Williams Frees 27 Percent Shares for Market Flotation

Frank Williams and Patrick Head have disclosed further information on Williams F1 Team's flotation on the stock market, but they both insisted they will remain committed to the Formula 1 team for the long run.

According to the latest info revealed by Williams, the flotation is due to take place next month, on the Frankfurt Stock Exchange, and will see the company offer up to 27 percent for outside investors to purchase. That percentage was reached after both Williams and Head gave up shares of their own.

The largest part of those shares were freed by Head, whose stake in Williams Grand Prix Holdings PLC has now diminished from 23.5 percent to just 5.8 percent. On the other hand, Williams made available 6.4% of his shares in the company, which still leaves him in control of over 50% of the team (50.3%, to be more precise).

In exchange for those freed shares, Head and Williams will have their bank accounts filled with EUR46.8 million and EUR16.9 million, respectively, based on a midpoint pricing estimate of EUR26.5 per share.

I want to be clear at this point that when we move ahead, I will remain as a major shareholder of this group and I will have endless energy for a long time to come to make sure that the team not only prospers but continues to do better and better on the circuits,” Williams made clear during the press conference he held in London earlier today, as reported by Autosport.

I have always been driven by engineering and I am heavily involved in Williams Hybrid Power. It has its own technical people, but I am heavily involved in the support of that company,” added Head, who also insisted that rumors about his potential retirement from the company are unfounded.

There are areas where F1 can contribute to other areas of technology, and I shall probably put my attention more to that. Meanwhile I shall keep a watching brief on the F1 side and if there is anywhere I can help, I shall do something. The reports of my demise are premature.”
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