The Directors of Justin Wilson plc are delighted to announce that their unique share issue, offering members of the public the opportunity to invest in Minardi Formula One driver Justin Wilson, has not only successfully achieved the maximum ...
The Directors of Justin Wilson plc are delighted to announce that their unique share issue, offering members of the public the opportunity to invest in Minardi Formula One driver Justin Wilson, has not only successfully achieved the maximum subscription of £1.2m but was actually oversubscribed by the closing deadline of Friday 30 May.
Justin Wilson plc has made history by being the first ever time members of the British public have been able to buy shares in a Grand Prix driver. The share issue opened on 7 March 2003 with the production of the Prospectus.
The potential return for investors is in two stages, and of course will be dependant on Justin's success. The first stage is for investors to double their money, and this may be paid out after three years and once sufficient capital has accrued in Justin Wilson plc, which will receive all income related to his activities as a motor racing driver. Justin will be limited to a personal income of £50,000 in 2003, £75,000 in 2004, £100,000 in 2005 and thereafter index linked until investors have received double their investment.
Once this has been achieved, the second stage is for investors to be collectively entitled to 10% of all Justin Wilson plc's income until 2012.
Justin Wilson plc Managing Director, Jonathan Palmer, is delighted: "As this had never been done before, it was quite impossible to judge just how successful the share issue was going to be. Of course I am thrilled with the result - it is immensely satisfying for all involved in the creation of the content of the Prospectus, which was a huge amount of work. Clearly there has been a huge appetite, as we hoped, from members of the public and Formula 1 enthusiasts to take up the opportunity of owning a bit of an F1 driver."
"I believe there have been two key elements that have contributed to the success of the issue. Firstly Justin has earned confidence in his potential by putting in some great performances in his Minardi, proving his pace with some blistering opening laps. Secondly all the press, and particularly the national newspapers, have provided huge support with recognition and promotion of a new British Formula 1 talent."
Justin Wilson is equally pleased with such a public show of support as he enjoys his maiden Formula One season. "I'm delighted and flattered that so many people have chosen to invest in my career. The response to the share offer and the publicity it's generated has been really amazing, not only here in the UK but around the world. I get asked a lot if it's added pressure knowing that people have invested their hard-earned money into Justin Wilson plc but as I keep saying, I view the investors as additional support and not additional pressure!"
Minardi F1 team boss, Paul Stoddart has been impressed with the plans for Justin Wilson plc from the very start. "When Jonathan Palmer came to me with the Justin Wilson plc proposal in December of last year, I embraced it with enormous enthusiasm, as I thought it to be the best idea Formula One had seen in many a long year. With a driver of Justin's impeccable pedigree and undoubted talent, I felt the Invest in Wilson scheme could be nothing but a runaway success."
"I am therefore so very pleased it has been just that, and that the share offering is now fully subscribed. Justin's performance has exceeded even my most optimistic expectations, but more importantly, it also has been noted by a number of influential individuals within the world of Formula One."
The British Racing Drivers' Club (BRDC) made a commitment to become a major shareholder even before the scheme was launched. "We have a policy of financially supporting young British racing talent and believe it is an important role for the BRDC. We initially supported Justin Wilson in F3000 and had no hesitation in helping with this excellent funding scheme. We are very impressed indeed that Justin Wilson plc is now oversubscribed and proud that the BRDC was one of the first to show support."
ITV F1 television commentator Martin Brundle has also been impressed with Wilson's performances on the track. "I have been watching Justin closely at every Grand Prix and believe he fully justifies the confidence shown in him."
For the avoidance of doubt, the Justin Wilson plc Share Issue is now closed and no further shares can be purchased under this Issue.