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Aston Martin Sees Q2 Retail Sales And Wholesales To Be Sequentially Lower

Aston Martin Lagonda Global Holdings plc (AML.L), in its pre-close trading, said it expects retail sales and wholesales to be lower in the second-quarter than in the first-quarter, due to the COVID-19 crisis. It expects wholesale average selling price (ASP) to be impacted by the de-stocking process.

For the full year total wholesales are currently expected to be broadly evenly balanced between sports cars and DBX.

The company noted that dealer stock reduced by 617 units year-to-date to end May.

The company confirmed that production has now started and it is on track to deliver luxury, performance SUV in July as planned.

Aston Martin Lagonda said it plans to conduct a non-pre-emptive placing of new ordinary shares in the capital of the company.

The total number of Placing Shares and Retail Offer Shares will not exceed 19.99 per cent of the company's existing ordinary share capital.

The company has received irrevocable undertakings to subscribe for approximately 32.8 per cent of the new shares.

The company noted that the net proceeds of the placing and the other financing transactions will provide the company with the required additional flexibility to successfully emerge from the extended COVID-19 lock-down and the dealers' inventory de-stocking period.

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