Last Thursday morning, the final piece of the Taylor Wimpey refinancing jigsaw fell quietly into place
The bondholders voted to approve the 拢1.5bn deal and, after months of speculation, we were told: 鈥淭he relevant documentation amending the group鈥檚 debt facilities has become unconditional in all respects.鈥
As one insider put it: 鈥淭here was no wow factor when the thing got done because it had dragged on for so long. It was a case of 鈥榦kay, it鈥檚 happened, move on鈥.鈥
The fact a deal was on the cards had been factored into the share price a fortnight earlier, which explains why it only climbed 0.5p (1%) to 44.5p on the day of the announcement.
Elsewhere, Qatar-based structural steel contractor Panceltica confirmed to the stock exchange that it could be taken over by Qatari developer Barwa after a legal wrangle over a 拢235m, 2,000-unit residential scheme in the capital Doha.
The move, revealed in 好色先生TV last week, could be a timely lesson for companies in the region. Roger Smee, chief executive of Qatar-based fit-out specialist Real Office Group, said: 鈥淎nybody who gets involved in Qatar needs to do so knowing it might not be straightforward.鈥 Another source in the region said: 鈥淕ordon Gecko is a wimp compared with these boys.鈥
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