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Housebuilder Oakdene has failed to raise 拢5m through a share placement and dropped more than 拢6m into the red for the first six months of 2008.

It is also in breach of its banking covenants and relying on a temporary facility from its lenders.

The group said it had placed 8,987,108 of the 10m shares it had planned to and was seeking legal advice about what to do next.

It is thought one or more investors got cold feet given the fact shares were being offered at 50p despite the fact Oakdene鈥檚 share price fell to 17p today.

By way of a sweetener it offered warrants with each share 鈥� or options to buy at 50p at a future date.

One City analyst said: 鈥淚t clearly wasn鈥檛 enough. The share price has been heading south for a few weeks now and someone has obviously got pulled out.鈥�

Its loss of 拢6.4m in the first half of 2008 followed land writedowns of 拢7m.

Turnover was down 41% from 拢18.9m to 拢11m.

The company said: 鈥淚n common with most housebuilders Oakdene has suffered from the effects of the turmoil in the global markets which has led to a shortage of mortgage availability.鈥�

In relation to the likelihood of agreeing a covenant deal with its banks, it said: 鈥淒iscussions around future banking terms are ongoing with our bankers. We are extremely grateful for their support to date and we are seeking to reach agreement on future support shortly.鈥