Parr: Flotation will secure Williams F1 future
21 January, 2011
Jan.21 (Williams) Sir Frank Williams announced today that he was considering flotation on the stock exchange for Williams F1. In the light of these developments the team released a Q&A with Chairman Adam Parr.
It sounds like Williams is considering a flotation on the stock exchange. Would that be correct?
Adam Parr: Yes, it would be correct to say that Williams F1 is considering a flotation on the stock exchange. At this stage, all we have concluded is that it is the best way to secure the future of the team and its 450 employees.
What is the timetable?
Parr: As the plan develops we will provide further information.
Is retirement a current consideration for Frank?
Parr: No. Retirement is categorically not on Frank’s agenda. Anyone who knows Frank knows this.
Are there any concerns surrounding Frank’s health?
Parr: No. Frank’s health is absolutely fine.
What other options have the Board investigated?
Parr: We have had many approaches in the past, but none have offered the same benefits as this route.
Toto Wolff invested in the team in November 2009. What is his future role?
Parr: Toto is a non-executive director and a significant shareholder in the company. He has already established himself as an important part of the team and he will play a central role in its future.
If Williams were to go public, what are the implications for the team’s partners and relations with the FIA and FOM?
Parr: The team has always enjoyed honest and open relationships with its partners, the governing body of the sport and the commercial rights-holder. Whether we are a public or private company, this will not change.
Would any flotation involve raising funds for the company?
Does Williams F1 have the financial track record to support a flotation?
Parr: Yes, we believe we do. The company has always been run on sound financial principles. In spite of the economic environment in recent years, we have turned a profit and generated positive cash-flow from operating activities in 2008, 2009 and 2010 and we have a fully contracted budget for 2011.
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