Lawrence Stroll and his consortium have bought more shares in Aston Martin, taking advantage of stock prices falling further due to market insecurity caused by the coronavirus outbreak.
Stroll’s consortium acquired an initial 16.7% stake in the luxury car maker back in January and Aston Martin will become fully integrated into Formula 1 in 2021 when the team currently known as Racing Point will reform.
But, a larger stake of 25% has now been secured at a value of £2.25 per share, while providing Aston Martin with a timely cash injection of £75million, which is up from the intended £20million.
“There has been a significant change in the global market environment in which Aston Martin Lagonda operates,” Stroll said.
“What has not changed is our commitment to provide the Company with the necessary funding it needs to manage through this period, to reset the business and to deliver on its long-term potential.
“Following recent moves in the share price and discussions with the Board, I and my consortium of investors, have agreed that we will now acquire 25% of the company and take up our rights in full in return for a long-term capital Investment of £262 million.
“In addition, we have agreed to advance a further £20 million in short term funding to support the company, bringing this total amount to £75.5 million.
“Whilst the immediate outlook looks increasingly challenging, I remain fully committed to the future of Aston Martin Lagonda and look forward to implementing our plans once the fundraising is complete.”