LONDON FINANCIAL INSTITUTIONS BACK A1 GRAND PRIX London -- Attracted by the success of A1 Grand Prix's (A1GP) first racing season, major London investors have committed to providing full funding for the Series, assuring a strong future for...
LONDON FINANCIAL INSTITUTIONS BACK A1 GRAND PRIX
London -- Attracted by the success of A1 Grand Prix's (A1GP) first racing season, major London investors have committed to providing full funding for the Series, assuring a strong future for the first ever World Cup of Motorsport.
A1GP has engaged Nomura to raise an institutionally targeted debt financing prior to an Initial Public Offering (IPO), to support the growth of the Series over the coming years.
RAB Capital plc, a leading investment manager listed in London, acting as lead investor along with other financial institutions, has committed sufficient capital through equity investments and convertible stock to complement the debt financing arranged by Nomura with the intention that A1 Holdings Ltd will IPO in the forthcoming months. Through this financing, A1 Grand Prix is able to commit to a long term future with sponsors, suppliers, promoters and national A1 teams.
Commenting on the new financing, A1GP Deputy Chairman and Co-Founder, Tony Teixeira said: 'Since the launch of A1GP in March 2004, the company has gone from strength to strength. I am delighted that after a strong first season, A1 Grand Prix has attracted the support of high profile investors committed to progressing the Series to the next level. In A1 Grand Prix, we have a unique and innovative product, a fact which has been recognised by RAB Capital plc and Nomura. I would like to thank all parties involved and look forward to a bright future for A1 Grand Prix, supported by these established City institutions.'
A1 Grand Prix is now finalising the race calendar for the 2006/07 season ahead of an announcement to be made shortly. Demonstrating the popularity of the Series, grandstand tickets for the first race of the season at Circuit Park Zandvoort in the Netherlands on 1 October 2006, sold out in just five days.