case that with TW. oweing so much, it is the Banks that will suffer the greater loss?
Their land-bank can't be worth much and part-built houses ditto. So Banks can only hope the Government wants some "social housing" - even if this is only "Starting soon" - that at least would give TW. some breathing space - - - - ...It's not as though TW. built a tower-block that collapsed, is it?....this sp-fall is "general Market Woes...rather than Co-specific (ignore Debt)

I expect there will be a debt for equity swap with the banks at some stage with current shareholders more or less wiped out, particularly against current background. One for highly speculative punters.

Any thoughts on where this might go on monday

Any thoughts on where this might go on monday

Taylor Wimpey leak reveals refinancing deal near
17 December, 2008

By Tom Bill

City analysts say leaked internal email suggests increased likelihood of deal early next year

Analysts have said that an internal email sent by Taylor Wimpey chief executive Pete Redfern to staff on 12 December suggests an increased likelihood of a refinancing deal in the new year.

In a letter to staff, Redfern said debt talks with lenders are progressing well and that a formal deal is likely by the end of February.






Redfern: "very productive couple of weeks on our debt negotiations"
One analyst said: It doesn't mean they are out of the woods, but it looks like they'll get a lifeline. It could be that he expected this email to be leaked and is a parting shot to the City before it closes down for Christmas.

The letter in full reads as follows:

Dear all,

Given that our share price is 'somewhat volatile' and that over the last few weeks we have had more press coverage than if Angelina Jolie gave birth to Siamese twin chimpanzees, I thought it was time for a further update.

We have had a very productive couple of weeks on our debt negotiations with our banks and US lenders, significantly increasing our confidence of reaching an acceptable solution for the company. We have also had our first meetings with Eurobond representatives, which have been constructive and sensible.

There is still plenty of water to go under the bridge, as there are is a formal process to go through that will probably run until roughly the end of February, however, the risks have reduced materially.

It is critically important that we continue to focus on our underlying business, particularly delivering year end completions and keeping cash outflows to a minimum - I have no doubt that you are all fully focused on this.

I am very proud of the way everyone has continued to pull in the same direction through such a difficult time and again, I would like to thank you for all the hard work. At this point, I would particularly like to thank the Corporate team who have been heavily focussed on the debt process over the last few months and the High Wycombe team, who have been working hard to provide the data and support to this.

I would anticipate one more update before the Christmas break, which should confirm this progress and perhaps set out the broad timetable you can expect in the New Year.

http://www.building.co.uk/story.asp?sectioncode=284&storycode=3130102&c=1

Elsewhere the London Boroughs had the opportunity to deliver updates on their regeneration progress throughout the day and it ended on an up-note with Kent Thameside. Developments at Dartford, Gravesend and Ebbsfleet are covered under this area and, always reliable as an agent provocateur, Wayne Hemingway concluded proceedings with his own design manifesto.

His firm's Dartford housing scheme 'The Bridge' (a difficult collaboration with Taylor Wimpey ) seems to be bucking the current trend, selling at three times the national average. Hemingway's philosophy of 'telling the truth' to people all press shots of the site had to include the QE2 bridge and power station seems to have worked. One in six who come to view houses there, buy one. 'The trouble though,' says Hemingway, 'is getting people to come'.

Banks to Sign off Taylor Wimpey Debt Deal Today
Building
By Tom Bill
6 April 2009

http://www.building.co.uk/story.asp?sectioncode=284&storycode=3137858&c=0

Signed agreement on 1.55bn debt pile will be put to bondholders on Wednesday for 21-day approval process.

Taylor Wimpeys banks are expected to sign off its 1.55bn debt deal today, according to a source close to the situation.

The deal, which has been under discussion for 10 months, will then be put to bondholders on Wednesday for their approval, a process that is due to take 21 days.

The source said: The banks need to respond by today but you can assume they will all sign off on this package.

Bondholders have about 443m of the companys debt, private placement debt holders have about 380m and a group of banks hold the rest.

It is thought Taylor Wimpey may provide a further update to the market this week once the deal is under consideration by the bondholders.

