Aston Martin Lagonda Global Holdings PLC raises more cash as production of DBX


This latest fundraise comes just two months after a £536mln refinancing led by Canadian billionaire Lawrence Stroll,

 () is to raise up to another £190mln to help tide it over the coronavirus crisis while its new DBX sports utility ramps up production.

The new money will come from a bookbuild placing and retail offer of up to the equivalent of 19.99% of the company’s share in issue.

At last night’s closing price of 64p, the company was valued at £948mln.

This latest fundraise comes just two months after a £536mln refinancing led by Canadian billionaire Lawrence Stroll, who is the now the luxury car company’s executive chairman.

At the start of June, Aston Martin also said it was cutting 500 jobs as it slashed production of front-engine sports cars.

In a trading update today, Stroll said COVID-19 disruption will mean lower retail and wholesale sales in the current three months compared to the first quarter, while both retail and wholesale average selling prices are being affected by de-stocking.

Dealer stock had been reduced by 617 units year-to-date to end May, he said, adding that more than 90% of the dealer network is now open.

Stroll added the production of the DBX had now started at the St Athan plant, which is scaling up to full production and is on schedule for deliveries to start in July as planned.



Read MoreAston Martin Lagonda Global Holdings PLC raises more cash as production of DBX

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x