11:53 am, September 29, 2023
Shares in Aston Martin Lagonda Global Holdings jumped this morning after billionaire Lawrence Stroll and his consortium increased their stake in Aston Martin.
Stroll’s Yew Tree Consortium agreed a deal to purchase 26 million more ordinary shares, Aston Martin told shareholders.
It means Yew Tree has increased its stake by 3.27 per cent to 26.23 per cent of the firm.
It remains short of the 30 per cent threshold at which significant shareholders need to declare whether they intend to launch a takeover offer for a company.
Stroll was made chairman of Aston Martin after he first invested in the company in 2020.
He said: ‘The Yew Tree Consortium is delighted to increase its ownership in the company by 3.27 per cent.
‘This additional investment demonstrates the Yew Tree Consortium’s continuing confidence and belief in the future of Aston Martin.
‘The company has delivered a major turnaround since the Yew Tree Consortium’s initial investment three years ago.
‘We have rebuilt this iconic company, transforming it into an ultra-luxury brand, with a portfolio of highly desirable, performance-driven cars.
‘This increased investment demonstrates our continuing, long-term commitment to the company, our conviction for the future and the shareholder value the company will deliver.;
Shares in Aston Martin were around 12 per cent higher on Friday morning as a result.
