Taylor Wimpey will announce today that Peter Johnson, finance director, is leaving.
He is not expected to step down before the end of the year. The housebuilder will also update markets on an expected capital infusion of about £500m. The Financial Times says it appears part of the capital raising will include putting Taylor Woodrow Construction up for sale. At least four of the 20 or so investors it is talking to about a placing to raise capital are hedge funds.
Taylor Woodrow is expected today to have reached a deal with its banks to waive key debt covenants, against an agreement to raise equity and to pay higher borrowing rates.
02/07/08 Financial Times 1, 18, 19, 21
Guardian 25, 32
