Bovis Homes- 599.5p

30th January 2013 – Banking facilities

Bovis Homes have successfully extended its £125m revolving credit facility , which now expires in March 2017 and has also taken a three year loan of £25m. The new arrangement provides the group with a longer, unsecured facility which will provide the group the flexibility to enable the continuation of strong land investment and manage working capital requirements. The shares have had a strong run and although prosepects remain strong we have reduced our recommendation to HOLD.

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