Taylor Wimpey Share Discussion Threads

[newkid] 03/8/2010 08:05

Looks good to me. Someone just paid nearly 32p

[the flop] 03/8/2010 08:01

auction ext. ;-)

[spennysimmo] 03/8/2010 07:59

Couldn't have wished for a better report. Even the areas of caution are countered with a very positive response which is a different approach to TW's recent updates. This is the first one that says "we are doing well and are confident we will keep doing well"

[the_analyst] 03/8/2010 07:56

Sir Brainy,

I am glad someone noticed the same as me, i.e., these results will go a long way in improving our chances of re-arranging the finances, which is critical to growth. It was this issue that concerned most analysts hence the pressure on the share price

Excellent figures and report imo.

[sir brainy] 03/8/2010 07:54

Pre-market looking excellent

[the flop] 03/8/2010 07:53

Pelican gonna fly ;-))))))

[gcom2] 03/8/2010 07:53

good short squeeze should force this up towards 50p imo

[gcom2] 03/8/2010 07:52

1 year ago mcap was 35% more and the debt was double
wtf??

[gcom2] 03/8/2010 07:50

just read h1 results - well undervalued

[sir brainy] 03/8/2010 07:48

Taylor Wimpey seeks refinancing package
By Ed Hammond and Neil Hume

Published: July 11 2010 22:37 | Last updated: July 11 2010 22:37

Taylor Wimpey is negotiating with lenders over a refinancing package that would increase the ability of the UK's second-largest volume housebuilder to buy land.

The company is seeking to refinance its bonds and bank loans after last year completing a £1.55bn debt restructuring that extended the repayments due on its debts to July 2012.

EDITOR'S CHOICE
Barratt cautious on outlook for housing - Jul-14.House price rises help Taylor Wimpey - Jun-29.In depth: UK housebuilders - Feb-24.Taylor Wimpey sees signs of recovery - Jun-19.Taylor Wimpey warns on land shortage - Apr-29.Taylor Wimpey names new chairman - May-15..Taylor Wimpey was one of a number of British housebuilders that restructured their borrowings and raised extra capital after the value of land assets collapsed in the wake of the financial crisis.

However, the terms of its current borrowings restrict management's ability to buy new land, essential if the company is to cash in on the nascent recovery in the housing market.

A person close to Taylor Wimpey said there was no danger of the group breaching its borrowing covenants, but the restrictions on spending would "limit its ability to meet returning buyer demand."

The company is in early stage discussions to extend the duration of its debts over four years and secure less constrictive cash flow covenants, according to people close to the process.

The talks were initiated early to give the group the option of turning down a refinancing package that would not give it the operational headroom it sought to expand the business.

The alternative is to reduce dependence on bank finance in favour of bonds.

"If they know the company is desperate they will give them bad terms ...̴1;the company has no issue in changing its lending mix," said one of the people.

Taylor Wimpey last year raised £510m in a rights issue to repay debt. While the company is not planning another equity raising, it has not ruled the option out, one of the people close to the process said.

There has been growing speculation that the company will sell its US housebuilding business, which would allow it to pay down debt and concentrate on its core UK operations.

Its creditors include a consortium of 15 banks, including Barclays, HSBC, Lloyds and Royal Bank of Scotland, about 20 holders of private placement notes and about 25 holders of eurobonds.

Land buying has become an increasingly important issue since the coalition government increased local authorities' remit over planning permission.

Rival housebuilders, including Bellway and Bovis, have, during the past month, publicly stated an intention to buy as much land as possible before the country falls into a "planning hiatus".

Shares in Taylor Wimpey, which have fallen as much 30 per cent during the past three months, closed up 0.16p at 27.2p on Friday.

[trendfloor] 03/8/2010 07:48

Excelent results reported and the chart looks a belter.

[the flop] 03/8/2010 07:48

Shorters have had their fill and will now move on. Gloves are off and the bull is on the rampage once again. ;-)

[the flop] 03/8/2010 07:47

18% to value their landbank ;-)

[sir brainy] 03/8/2010 07:47

Emphasis on 'were'.

Banks make money by lending and now TW. has shown it is worth lending to, again

[the flop] 03/8/2010 07:46

mknight, if they do that is good news, they are buying CHEAP land remember, and it will benefit LTHs in the long run.


you canny make an omlete without cracking eggs ;-)

[mr.oz] 03/8/2010 07:46

mknight .... mmm interesting

[sir brainy] 03/8/2010 07:46

Mknight - that is public knowledge.

The reason the share price declined (hedgies aside) is because TW. were being denied fresh financing

[mknight] 03/8/2010 07:45

I will not be one of the buyers after seeing the interview .

[sir brainy] 03/8/2010 07:45

The first hour will see literally millions of shares traded

[mknight] 03/8/2010 07:44

Just saw the interview on CNBC , i got the impression that they are going to raise more monies to buy land . Redfern when asked if they were going to raise more monies sidestepped the issue which could explain why the share price keeps falling .

[sir brainy] 03/8/2010 07:43

The hedgies have put massive pressure on to bring the share price down into the 20s - now watch some massive buys go through today as they reverse out and take profits.

[the flop] 03/8/2010 07:41

On a 3-4 year time frame I expect hbs to outperform every other sector from this low start base. A return to £1 in that time is very much possible IMO