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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
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| Aston Martin boss in line for £7.2m package as £5.1bn float unveiled | Aston Martin boss in line for £7.2m package as £5.1bn float unveiled |
| (5 days later) | |
| The chief executive of Aston Martin is in line for a potential pay package of £7.2m a year after the carmaker unveiled details of its planned stock market flotation that will value the company at up to £5.1bn. | The chief executive of Aston Martin is in line for a potential pay package of £7.2m a year after the carmaker unveiled details of its planned stock market flotation that will value the company at up to £5.1bn. |
| When Aston Martin goes public next month, Andy Palmer will be entitled to an annual salary of £1.2m, a maximum yearly bonus of £2.4m and share awards worth up to £3.6m under a performance share plan. | When Aston Martin goes public next month, Andy Palmer will be entitled to an annual salary of £1.2m, a maximum yearly bonus of £2.4m and share awards worth up to £3.6m under a performance share plan. |
| James Bond’s favourite marque has set a price range of £17.50 to £22.50 a share, valuing the company at between £4.02bn and £5.07bn. It plans to float one-quarter of the stock, nearly 57m shares, and expects these to start trading around 8 October. | James Bond’s favourite marque has set a price range of £17.50 to £22.50 a share, valuing the company at between £4.02bn and £5.07bn. It plans to float one-quarter of the stock, nearly 57m shares, and expects these to start trading around 8 October. |
| If the shares begin trading at the midpoint of the expected range, Palmer’s existing 0.6% stake in the company will be worth £28m. | If the shares begin trading at the midpoint of the expected range, Palmer’s existing 0.6% stake in the company will be worth £28m. |
| The flotation is one of only a few major initial public offerings before the UK’s departure from the EU in 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 major initial public offerings before the UK’s departure from the EU in 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. |
| Palmer told Reuters the level of interest from investors in the IPO had been “unprecedented”. | Palmer told Reuters the level of interest from investors in the IPO had been “unprecedented”. |
| He said Aston Martin had increased its stock of engines and components in case the UK crashed out of the EU without a deal. It now holds five days’ supply of engines and components, rather than three days’ worth. Aston Martin makes all its cars in Britain and imports two-thirds of its engines and car parts from mainland Europe. | He said Aston Martin had increased its stock of engines and components in case the UK crashed out of the EU without a deal. It now holds five days’ supply of engines and components, rather than three days’ worth. Aston Martin makes all its cars in Britain and imports two-thirds of its engines and car parts from mainland Europe. |
| Other carmakers have warned about the impact of any customs checks introduced after Brexit, which could disrupt production and exports. | Other carmakers have warned about the impact of any customs checks introduced after Brexit, which could disrupt production and exports. |
| However, Palmer sounded a positive note. “If there are tariffs … for every car we lose because of a 10% tariff into Europe, we presumably pick up from Ferrari and Lamborghini in the other direction, because obviously their cars become more expensive in the UK,” he said. | However, Palmer sounded a positive note. “If there are tariffs … for every car we lose because of a 10% tariff into Europe, we presumably pick up from Ferrari and Lamborghini in the other direction, because obviously their cars become more expensive in the UK,” he said. |
| The average cost of a car from an EU country could rise by £1,500 in the event of a no-deal Brexit, the UK’s automotive trade body has predicted. | The average cost of a car from an EU country could rise by £1,500 in the event of a no-deal Brexit, the UK’s automotive trade body has predicted. |
| Aston Martin sells about 25% of its cars into mainland Europe and a further 30% in the UK. While not welcoming the prospect of a hard Brexit, the company believes its exports would benefit further from any weakening in sterling. | Aston Martin sells about 25% of its cars into mainland Europe and a further 30% in the UK. While not welcoming the prospect of a hard Brexit, the company believes its exports would benefit further from any weakening in sterling. |
| The carmaker 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 after the IPO. | The carmaker 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 after the IPO. |
| 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 has been 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 has been offering shares to eligible employees, customers and members of the Aston Martin Owners Club resident in the UK. |
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