LONDON - Aston Martin is increasing a capital-raising plan of up to 500 million pounds ($843 million CAD) by 36 million pounds ($60 million CAD) due to the coronavirus outbreak which will now see a consortium led by Canadian billionaire Lawrence Stroll take a roughly 25 per cent stake in the company.
Aston, which has seen its share price tumble in recent days in addition to big losses last year after it failed to meet sales expectations, announced plans for Stroll to buy up to 20 per cent of the company in January in a bid to turn around its fortunes.
"In light of recent extraordinary equity market volatility related to concerns over Covid-19, the company has renegotiated certain terms relating to the proposed investment," the company said on Friday.
Short-term working capital from Yew Tree, a vehicle controlled by Stroll, is also being increased to 75.5 million pounds ($127 million CAD).
The firm, which builds all its cars in Britain, said the third production trial of its first sport utility vehicle is going ahead as planned.
It said disruption to the supply chain in China had not impacted production.