The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Also confirmed in the RNS : Other than the short term negative financial impact of this issue, Aston Martin is on course to achieve its financial guidance for 2021 and remains confident in achieving its medium-term targets of c.10,000 wholesales, c.£2bn revenue and c.£500m adjusted EBITDA by 2024/25.
BC
One of the comments on the article:
"The story does seem a bit one-sided, probably as the author noted, they haven't had input from the Swiss entrepreneurs.
Several of Aston Martin's key projects of the last 4-5 years have been due to Baenziger and Kamelger. Earlier sources (eg. https://www.automoto.it/news/aston-martin-valkyrie-ed-il-partner-misterioso-af-racing-chi-sono.html) suggest that it was the pair who pitched the idea of the Valkyrie to then CEO Andy Palmer and who only agreed if AM didn't have to fund / take risk. Their business took this role, sold a high proportion of the cars and were to run at least part of the racing / track operations. Last summer they brought the Valkyrie mobile service vehicle & I believe a car here to St. Moritz and the vehicle is visible outside their dealership. There is a video online of Nico Rosberg specifying a Valkyrie with Baenziger at Aston Martin St. Gallen. It certainly wasn't just 'handling some Swiss customer deposits'.
They are also responsible through their R-Reforged business for the Callum Vanquish 25 and V12 Zagoto Heritage twins. Through their AF Racing / R Motorsport division they're one of the prominent racing teams for Aston Martin cars in GT3 and GT4.
This article (https://squaremile.com/gear/cars/andreas-baenziger-r-universe-interview/) suggests that Stroll used their Aston Martin St. Gallen business to source cars before buying AM and that the pair played a role in his subsequent acquisition.
For Aston Martin to have cancelled possibly one of their most important global dealerships, at least for selling their highest-profile limited edition cars, seems to suggest that their has been a major falling-out between ex-customer Stroll and the pair. Maybe the £10m was being withheld as part of these 'negotiations'. Maybe, given the pair had the contract to finance & project manage the Valkyrie project in the first place it wasn't even due to AM as per the original deal. There seems to be a much more interesting story behind the scenes."
Now we know why so many funds are selling this down.
I knew a £24 million pound sell meant something yesterday.
Let the SP be the judge Frankeh boy.
See you at £16.
ANYONE, with ANY legal training or background ( or even common sense tbh) will only view this as a positive for AML. A great decision by the BOD and exactly the reason Stroll is the man for the job.
Any waffle written about keeping his son in F1 is just proof of an uneducated, de-ramping cretin.
GLA
"The carmaker will take a £15m hit to profits this year and book a further undisclosed financial impact next year, it will tell investors on Tuesday morning, the same people said. At least £10m of that is from the missing customer deposits, with an additional unquantified hit next year.”
"In return, Nebula was due to collect commission from sales of the Valkyrie model as well as two subsequent cars based on the same technology, the Valhalla and the Vanquish"
Looks like Stroll had no idea just quite what he was getting himself into. Or did he, and just found an easy way to make money for himself and keep his son in F1.
5 week wait for Q2 results is going to feel like a year.
I wonder how long until the next cash raise....
I agree with you it’s not serious.
They terminated their dealership contract with them. The question is can they prove all this in court.
But I am just thinking “how the **** can this happen?!”
The bod are dealing with an issue which is going to have minimal impact in the short term, and indeed is actually to AML's benefit in the medium term. JJ
After reading the RNS, IMO doesn’t sound too bad.
Financially it’s just a little hiccup which over the long term doesn’t matter.
It’s more the incompetence of previous management which is baffling me. And they are cause Aston’s name to be less appreciated.
I wonder what will happen today 8:00am.
Oh dear.
This will be a crater on the recovery road.