Hand built luxury sportscar maker Aston Martin Lagonda has announced an initial public offering (IPO) and will list its shares for trading on the London Stock Exchange LSE). It also said it planned to boost output into five figures and increase profits.
The automaker named a new board of directors, too.
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Penny Hughes will be non-executive board chair of the nomination committee. She has extensive board experience with FTSE 100 companies including Royal Bank of Scotland, Vodafone and supermarket chain Morrison.
A number of independent non-executive directors have also been named.
President and CEO Andy Palmer said: “Today marks another significant milestone in our history and of the successful turnaround of the company under our Second Century Plan.
“We are delighted to have attracted high-calibre independent non-executive directors… [who will] bring significant
experience to the board as we prepare to float and deliver fully on our business plan commitments.”
Najeeb Al Humaidhi, on behalf of the previous, privately held Kuwaiti shareholding, said: “We have had the privilege to be part of the company’s history for the past 11 years. We are firm believers in British industry and its economy and have been strong supporters of Aston Martin’s iconic and prestigious offering from the start; we remain committed as we continue to support the growth of Aston Martin Lagonda in this next and exciting phase.”
There will continue to be shareholder representation on the Board on the proposed listing of the company.
AML said Daimler would remain a shareholder and would not sell its shares when the IPO takes place, instead converting its current non-voting stake of approximately 4.9% to ordinary shares. It also has agreed to a 12-month lock-up of these ordinary shares after listing.
Aston Martin employees, officers, customers and Aston Martin Owners Club members, resident in the UK, will be allowed to purchase shares in the offer at the offer price.
The final offer price is expected to be announced early in October 2018.
AML said the group this year expects to deliver between 6,200 units and 6,400 vehicles and to achieve an adjusted EBITDA margin of around 23% and an adjusted EBIT margin of approximately 13%.
It plans to built 7,100 to 7,300 units in 2019 and 9,600 to 9,800 cars in 2020.
The medium term goal is 14,000 a year, adjusted EBITDA margin greater than 30% and adjusted EBIT margin greater than 20%.
See also: Aston Martin ramps up IPO plans
