Williams release share price range

Williams Grand Prix Holdings PLC (Williams) today released the price range of the shares offered in its IPO. The range will be EUR 24 to EUR 29 per share with a nominal value of GBP 0.05 each. Williams is financially strong – the Group has been profitable for the last three years, has solid cash reserves, and its 2011 budget is already fully contracted.

Highlights:

- IPO positions Williams F1 for the future, providing a more sustainable ownership structure that will support its growth as an independent constructor
- Offering follows three years of profits and a net cash position of £24.8m as at year-end 2010
- Sponsorship is fully secured for 2011, complemented by stable commercial rights income
- Group has two businesses, Formula One and New Businesses, led by Williams Hybrid Power (WHP)
- Growth to come through ability to unlock value of intellectual property and world class technology
- No new capital being raised - existing shareholders selling down part of shareholding in order to allow investor participation
- IPO increases ability to attract and retain key talent through share ownership
- Public company status and standards viewed positively by sponsorship partners
- Unique opportunity to invest in global sporting brand and leverage success of F1 business

Williams is one of the most successful teams in the history of Formula One. Founded in 1977 by Sir Frank Williams and Patrick Head, it has won nine Constructors’ and seven Drivers’ championships. This IPO secures the Group’s sustainable ownership structure for the future and provides investors a unique opportunity.

Team Principal Frank Williams said: “This IPO marks a new era in the history of our team. Our future as an independent constructor is sustained by this listing, providing us the base from which to further grow.”

Chairman Adam Parr said: “We have spent the past few years working to ensure a long-term future for the sport. Having accomplished this, the time is now right to assure Williams’ own future as an independent constructor, in this rapidly evolving industry.”

President and CEO of Formula One Group Bernie Ecclestone said: “I have known Frank Williams for more than 40 years. He has always run a very efficient organisation. He has never wanted to be taken over by either a car manufacturer or a large company. He has supported Formula One in many ways most of his life, as has Patrick Head. We want more Franks and Patricks. If I could buy shares in the Company I would.”

In addition to the overall growth of the sport, Williams’ long-term growth is driven by its ability to unlock the value of its brand, extensive IP and world class technology. The Group has a significant R&D business which is currently developing energy-saving applications and green technology. Already, Williams is working with companies like Porsche and Sainsbury’s to transfer its technology for everyday use.