Following a recent Strollified information delivery to Aston’s shareholders, Aston’s second-quarter results beat market anticipations.
However, one pundit drew attention to detail in the small print that isn’t quite so positive regarding Free Cashflow and Net Debt.
Nonetheless, Geely’s CEO, Daniel Li, has been appointed to the board; Geely is the third largest shareholder; in May, Geely invested a further £234 million into Aston.
Geely acquired a 17% stockholding purchasing 42 million shares from Lawrence Stroll’s Yew Tree Consortium, plus an additional 28 million new shares.
Geely acquired a 7.7% stockholding in Aston in September 2022.
Now Aston is planning their electrification dream and repaying high-interest debt by raising a further £210 million by selling new shares.
Lawrence Stroll’s Yew Tree consortium, Saudi Arabia’s Public Investment Fund, Geely International and Mercedes-Benz Group have agreed to subscribe to around £115 million of stock.
Aston is offering the remaining shares to institutional investors.
Lawrence Stroll summarised:
‘The share offering will allow us to redeem our most expensive debt, accelerate the pathway we have been on to deleverage our balance sheet and become sustainably free cash flow positive.’
Every success with that, Mr Stroll.
