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| The Pub For General Automotive Related Talk |
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01-02-2020, 10:37 AM
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FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,308
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"London (CNN Business)Aston Martin has been rescued from collapse by a £500 million ($656 million) bailout led by a Formula 1 billionaire.
The ailing carmaker said in a statement Friday that Canadian Lawrence Stroll, who is part owner of the Racing Point Formula 1 team, is leading a group that will pay £182 million ($239 million) for 16.7% of the company. Aston Martin will then raise an additional £318 million ($417 million) through the issue of new shares, some of which will be purchased by Stroll's consortium. Stroll will become executive chairman of the company, which has battled weak demand for some of its models, a global auto slowdown and uncertainty over Brexit following an IPO in 2018. Aston Martin unnerved investors earlier this month by warning that its profit for 2019 is expected to fall by nearly half from a year earlier despite healthy orders for its first ever SUV, the DBX. Some of the proceeds from the capital raise will be used to ramp up production of this model, but investment in electric vehicles will be delayed beyond 2025, the company said. "The difficult trading performance in 2019 resulted in severe pressure on liquidity which has left the company with no alternative but to seek substantial additional equity financing," Penny Hughes, who will step down as Aston Martin chairperson, said in a statement. "Without this the balance sheet is not robust enough to support the operations of the group," Hughes said. Shares in the carmaker, the favorite ride of fictional British secret service agent James Bond, jumped as much as 30% in London on Friday. But they are still about 75% below their IPO price. Aston Martin has lost more than £3 billion ($3.9 billion) in value since listing in October 2018, a stinging indictment of its once lofty ambition to seek a valuation on a par with Italian carmaker Ferrari (RACE). Aston Martin's financial position is now so dire that the company said Stroll is providing an immediate cash injection of £55.5 million ($72.8 million). From luxury to racing Given Aston Martin's checkered 106-year record, which includes several bankruptcy filings, investors may think Stroll has been handed a poisoned chalice. The stock pared some of its earlier gains on Friday and was trading about 18% higher at £4.75 ($6.23) by noon in London. But the serial investor is eager to undertake the turnaround. "I believe that this combination of capital and my experience of both the motor industry and building highly successful global brands will mean that, over time, we fulfill Aston Martin Lagonda's potential," Stroll said in a statement. Stroll was an early investor in Tommy Hilfiger, Polo Ralph Lauren and Michael Kors. John Idol, the CEO and chairman of Michael Kors' current owner, Capri Holdings, is also a part of the consortium. Aston Martin's current shareholders, which include European and Kuwaiti private equity groups that together own about 61% of the company, are expected to own 50.5% following the rescue. As part of the deal, the Racing Point team will be renamed Aston Martin F1 starting with the 2021 season, the company said. For 2020, Aston Martin will continue to sponsor the rival Red Bull team. https://edition.cnn.com/2020/01/31/b...1T17%3A00%3A24 — Charles Riley contributed reporting."
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CSGhia |
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01-02-2020, 03:29 PM
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Banned
Join Date: Jan 2012
Posts: 2,489
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They look fantastic but I've always considered them overpriced compared to the competition.
Maybe if they brought out cheaper cars to appeal to a much wider market would keep them far more stable |
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01-02-2020, 08:17 PM
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Youth worker
Join Date: Dec 2007
Location: Ipswich QLD
Posts: 6,886
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Really glad they didn't end up selling the shares to Geely motors!
I love Aston, totally a fan, even though they are far inferior to many of their rivals in Italy especially. Just something so cool and raw about them...
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2007 FPV F6 Typhoon BFII, Neo. Build Number 325 2011 SZ Territory Typhoon Thread: Mr Brooksy's BFII Typhoon Territory Thread: Mrs Brooksy's SZ Territory Resurrection Old Futura thread:
Brooksy's Ex Build |
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01-02-2020, 08:30 PM
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Oppressive patriarch
 
Join Date: Aug 2016
Location: Brisbane
Posts: 760
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Quote:
 It had 72kw of raw power. And was pulled due to low sales.There was one sold with the na 4.7 v8 from the vantage. Alas, it was a one-off. https://www.autocar.co.uk/car-news/n...rtin-v8-cygnet
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. Lamenting lost Australian manufacturing. Last edited by anobserver; 01-02-2020 at 08:32 PM. Reason: Spelling |
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01-02-2020, 08:39 PM
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The good, bad and fugly
 
Join Date: Feb 2016
Posts: 1,913
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03-02-2020, 02:56 PM
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FF.Com.Au Hardcore
Join Date: Feb 2008
Location: Perth, Northern Suburbs
Posts: 5,011
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Their cars are beautiful, porn on 4 wheels.
I doubt I will ever get to drive one, but from what I have seen they can also be awesome to drive, but sometimes the build quality is indicative of their low volumes.
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2024
Making Whine from the Tears of Hippies |
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03-02-2020, 03:23 PM
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Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
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___________________________ I've been around the world a couple of times or maybe more....... |
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08-02-2020, 12:29 PM
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I am Groot
Join Date: Dec 2007
Location: Burnett Heads, Qld
Posts: 6,840
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With some of the hottest looking cars available you would think they could get there business model sorted, hopefully the new guys are better money managers...
On another note, very nice and i'm fairly certain i would be extremely comfortable in this cockpit  ......although my finacial status dictates otherwise  Aston Martin DBX a sell-out in Australia... https://www.caradvice.com.au/823832/...-in-australia/  
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..  McLaren F1 Dick Johnson Racing "Those were the days when the cars were cars, they weren't built out of an Ikea pack like they are now and clothed in plastic; they were real cars." John Bowe |
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08-02-2020, 02:44 PM
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Banned
Join Date: Jan 2012
Posts: 2,489
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I live in Hobart so rarely see very expensive brands outside more common Mercs, Porsche etc.
There is a DB9 that works closely to me (no idea where but it leaves same time I do in city) and jeez it's a beautiful looking car. I hope they can stay afloat and use a new strategy to appeal to buyers. |
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10-02-2020, 01:48 PM
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Banned
Join Date: Jan 2012
Posts: 2,489
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That looks fantastic and i agree, the interior is beautiful. Problem.is the boot though! Modern SUV are all about looks and are not practical (for me at least) at all!! |
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Aston Martin Saved from Bankruptcy.
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