Aston Martin considers IPO
Discussion
In summary, Bez said that of course Dar as a PE house would look at an IPO exit (naturaally, given their own status and complexities, they will look at anything), also given hold time, the natural cycle of a secondary buyout or IPO is on their minds. Trade sale would be very low possibility. BEx mentioned the Ford engine manufacturing contract has been extended. Doesn't look like he mentioned the sell off of Works Service that was mentioned in the bond that has been agreed to but not implemented yet.
Neil1300R said:
Only interesting if you've registered for the FT! Can't read it
http://www.telegraph.co.uk/finance/newsbysector/in...GlynMo said:
Neil1300R said:
Only interesting if you've registered for the FT! Can't read it
http://www.telegraph.co.uk/finance/newsbysector/in...brakedwell said:
GlynMo said:
Neil1300R said:
Only interesting if you've registered for the FT! Can't read it
http://www.telegraph.co.uk/finance/newsbysector/in...
Or is that why you removed the original post, because yours was old news too?Edited by GlynMo on Thursday 7th July 11:41
I somehow doubt the market is waiting for this;
- Results are still well below 2007, improving, but from a low base;
- BRIC countries are the major growth areas, but
i) BRIC countries have a tradition of chauffeurs for HNWI, not drivers,
ii) BRIC infrastructure is still often poor (the roads networks aren't great or extensive)
iii) Aston is a British brand, not really a global brand; Is British cool?
- The non-auto brand is licensed to third parties (where's the brand upside?);
- AMR is not part of the group (The route to a global brand is outsourced to the Chairmans other company);
- Works Service is being spun out into a somewhat opaque 40:60 JV with the shareholders holding 60% with no clear explanation by AMH as to what the hell that's all about.
- The Ford (Sorry, "Aston Martin Engine Plant") engine deal is coming to its end and they need to decide whether to extend it, buy the plant or get another supplier. Who wants to own a car company with no secure engines?
- The shareholders had to inject £35m to cure a funding crisis only a couple of years ago.
- The bond issue is clearing accrued dividends and repaying shareholders as well as injecting some new money; New shareholders would be refinancing a bond that refinanced old shareholders.
- What dividend yield could you expect with the capex/R&D profile that is looming?
I'd buy Prodrive before AML anyday.
- Results are still well below 2007, improving, but from a low base;
- BRIC countries are the major growth areas, but
i) BRIC countries have a tradition of chauffeurs for HNWI, not drivers,
ii) BRIC infrastructure is still often poor (the roads networks aren't great or extensive)
iii) Aston is a British brand, not really a global brand; Is British cool?
- The non-auto brand is licensed to third parties (where's the brand upside?);
- AMR is not part of the group (The route to a global brand is outsourced to the Chairmans other company);
- Works Service is being spun out into a somewhat opaque 40:60 JV with the shareholders holding 60% with no clear explanation by AMH as to what the hell that's all about.
- The Ford (Sorry, "Aston Martin Engine Plant") engine deal is coming to its end and they need to decide whether to extend it, buy the plant or get another supplier. Who wants to own a car company with no secure engines?
- The shareholders had to inject £35m to cure a funding crisis only a couple of years ago.
- The bond issue is clearing accrued dividends and repaying shareholders as well as injecting some new money; New shareholders would be refinancing a bond that refinanced old shareholders.
- What dividend yield could you expect with the capex/R&D profile that is looming?
I'd buy Prodrive before AML anyday.
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