Archive -

Williams announce share prices

The Williams team today released the price range of the shares offered in its IPO. Their shares will be priced at 24-29 Euros, with a nominal value of GBP 0.05 each. This values the business at 265 million Euros. The team recently announced its decision to offer 27.39% of the company for sale in a bid to secure its independent ownership future, after a number of high-paying sponsors left the team. Although over a quarter of the company will be sold, founder Frank Williams, who currently owns 63% of the shares, will retain a majority and controlling stake. Williams are set to announce more details about its flotation at a press conference in London later today, but in a statement issued by the team this morning outlines the background to their plans, which suggested that this IPO positions Williams F1 for the future, as it will provide a more sustainable ownership structure that will support its growth as an independent constructor. It also provides investors a unique opportunity. The team also add that their accounts are in good health, with three years of profits on their books, a cash position of £24.8 million. Furthermore, the team’s racing budget for 2011 has already been secured. Speaking about the IPO, team principal and Williams founder, Frank Williams 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.” Whilst chairman, Adam Parr said: “We have spent the past 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.” President and CEO of the Formula One Group, Bernie Ecclestone also spoke positively about Williams decision to sell shares in the team, saying: “I have known Frank Williams for more than 40 years. He has always run a very efficient organisation. He has never wanted to be taken over by either a car manufacturer or a large company. He has supported Formula One in many ways most of his life, as has Patrick Head. We want more Franks and Patricks. If I could buy shares in the Company I would.”

Leave a comment

Please note, comments must be approved before they are published

Tags

Sale

Unavailable

Sold Out