Business
Proposed New Equity Financing and Investment
Proposed New Equity Financing and Investment.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, CHINA OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH ACTIVITY WOULD BE UNLAWFUL.\n \n \n \n THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION.\n \n \n \n 15 July 2022\n \n \n \n \n \n Aston Martin Lagonda Global Holdings plc\n \n \n \n \n \n Proposed New Equity Financing and Strategic Investment by the Public Investment Fund (\"PIF\")\n \n \n Aston Martin Lagonda Global Holdings plc (\"Aston Martin\", \"Aston Martin Lagonda\" or the \"Company\") today provides the following market update\n \n \n ·\n £653m. proposed equity capital raise with the\n proceeds used to meaningfully de-leverage the balance sheet, strengthen and accelerate long-term growth\n \n \n ·\n Leading global investment fund, PIF, to become a new anchor investor and the second largest shareholder\n \n \n · PIF, the Yew Tree Consortium and Mercedes-Benz AG to invest c. £335m in total\n \n · Proposed equity capital raise provides clear pathway for significant shareholder value creation with pro-forma cash of £500 - 600m post debt pay down, driving Aston Martin's growth ambitions and supporting positive free cash flow generation from 2024\n \n · FY 2022 outlook reaffirmed in H1 trading update with strong demand trends continuing\n \n · Company also announces the Board's rejection of Atlas Consortium Proposal\n \n \n \n \n Proposed Equity Capital Raise\n \n \n The Company announces its intention to undertake a proposed equity capital raise (the \"Capital Raise\")\n to meaningfully deleverage the balance sheet, strengthen and accelerate its long-term growth. The Company confirms the following plans for a linked primary issuance of shares, subject to shareholder and regulatory approvals:\n \n \n · \n a proposed placing of approximately 23.3 million new ordinary shares at a price of £3.35 per ordinary share in the capital of the Company to PIF (the \"Placing Shares\"), conditional upon the subsequent underwritten rights issue, to raise...