This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/2018/sep/20/not-a-bond-aston-martin-to-float-shares-on-stock-market
The article has changed 11 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Aston Martin unveils details of £5.1bn flotation | |
| (35 minutes later) | |
| Aston Martin has unveiled the details of its planned stock market flotation that will value the luxury carmaker at up to £5.1bn. | Aston Martin has unveiled the details of its planned stock market flotation that will value the luxury carmaker at up to £5.1bn. |
| James Bond’s favourite car marque has set a price range of £17.50 to £22.50 per share, which would value the company at £4.02bn to £5.07bn. It plans to float a quarter of the stock, nearly 57m shares. | James Bond’s favourite car marque has set a price range of £17.50 to £22.50 per share, which would value the company at £4.02bn to £5.07bn. It plans to float a quarter of the stock, nearly 57m shares. |
| The flotation is one of only a few big IPOs ahead of the UK’s departure from the European Union next March, and will test investor appetite to back British companies. The IPO marks a remarkable turnaround for a business that has gone bankrupt seven times in its 105-year history. | The flotation is one of only a few big IPOs ahead of the UK’s departure from the European Union next March, and will test investor appetite to back British companies. The IPO marks a remarkable turnaround for a business that has gone bankrupt seven times in its 105-year history. |
| Andy Palmer, the chief executive, said: “By becoming the only automotive company listed on the London Stock Exchange, Aston Martin Lagonda will provide investors with a fitting opportunity to participate in our future success. Our Second Century Plan gives prospective investors deep insight into how we have executed our turnaround and how we are positioned for growth.” | Andy Palmer, the chief executive, said: “By becoming the only automotive company listed on the London Stock Exchange, Aston Martin Lagonda will provide investors with a fitting opportunity to participate in our future success. Our Second Century Plan gives prospective investors deep insight into how we have executed our turnaround and how we are positioned for growth.” |
| Palmer told Reuters that the level of interest from investors in the IPO had been “unprecedented”. | Palmer told Reuters that the level of interest from investors in the IPO had been “unprecedented”. |
| He argued that as a luxury company, Aston Martin was somewhat insulated from Brexit and trade wars, but stressed that nobody wanted tariffs following the UK’s departure from the EU next March. Palmer added that a hard Brexit would lead to a significant weakening in the pound, which would help the carmaker’s exports. | He argued that as a luxury company, Aston Martin was somewhat insulated from Brexit and trade wars, but stressed that nobody wanted tariffs following the UK’s departure from the EU next March. Palmer added that a hard Brexit would lead to a significant weakening in the pound, which would help the carmaker’s exports. |
| Aston Martin is majority-owned by Italy’s Investindustrial and Kuwait’s Adeem Investment and Primewagon, which have agreed not to sell their stakes for 180 days. | Aston Martin is majority-owned by Italy’s Investindustrial and Kuwait’s Adeem Investment and Primewagon, which have agreed not to sell their stakes for 180 days. |
| Germany’s Daimler, which received a stake in Aston Martin in 2013 in exchange for supplying engines and other parts, has agreed not to sell its 4.9% stake for 12 months. | Germany’s Daimler, which received a stake in Aston Martin in 2013 in exchange for supplying engines and other parts, has agreed not to sell its 4.9% stake for 12 months. |
| Aston Martin will publish a full prospectus later on Thursday. It is offering shares to eligible employees, customers and members of the Aston Martin Owners Club resident in the UK. | Aston Martin will publish a full prospectus later on Thursday. It is offering shares to eligible employees, customers and members of the Aston Martin Owners Club resident in the UK. |
| Last week, Aston Martin appointed Penny Hughes, a former Coca-Cola executive, as its chair, along with a string of other boardroom heavyweights ahead of the IPO. | Last week, Aston Martin appointed Penny Hughes, a former Coca-Cola executive, as its chair, along with a string of other boardroom heavyweights ahead of the IPO. |
| Luxury goods sector | Luxury goods sector |
| Automotive industry | Automotive industry |
| IPOs | IPOs |
| Stock markets | Stock markets |
| FTSE | FTSE |
| Financial sector | Financial sector |
| news | news |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on Google+ | Share on Google+ |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |