Aston Martin to raise over $162 million from chairman investment, F1 team stake sale

Aston Martin said on Monday it would raise more than 125 million pounds ($161.9 million) through funding from Chairman Lawrence Stroll’s investment vehicle and the sale of its minority stake in the Formula One team he owns. The carmaker in late February said it would cut 5% of its workforce as losses and debt ballooned, just three months after raising capital for the sixth time under Stroll.

Since taking over in 2020, Stroll has invested around 600 million pounds in Aston Martin. His Yew Tree Consortium will invest a further 52.5 million pounds by purchasing 75 million shares at 70 pence per share, the company said.



This will increase Stroll’s stake to about 33% from about 27.7%, and Aston Martin said Yew Tree had expressed interest in raising it further to up to 35%. Other top shareholders include Geely and Saudi Arabia’s sovereign wealth fund.

Aston Martin also said a sale of a stake in the Aston Martin Aramco Formula One team would help it realise a premium to the current book value of about 74 million pounds. The company famous for being fictional secret agent James Bond’s car of choice also said it now expects “modest growth” in annual car volumes, compared with its earlier forecast of mid-single digit percentage growth. ($1 = 0.

7723 pounds) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Krishna Chandra Eluri, Kirsten Donovan) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.

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