2012 F1 Pool

[PeteC]

Singapore approves $2.5 bln Formula One float

http://www.bangkokpost.com/news/world/2 ... -one-float

Published: 22/05/2012 at 10:48 AM
Online news: World

Singapore has cleared the sale of Formula One shares for more than US$2.5 billion in one of the world's biggest flotations this year, reports said on Tuesday, with pre-marketing to begin immediately.

Private equity firm CVC Capital Partners, which has a majority stake in the glitzy motor sport's holding company, will gauge interest among investors and fund managers with a view to selling part of its stake at the end of June.

Dow Jones Newswires said the Singapore Exchange had approved a listing by Formula One, which has been rumoured for the past two months.

A spokesman for the bourse, citing standard policy, said: "It is not our practice to publicly comment on our dealings with listing aspirants."

Reports of the initial public offering (IPO), which could raise as much as $3 billion, follow Friday's float of Facebook in the United States which valued the web giant at $104 billion before its share price plunged.

It would be the biggest IPO this year in Singapore, which also approved a float by Manchester United in September, according to sources. The English Premier League football club is said to be awaiting better market conditions.

Some companies are looking at Asia's cash-rich markets to raise funds as Europe grapples with a debt crisis and the United States pursues a fragile recovery.

Singapore also hosts a popular Formula One night race, one of 20 stops on its global tour this year, and has a strong fanbase for the sport.

Dow Jones said order-taking international roadshows would begin in the second week of next month. But the suggested timing of the IPO is brave after turbulence returned to global financial markets last week.

"Look at the muted first-day response to Facebook's $18.4 billion IPO last Friday. The F1 listing is not nearly as attractive and long-awaited as that," an unnamed investment banker told the Straits Times.

Reports of a possible share float broke in March and received a generally cool response among team principals in the sport, many of whom are battling financial problems.

But Caterham boss Tony Fernandes, the man behind successful budget airline AirAsia, backed the plan spearheaded by Formula One supremo Bernie Ecclestone.

"As a businessman I think if public money can improve the sport, and accountability and transparency, then we should go for it," Fernandes told AFP in March.

"I saw some comments where the team bosses said they were against it. I think until we know more about it, it's silly to be against it. Let's hear about it in the open."

CVC took majority control in 2006 of Ecclestone's Formula One Group, which has the right to commercially develop the sport, stage and promote events, sell broadcast footage and offer sponsorship and hospitality packages.

According to CVC's website, Formula One Group has turnover of 1.17 billion euros ($1.49 billion).

[Big Boy]

Looks as though I'm now guaranteed this year's wooden spoon:

[Big Boy]

I'm back - it recognises me again . Don't worry JW, I'll be challenging for the wooden spoon soon

[PeteC]

What do ye think? Is Monaco the race to wait to see who qualifies, as to my memory it is almost impossible to pass. Although many walls to run into even as leader. Questions, questions. Pete

[pharvey]

Thought about it, but can't resist the 2pts for early bird........ best chance I've got to score with my record so far!!

[JW]

With you on that!

[Terry]

Don't worry guys

Monaco is a fricken lottery anyway - probably more so this year.

I would like to see the Lotus crowd pull it off.

[PeteC]

.....I would like to see the Lotus crowd pull it off.

Button and Hamilton seem to think they will based upon the comments they made after seeing Lotus practice. On the BBC Sports F1 page. Pete

[Pleng]

Race of Champions to be held in Bangkok in December (sponsored by Singha and Siam Winery 555!!!)

and Thailand's Minister of Tourism and Sports Chumphol Silpa-archa is hoping to bring F1 to Thailand

[Big Boy]

In that stadium, there just isn't going to be any serious racing - more like a publicity stunt.

[PeteC]

The qualifying sure didn't go as anticipated. Another Good luck to all. Pete

[Pleng]

In that stadium, there just isn't going to be any serious racing - more like a publicity stunt.

Well that's pretty much what the race of champions is...

[PeteC]

Pharvey had the best race this week with 7.3 points. Lindosfan was the only one to pick Webber to win. RZR has retaken the lead with 45.50 points, followed by Terry, Pitsch and Parahandy.

Now it's across to Canada for June 10. Good luck to all! Pete

1 ▲ 2 redzonerocker 45.50
2 - Terry 44.75
3 ▼ 2 pitsch 44.75
4 - Parahandy 44.50
5 ▲ 1 Pete 42.75
6 ▼ 1 JJBones 41.75
7 ▲ 2 BigBoy 41.75
8 ▼ 1 lindosfan 41.00
9 ▼ 1 Vital Spark 41.00
10 - Richard 41.00
11 - pharvey (yellow cap) 39.50
12 - JW 32.25

[PeteC]

You all probably know this already, but I'll post the quote anyway.

"Webber's victory makes this the first Formula 1 season in history to feature six different winners in the first six races."

Something has to give, probably in Canada. Pete

[PeteC]

I could look this up probably but will ask anyway. Looking at the schedule and remembering past years, I can not remember France ever having an FI event. Seems strange to me given that every EU country surrounding them has. French cars are prominent, if you can still call Renault a French company. Perhaps there is some underlying reason? Pete