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Adam Parr, Williams: Q&A

21 January 2011


Williams F1 chairman Adam Parr answers the questions following the official statement released by Sir Frank Williams today [see separate story - click here] and news the outfit is contemplating a flotation on the stock market as a way of securing its long term future.


Q:
Adam, 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.

Q:
What is the timetable?

AP:
As the plan develops we will provide further information.

Q:
Is retirement a current consideration for Frank?

AP:
No. Retirement is categorically not on Frank's agenda. Anyone who knows Frank knows this.

Q:
Are there any concerns surrounding Frank's health?

AP:
No. Frank's health is absolutely fine.

Q:
What other options have the Board investigated?

AP:
We have had many approaches in the past, but none have offered the same benefits as this route.

Q:
Toto Wolff invested in the team in November 2009. What is his future role?

AP:
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.

Q:
If Williams were to go public, what are the implications for the team's partners and relations with the FIA and FOM?

AP:
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.

Q:
Would any flotation involve raising funds for the company?

AP:
No.

Q:
Does Williams F1 have the financial track record to support a flotation?

AP:
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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