04/02/2011
NEWS STORY
After a drought of details about the Williams stock market flotation the team has finally decided to host a press conference about its plans. This will take place on Wednesday at 10am in the Glaziers Hall conference centre overlooking the City of London.
We already know that Williams will float 27.39% of its shares on the Frankfurt stock exchange at a nominal value of £0.05 per share. The first day of trading is expected to be the 2nd March - the week before the start of this year's F1 season.
The sole global co-ordinator of the float is Swiss-based Bank am Bellevue, which is a key client of Formula Money, the F1 business information firm owned by Pitpass' business editor Chris Sylt. His press conference invitation, simply entitled 'Williams F1 to float' was sent by German agency MC Services.
The press conference should hopefully answer some key questions about the plan such as what Williams is going to do with the money. In its initial release details about the float, the team's chairman Adam Parr (right) was asked "Would any flotation involve raising funds for the company?" and he responded "No." which sounded very unusual indeed. From the latest news it seems, unsurprisingly, that funds will of course be raised but we still do not know what the team will do with them. Sylt for one cannot wait to get hold of the financial information about the team which will need to be disclosed.