24/02/2011
NEWS STORY
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What a time to try and float a Formula One team. The Bahrain GP has just been cancelled and the sport is apparently investigating whether a $50m bribe was paid to its former chairman who is currently in jail in Germany. Then there's the small matter that we are just coming out of a recession.
Flying in the face of all this, Williams hopes to float on the German stock exchange on Wednesday but the latest news shows that the details are still not certain. According to a report in the Telegraph, the Williams share price range has been reduced and tightened from €24 (£20.40) to €29 (£24.60) a share, to between €25 (£21.26) to €27 (£22.96) a share. The shares sold will create a free float of around 28% with the majority coming from co-founder Patrick Head who intends to retire this year.
Today the team launches its 2011 livery so investors will no doubt be eager to see if it has sold any more sponsorship since its interim livery was revealed earlier this month.
More news on the float is sure to come soon as Pitpass' business editor Chris Sylt says that Williams' PR communications have spurred at least one newspaper to take more interest in its plans.