Aston Martin workers stirred by shares giveaway
SPORTS car maker Aston Martin is handing out free cash to staff so they can buy shares in its £5 billion stock market float this week.
James Bond’s favourite car firm, which has just over 2,900 staff, is giving away £1,000 each to about 2,200 employees as rewards for its landmark listing on the London Stock Exchange.
They will also receive an extra two weeks’ salary in January 2020. Around 70 of the management team will pocket a payment ‘equal to his or her annual salary’ in three instalments from next year. Aston Martin defines the management team as the rung on the ladder below executive level.
The Warwickshire-based company says the giveaways are being granted ‘with the intention of enabling recipients to buy shares in the company following admission’ – although there is no compulsion.
The so-called IPO Awards are revealed in the company’s 320-page prospectus. It also showed that chief executive Andy Palmer – who engineered a recovery at the firm – is being given shares worth £35 million.
Shares begin trading on the stock market on Wednesday. The float itself is reserved exclusively for institutional investors, staff and customers.
Private investors will not be able to deal in the shares until Monday, October 8.
There are concerns that Aston Martin and its army of bankers may have to trim its £5 billion valuation because it is viewed by the City as excessive.
Last year, the company made a record £87 million profit. This was a rarity – being one of the few times the firm has not made a loss in its 105-year history. It has gone bankrupt seven times.
On Friday, peer-to-peer lending company Funding Circle joined the stock market with a cheaper valuation than hoped.
It was valued at £1.5 billion, having targeted a £1.8 billion price tag.