Williams F1 founder Sir Frank Williams has heralded the "a new era in the history of our team" after the company revealed details of its historic flotation on the stock exchange.
Williams announced last week their intention to become the first Formula One team to offer shares to the market and today confirmed an Initial Public Offering (IPO) on the Frankfurt Stock Exchange.
A total of 27.39% of shares will be made available and are priced between 24 and 29 euros per share, valuing the company at 265million euros (£225million).
No new shares are being issued, with existing stakeholders selling down part of their existing holding to allow new investors in the business.
Sir Frank Williams, who founded the team in 1977 alongside Patrick Head, is to sell some of his 56% stake but will retain over half of all shares and remains the majority and controlling shareholder, as well as team principal.
He said: "This IPO marks a new era in the history of our team. Our future as an independent constructor is sustained by this listing, providing us the base from which to further grow."
Group chairman Adam Parr added: "We have spent the last few years working to ensure a long-term future for the sport.
"Having accomplished this, the time is now right to assure Williams' own future as an independent constructor in this rapidly evolving industry."
Head, the former Williams technical director, is proposing to sell 17% of his current 23% holding but will remain involved in the engineering side of the Formula One team in an advisory capacity.
The Williams management team gave their investor presentation in London this morning and will repeat the process in Frankfurt and Zurich this week.
As part of the presentation, Williams revealed they currently had a net cash position of £24.8million after three consecutive years running at a profit.
Bookbuilding will begin today and run until February 28 before the first day of trading on March 2.
Credit: PlanetF1.com (www.planetf1.com)
No comments:
Post a Comment