Housebuilder's share placement opening today provided funds to buy development land
Bovis Homes has successfully raised 拢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 拢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 鈥渁 number of opportunities鈥� to invest.
Bovis in March this year announced plans to reduce debt from 拢108m to 拢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.
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