Housebuilder's share placement opening today provided funds to buy development land
Bovis Homes has successfully raised £60m with a share placing announced earlier today.
Bovis issued a statement at 12.30pm today saying it had successfully placed 12.1 million new ordinary shares at a price of 500p per share, raising gross proceeds of approximately £60m.
Bovis said earlier that the capital raising exercise was designed to give it funds to invest in land at a good price. It said it was currently appraising “a number of opportunities” to invest.
Bovis in March this year announced plans to reduce debt from £108m to £50m as part of a cost-cutting drive that saw it lay off 600 staff in 2008. However, last month it announced it made a small profit before exceptional costs and tax in the first half of the year on rising sales since Christmas.