PRESS DIGEST - British business press - July 1

Tuesday, 1 July 2008

The Times

TAYLOR WIMPEY TAPS INVESTORS TO PLUG FUNDING GAP.

Taylor Wimpey (TW.L) is to take a 550 million pounds write-down on the value of its British land holdings and is to tap its largest investors for hundreds of millions in cash to stay afloat. Britain's largest housebuilder by production is grappling with 1.9 billion pounds in debts and says that it has asked its banks to change its covenants. The company, which is due to release a trading statement on Wednesday, is expected to ask shareholders for between 400 million and 500 million pounds through a share placing

OFT DELAY OF ONLINE PROJECT ANGERS GRADE