AUGUST 9, 1999
Reynard calls off its flotation
Last week the company's chief financial officer Robert Swistock filed a withdrawal statement with the US Securities and Exchange Commission. No reasons were given for the decision.
This could have interesting repercussions for the company's Vice-President Rick Gorne, who is currently spending half his time running BAR. He has a 3% shareholding in Reynard and was hoping to sell this when the company was floated. There have been a lot of rumors suggesting that Gorne was then planning to quit Reynard to become the new boss of BAR.
It has been a busy week for Reynard with the opening of its Auto Research Center in Indianapolis (which features a 50% rolling road windtunnel and a seven-post test rig), the completion of the Riley & Scott purchase and the announcement of a new sportscar program called the Reynard 2KQ which will beginning testing in October. Work is also pushing ahead to revamp the Riley & Scott Indycar chassis which will go on sale to IRL teams next year.