Bovis to sell 10% of shares to fund land buys

3rd Sep 2009 08:18

Housebuilder Bovis said it plans to raise approximately £60m in the sale of 10% or around 12.1m ordinary shares to pay for land purchases. The announcement follows peers Berkeley and Taylor Wimpey who both raised cash through share placings earlier this year. In a company statement Bovis said, "The proposed Placing will provide Bovis Homes with further financial flexibility to take advantage of attractive opportunities in the short to medium term to acquire land for development as such opportunities arise." Bovis added that it is "well-positioned within the housebuilding sector to take advantage of an increasing number of short to medium term opportunities."The 12.1m new ordinary shares are being placed today.