Aston Martin said on Friday it would issue new shares worth up to 20% of its existing equity capital as the luxury carmaker seeks additional funds to ride out the coronavirus crisis.
FILE PHOTO: A logo on the new Aston Martin DBX at the new Aston Martin Lagonda factory in Barry, Wales, Britain February 21, 2020. REUTERS/Rebecca Naden/Pool
New owner Yew Tree will pick up 25% of the offering, with Prestige Motors, which has steadily reduced its holding in the company having previously been the main shareholder, planning to buy about 8%, the company said. The company has been cutting jobs and streamlining its operations as it seeks to bring its cost base in line with its move to reduce sports car production levels.
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