Williams F1 Shunned London IPO Over Disclosure, Telegraph Says
The owner of the Williams Formula One racing team opted for a stock-market listing in Frankfurt instead of the U.K. because of the London Stock Exchange’s “ludicrous” disclosure rules, the Sunday Telegraph reported.
The newspaper cited an interview with Adam Parr, executive chairman of Williams Grand Prix Holdings Plc. The LSE and its Alternative Investment Market for smaller companies require listed companies to report the value of contracts that amount to 10 percent or more of revenue, it said.
“We have confidentiality provisions, not just with Formula One, but with partners that would just make that impossible,” Parr said, according to the Sunday Telegraph. Frankfurt’s stock exchange requires no such disclosures and lets companies use GAAP, or generally accepted accounting principles, it said.
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