Site logo

Patrick Head to retire this year according to Williams banker

NEWS STORY
07/02/2011

Further information about the background to the Williams flotation is leaking out and thanks to Pitpass' business editor Chris Sylt we have the latest details right here.

If a company wants to float it has to disclose a huge amount of financial information and the first details which have trickled out relate to who will be providing the shares which will be floated.

In a press release on Friday Williams revealed that 27.39% of its shares will be floated on the Frankfurt stock exchange with trading to begin on 2 March. The team's co-founders Sir Frank Williams and Patrick Head currently own 63% and 27% of the business respectively with 10% in the hands of former Sports car driver Christian Wolff.

So, who will be giving up the 27.39%?

According to one of the bankers involved with the float preparations, the majority of the floated shares will come from 64 year-old Patrick Head who wants to retire at the end of this year. It all becomes clear.

In 2009, Head sold 3% of his shares to Wolff and a float could give him a well-timed payout before retirement. However, it would leave the team without Head as its engineering director which could have a significant effect on its race performance. Given that the race performance could affect the share value in the short and long term one would have thought that Williams would want to confirm directly who is providing the shares which will be floated and why.

At least we know now.

LATEST NEWS

more news >

RELATED ARTICLES

LATEST IMAGES

galleries >

  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images

POST A COMMENT

or Register for a Pitpass ID to have your say

Please note that all posts are reactively moderated and must adhere to the site's posting rules and etiquette.

Post your comment

READERS COMMENTS

 

No comments posted as yet, would you like to be the first to have your say?

Share this page

X

Copyright © Pitpass 2002 - 2019. All rights reserved.

about us  |  advertise  |  contact  |  privacy & security  |  rss  |  terms