Aston Martin confirms return to F1 action
Aston Martin Lagonda’s AGM has given the green light for the firm is to raise £536m through a share issue.
The move includes a £171m private placement of shares from a Lawrence Stroll-led Yew Tree consortium, which is part of a total investment of £262m.
Penny Hughes, Aston Martin Lagonda’s Chair, said: “As outgoing chair, I’m delighted to welcome Mr Stroll and his consortium partners to the share register and to Mr Stroll joining the Board from 20 April.
“Despite the ongoing impact of Covid-19, with extraordinary teamwork we have brought in significant new investment, demonstrating the confidence and belief of these new investors in Aston Martin Lagonda, and ensuring that the company continues to bring exciting products to market.
“In the short term the Board believes this will facilitate Aston Martin Lagonda to trade through the current period of unprecedented uncertainty in order to continue the planned transformation of its business. Looking ahead, the launch of the DBX, will mark the company’s entrance to the attractive luxury SUV market.”
Aston Martin also confirmed that it will enter a F1 Works team for the first time since the 1950s. Stroll is the owner of the Racing Point team.
He said: “I, and my co-investors in the consortium, continue to believe passionately in the future of Aston Martin Lagonda. This is most clearly demonstrated by our investment of £262m which underpins the financial security of the company.
“This is a very significant capital raise of £536m – due to be made by my consortium and other shareholders at a very challenging time. This gives the necessary stability to reset the business for its long-term future. We have a clear plan to make this happen, including Aston Martin entering an F1TM works team next season and I look forward to working with the management team to deliver this programme.”