28th Oct 2020 11:01
(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Wednesday said it has completed its GBP125 million equity capital raise to fund a new business plan.
The luxury car maker is aiming for annual revenue of GBP2 billion and adjusted earnings before interest, tax, depreciation and amortisation of about GBP500 million by 2025.
Aston Martin issued 250 million shares at 50 pence per share. The stock was up 5.0% at 57.21p each on Wednesday morning, giving it a GBP1.04 billion market capitalisation.
Under the capital raise, Permian Investment Partners LP bought 66.7 million Aston Martin shares, Zelon Holdings Inc 60 million shares, Yew Tree Overseas Ltd 40 million, and other investors 83.3 million.
Aston Martin late Tuesday had unveiled plans for the fundraise and an expanded technical pact with investor Mercedes, as part of its new business plan.
The company also had launched a GBP840 million offering of senior secured notes, with proceeds being used to redeem existing notes, repay other debts, and for general corporate purposes.
The expanded technology agreement with Daimler AG's Mercedes will see the German carmaker's stake in Gaydon, Warwickshire-based Aston Martin steadily increased to 20%.
For the third quarter of 2020, Aston Martin recorded revenue of GBP124 million, down 49% annually from GBP244 million. It made an adjusted loss before interest, tax, depreciation and amortisation of GBP29 million from GBP43 million profit a year ago.
By Tapan Panchal; [email protected]
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