February is the month Taylor Wimpey boss Pete Redfern told staff that a refinancing deal would be signed off with its array of lenders
His pre-Christmas email read: “There is still plenty of water to go under the bridge as there is a formal process to go through that will probably run until roughly the end of February.”
It was guarded language but if the uncertainty continues very far into March, the share price may well tumble into single-digit territory again.
But one source on the inside of the debt talks was in bullish mood this week. Blaming the unsexy process of due diligence for the delay, he said: “Things are grinding along but we’re on track for a February close as expected.”
When or if a deal comes, expect the armchair investors who thought the shares worth a punt at 4p in November to start planning a recession-defying holiday.
Elsewhere, it was a quiet week on the stock market. KBC Peel Hunt analyst Andrew Nussey said it was the lull between January’s trading updates and results season at the end of February. He said: “There’s still a split between public and private sector exposure so there’ll be no surprises when the numbers come out. The key will be the tone of the outlook statements.”
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