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Thu 3 July 2008, The Daily Telegraph

Taylor Wimpey in search for fresh funds as shares plummet

By Helen Power and Jonathan Russell
Britain's biggest housebuilder, Taylor Wimpey, kicked off a desperate hunt for fresh funding yesterday after it became clear existing investors will not bail it out. Taylor Wimpey shares plunged almost 42pc to 35p - capitalising it at just £369m - when the company conceded that a plan to tap shareholders for nearly £500m had unexpectedly failed. Sources close to the firm said the rights issue fell over when hedge fund Toscafund, which holds 10pc of the shares, refused to put more money into Taylor Wimpey and long-only investors with large holdings refused to take up Tosca's allocation. The hedge fund - which has further exposure to a housebuilding sector currently in freefall through a 17pc holding in Redrow - later offered to buy some shares. But by this stage the funding coalition had fallen apart and nobody could be found among Taylor Wimpey's long-only investors - which include Axa, Legal & General, Alliance Bernstein and M&G - to lead the bailout.
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It was published by The Daily Telegraph, which adheres to the PCC Code