A final deal is expected by the end of April. The company's share price rose 28% in early trading today amid heightened speculation a deal was due this month.

A Taylor Wimpey spokesman declined to comment.

07 April 2009

Taylor Wimpey plc

Trading and financing discussions update

Taylor Wimpey today announces that the amendment of its debt facilities is now substantially complete. Documentation reflecting the amended terms has been signed by our banking syndicate and US private placement noteholders, subject to formal approval from holders of the Group's Eurobonds at two bondholder meetings to be convened for 30 April 2009. Special Committees of both Eurobond issues with members holding over 75% of each have already approved, and given irrevocable commitments to support, the amendments.

We set out below key details of our unaudited year end results for 2008 in advance of the publication of our Annual Financial Report on 30 April. These show an unaudited loss from continuing operations before tax and exceptional items of 74.7 million and exceptional costs of 1,895.0 million, primarily relating to the previously announced goodwill and other intangible asset impairment and land and work in progress write-downs. Before the impact of previously committed land spend, the Group created 842 million of positive operating cash flow in 2008. Unaudited tangible net assets per share were 158p as at 31 December 2008, with the Group having 106,216 plots in its owned and controlled land bank.

Recent trading has been at the upper end of our expectations, with the Group experiencing stable pricing in the UK since the beginning of 2009, and sales rates ahead of last year. Net debt stood at approximately 1.57 billion on Friday 3 April, significantly below our targeted level.

Commenting on the revised financing package and current trading, Pete Redfern, Group Chief Executive, said:

'Following complex negotiations, this financing package will allow management to run the business for the benefit of all stakeholders and gives the Group flexibility to enable it to trade through the current downturn. Although we remain cautious about market conditions, current trading and the cash generation of the business are both encouraging.'

TW. closed above 50p today which is a fantastic step in the right direction. This is starting to pay back the faith shown in it by holders.

Daily volume is very heavy, so it may just be a momentum driven rise, imo.
May be worth averaging down & taking some profit along the way just in case the whole thing runs out of steam.

"Broker KBC Peel Hunt has been picking through the detail of Taylor Wimpey's debt refinancing deal and believes that the penalties for missing milestone payments are so onerous that issuing equity to raise fresh funds is a 'must'.

KBC believes 350m of new equity is needed and, if the discount is fierce enough, it could be raised through a rights issue.

Notwithstanding the fact that Taylor Wimpey tried and 'failed very publicly' last summer to raise new equity capital, KBC believes that issuing equity should reduce the share price's discount to net asset value (NAV) per share.

KBC has a 'hold' recommendation on Taylor Wimpey with a target price of 24p."

I've been holding at 52p and assumed I'd lost the money when it hit 3p. I can't believe it's rise over the past few weeks and yesterday I was even able to sell and make 10! Just makes you realise, never give up on a company. There may even be hope for SEO one day!

Broker snapshot shows Brokers rate it at a targetSP of between 40p and 80p....

08.04.09 :+0.5, (23) in a review of the European Real Estate sector, Nomura raises Liberty International price target to 430p from 416p; rating neutral , raises British Land price target to 368p from 312p; rating reduce, raises Brixton price target to 40p from 30p; rating buy, raises Derwent London price target to 765p from 749p; rating buy, raises Great Portland price target to 332p from 321p; rating buy, cuts Hammerson price target to 375p from 397p; rating buy, raises Land Securities price target to 567p from 483p; rating buy, raises Shaftesbury price target to 312p from 281p; rating reduce and cuts SEGRO price target to 26p from 28p; rating neutral.
19-03-09 19.03.09 :+4, (22) HSBC raises Brixton PLC to overweight from underweight but cuts its price target to 80p from 110p.

TW. will offer rights issue at 25p which is a big discount to current sp.
Sp is likely to drop from current 46p.

Yes, I agree. Sold last week as graph is now in down trend & broker target of 24p looked probable with more cash raising.
Also final results out on 30th April '09 which will probably depress the sp further.

I'm out - made a 60% profit on a share that few were touching with the proverbial bargepole which makes a nice change.

Well done q1. Worth watching, imo, with a view to get back in again at +/- 24p.

Thanks HARRYCAT.