Investor to spend £70m on Aston Martin shares
The largest shareholder in Aston Martin has confirmed plans for it to increase its stake with a £68m investment.
Strategic European Investment Group is part of the Italian private equity group Investindustrial Advisors, which already owns 30.97% of the luxury car maker.
The latest investment will increase its holding by 3.0% as it looks to buy 6.84m shares at £10 each.
Aston Martin floated in October but has endured a difficult first year as a public company. Its shares fell by more than half, to just above 800p in May, before partly recovering to above 1000p in June and early July. Last night its shares closed at 963p.
The Takeover Code prevents the Investindustrial Advisors group from buying any more shares in the next 12 months without the consent of the Takeover Panel.
The Gaydon-based manufacturer also confirmed that the share purchase will “have no impact” on its status as a listed company.
The company’s most recent financial figures showed it lost more than £1m a week in the first quarter of the year, although it remained confident that it would meet expectations over the full year.