Autumn date likely for Aston to thrill investors
ASTON MARTIN is set to press the button on a £5billion stock market listing in one of the City’s most high-profile floats for years.
The James Bond carmaker, whose DB5 featured in the film Goldfinger, could announce plans to list on the London Stock Exchange in the autumn as early as today, when it unveils half-year results.
About £1billion of shares in the company, which is owned by Italian and Kuwaiti investors, are likely to be offered for sale as it seeks a valuation at the top of a £4billion-£5billion valuation range.
The 105-year-old business, based in Gaydon, Warwickshire, and led by chief executive Dr Andy Palmer, pictured, said earlier this year it was looking at a range of strategic options including the potential for an Initial Public Offering.
London faced competition to host the float from New York, where Ferrari’s shares are listed.
The offer could involve customers being given the chance to buy shares at a discount and a new employee share scheme.
After years of losses, Aston Martin, which employs more than 2,700 people and sells its vehicles in 53 countries, has begun to turn around its fortunes, announcing pre-tax profits of £87million on record annual sales of £876million last year. Global sales exceeded 5,000 for the first time since 2008. Palmer said he was confident of further performance improvements this year, adding: “Our transformation plan is building momentum.” Its new manufacturing plant at St Athan in Wales is set to produce Aston Martin’s first sports utility vehicle next year.
The company is, reportedly, in the process of recruiting a new chairman and other independent members to its board.
One potential part-time director could be Richard Solomons, the former chief executive of Inter Continental Hotels Group.
A spokesman for Aston Martin declined to comment.