Aston Martin’s New Plan To Raise Some Fast Cash

Aston Martin will soon have a new CEO sitting behind the desk but there’s already a new management team installed. Led by Executive Chairman Lawrence Stroll, the financially troubled UK automaker is moving fast to shore up some much-needed funds in order to keep existing projects running, R&D for future vehicles, its upcoming Formula 1 program, and, above all, to guarantee the lights remain on in Gaydon during the coronavirus pandemic.Aston Martin announced plans this past Friday to issue new shares worth up to 20 percent of its current equity capital that will hopefully generate proceeds of nearly $190 million. Stroll’s Yew Tree consortium aims to purchase up to 25 percent of the offering while another owner, Prestige Motors, which had already been reducing its holding in the automaker after being its main shareholder, will buy about 8 percent.
Source: carbuzz.com