Tuesday, September 22, 2009
Moar money pls, kthxbye
Housebuilders Barratt Developments and Redrow are to announce fund-raisings of Â£700m and Â£150m respectively, as they repair balance sheets that have been ravaged by the recession. It was thought Barratt was going to ask investors for a smaller amount of Â£500m next week. However, the company may have brought it forward when it emerged Redrow was to move earlier. Neither company would want to risk investor fatigue by being the last in the queue to ask for more cash. Four housebuilders have already tapped the market. Taylor Wimpey, Bovis, Berkeley Group and Bellway have raised a total of over Â£600m this year.