Aston Martin Lagonda - comment
The prospectus for AML’s Rights Issue mentioned an arbitration claim from Nebula Project relating to the development of the Valkyrie model. We see the claim as an attempt by the directors of Nebula to deflect from lawsuits against another firm they own over allegedly withheld customer deposits for the Valkyrie.
- The arbitration claim is for up to £150m and the FT article quotes a 3% royalty on the £2.5m cars. The Valkyrie production run is 150 cars which suggest £11m and AML’s separate suit against the directors of Nebula is for £15m. Where the other c£140m of claim might be is not clear and for now, we agree with AML that this is retaliatory rather than substantive.
https://markets.ft.com/data/equities/tearsheet/summary?s=AML%3ALSE
Aston Martin Lagonda (Aengus) – AML’s extension of its rights issue offer period by one day to 27 September is just a technical requirement due to the unexpected bank holiday for the funeral of Queen Elizabeth II.