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Taylor Wimpey shares dive after no capital injection

Taylor Wimpey has seen its shares halve in value after it announced today that it had been unable to secure its planned capital injection due to current market conditions.

The housebuilder had been expected to announce a capital injection of £500m today in today’s trading statement.

The firm also announced that its group finance director Peter Johnson will stand down from the board at the end of 2008.

As part of a review of its business structure in the UK, Taylor Wimpey has decided to close 13 of its 39 regional offices. It will also be cutting 900 jobs across the business.

It says it expects this to result in a reduction in overhead costs of approximately £45m on an annualised basis starting from fourth quarter of 2008.

Taylor Wimpey says it expects the UK housing market to remain weak at least through 2008 and it does not anticipate any recovery in the short-term.

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