Aston Martin board strap in ahead of October float
By Oliver Haill
Date: Monday 10 Sep 2018
(Sharecast News) - Aston Martin Lagonda has hired former RBS and Coca-Cola director Penny Hughes as chairman ahead of the sports car maker's planned flotation on the London Stock Market early next month.
The James Bond carmaker confirmed that it would have a premium listing on LSE's main market, ruling out a mooted move to Wall Street. The company is hoping for a bumper, Ferrari-beating valuation of around £5bn, with an initial pricing range of the initial public offer scheduled for around 20 September and final pricing expected to be announced in early October.
Current owners, Italy's Investindustrial, Kuwait's Adeem Investments and Primewagon all plan to sell down their stakes as part of the IPO, giving a free float of at least 25% before a planned over-allotment share issue option of up to 15% of the total shares. Existing preference shares and associated warrants will be converted into ordinary shares.
Germany's Daimler has confirmed it will retain its full 4.9% stake and convert its current non-voting shares to ordinary shares, as well as agreeing to a 12-month lock-up of these shares after listing.
Aston Martin, which reaffirmed targets to deliver 6,200-6,400 cars this year, 7,100-7,300 in 2019 and ramp up roughly 14,000 units annually in the medium term, revealed former Royal Bank of Scotland and Morrisons non-executive director Hughes had agreed to chair the board, with ex-InterContinental Hotels CEO Richard Solomons agreeing to serve as senior independent director. Imelda Walsh, currently on the board at Mitchells & Butlers and FirstGroup, will also join as a non-executive and serve as chair of the remuneration committee.
The company anticipated generating an adjusted EBITDA margin of approximately 23% and an adjusted EBIT margin of close to 13% in the current year, with the aim of increasing this above 30% in the medium term.
A leverage ratio of net debt to adjusted EBITDA is targetted to be at or below 2x by year end 2018.
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