Tag Archives: Spyker Cars

Jan Åke Jonsson To Be Awarded By Swedish Commerce

Posted on 11. Mar, 2010 by .

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Jan Åke Jonsson, Saab Automobile’s managing director has been praised by the western Swedish Commerce and Industry for his hard work to save Saab. Jonsson will be awarded on May 3rd at the Swedish Exhibition in Göteborg according to TTELA.

“During the past year, discussions about Saab Automobile’s future was hot and public. Throughout the process, Jan Åke Jonsson stood up for the company in a vigorous, sustained and professional manner. Jan Åke’s hard work and ability to handle the many different stakeholders — existing owners, potential buyers and representatives from the media – has reinforced the image of him as a highly respected leader inside the factory gates in Stallbacka and as a role model for others in the western Swedish business community. ”

Jan Åke Jonsson will be awarded the award for Industry and Trade Chamber date of 3 May at the Swedish Exhibition Center in Göteborg. In connection with the dividend Jonsson, Spyker Cars CEO Victor Muller will speak about a theme of change for the company, the future and leadership.

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Saab History Is Excited That Saab Spyker Deal Is Closer

Posted on 19. Feb, 2010 by .

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Saab History has learned today that the Saab Spyker deal is significantly closer to being finalized.

As an observation of this process, I must say that the progress that we’ve seen since late last year on this deal with Spyker Cars and the leadership by all of those involved, has been quite impressive. It will be even more exciting to see Spyker as the owner once the deal closes, because then, the skies the limit when it comes to realizing the full benefits of the new “entrepreneurial focused” ownership structure.

It’s very interesting to me personally, being entrepreneurial minded ever since I can remember. Having recently attended another monthly entrepreneurial meeting last night where small businesses meet up to discuss opportunities, I was very happy to hear the audiences enthusiastic response to my acknowledgment about small business successes when it comes to mergers and acquisitions. The statement I made was, that “it appears that in the marketplace, opposed to common belief, small businesses buying larger businesses actually have better chances in succeeding, than vice-versa”. It was good to hear the audiences response given it’s relevance to that night’s topic on mergers and acquisitions, but also the fact that was true. In the city Portland, Maine, where I live, small businesses rule the landscape and it’s a nice environment to learn about small business success.

As a follow up, I fully intend on returning next month to support this claim where my case in point will be of course, Spyker, a smaller company than Saab, showing that it has more advantages in successfully running a larger company because if its abilities to focus, communicate and be flexible, in order to realize opportunities, areas that big business cannot manage. I know there are more, but we won’t see those fruits until the deal is closed.

I have said it before and I will say it again, I have great respect for the tenacity shown by Victor Muller, Jan Åke Jonsson, and Mike Colleran here in the United States, leading the charge.

I am looking forward to seeing the closing of the Saab Spyker sale soon. May this new “entrepreneurial focused” company soon to be known as Saab Spyker, be victorious.

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Innovatum Signals Strong Future With Saab & Spyker

Posted on 12. Feb, 2010 by .

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Innovatum releases a statement about Saab Automobile’s strong future with their new owner, Spyker Cars.

It is Innovatum that has recently partnered with Saab Automobile, Boston Power & Electro Engine that will be producing the 100 electric Saabs in the near future.

Saab + Spyker + Innovatum = True

It is an exciting time with lots of potential ahead of Saab and its new owner. The business plan will be implemented and car production be switched to the new, smart approach to find its unique niche. A niche in the automotive sector, which is in the middle of a huge paradigm shift where manufacturers will be eliminated. But not Saab! With world class engineering recognized and a new tuned activity stands on its own, nimble legs, Saab Spyker is ready to accept the challenge. For Innovatum technology parks, it is obviously going to be with Saab and Spyker on that trip.

Jan-Ake Jonsson, who is also on the board of the Foundation Innovatum, underlines the importance of Innovatum now continuing to pursue development projects which support Saab in the short and long term.

– Energy efficiency in both materials that combustion technologies are key areas for future cars. Saab has now a unique opportunity with its small and smart organization to take a permanent place among the manufacturers of the so-called European premium segment. Cooperation with, among others Innovatum can play an important role in Saab’s efforts to create a unique position in this competitive segment, “
said Jan-Ake Jonsson.

Tore Helmersson, CEO of Innovatum Teknikpark underlines Jan-Ake Jonsson’s statement:

“We have long built up strong expertise in the management and collection development and innovation. Therefore, and we want to be an important partner for Saab and its new owner. We have expertise in production technology and is helping to drive the conversion to the attractive energy and environmental technology in several areas – not least in the electrification of vehicles. So our role will continue to be close to Saab.

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GENERAL MOTORS AND SPYKER CARS REACH AGREEMENT ON SAAB

Posted on 26. Jan, 2010 by .

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News Release
spykerheader

• GM and Spyker Cars announce a binding agreement over the transfer of ownership
of Saab
• Terms are agreed and the deal is expected to close in February
• Saab’s future as an independent company is secured
• Saab will exit the orderly wind-down process
• Spyker shareholders will restructure at closure of the deal
• Swedish Government issues guarantee in favour of EIB

ZEEWOLDE, The Netherlands (26 January, 2010) – General Motors Company and Spyker Cars N.V, today confirmed the details of a binding agreement over the transfer of ownership of Saab Automobile AB of Trollhättan, Sweden. The transaction is expected to close in February and Saab Automobile will exit the orderly wind down process in line with that timetable.

The transaction will be accomplished as follows:

• Spyker acquires from Saab Automobile Investering AB, a subsidiary of General Motors (“GM”), all the issued and outstanding ordinary shares in the capital of Saab Automobile A.B. (“Saab”) for a consideration of USD 74 million (“Purchase Price”).

• The Purchase Price will be paid in two instalments. The first instalment of USD 50 million will be paid on the date of completion of the transaction, expected to take place on or before February 15, 2010 (“the Closing”). The second instalment of USD 24 million will be paid on July 15, 2010.

• The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank (“EIB”), guaranteed by the
Swedish Government. Today, the Swedish government announced approval of this guarantee. The guarantee is subject to approval by the European Commission, which is expected shortly.

• Upon completion of the transaction GM will retain redeemable preference shares of USD 326 million. The preference shares represent less than 1% of the voting rights in the capital of Saab. The mandatory redemption date is 31 December 2016 and Saab has the right to request voluntary redemption at any time prior to this date. The preference shares carry a dividend entitlement of 6% starting from January 2012, increasing to 12% as from July 1, 2014. The dividend over 2012 will be added to the principal, but as from January 1, 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor.

• In order to allow Saab to operate on a stand-alone basis outside GM, Saab and GM will enter into a number of ancillary agreements. As part of the transaction, Spyker intends to negotiate the acquisition of all the outstanding shares in Saab Great Britain Limited, the UK distribution, marketing and sales company for Saab from General Motors UK Limited.

• Spyker will issue a corporate guarantee not exceeding USD 10 million for Saab’s obligations to and for the benefit of the financing company GMAC.

• Spyker will as soon as practically possible convene a general meeting of shareholders to approve the transaction. Spyker obtained irrevocable voting undertakings to vote in favour of the transaction representing the voting majority of its current shareholders.

• It is the intention to change the name of Spyker Cars N.V. at that general meeting of shareholders to Saab Spyker Automobiles N.V.

• As back-up financing, Spyker entered into a EUR 150 million Equity Credit Line Facility with GEM Global Yield Fund Limited (“GEM”) for a term of 3 years. According to this facility, Spyker may issue shares to GEM at 90 per cent of the volume weighted average price of the shares over a period of 15 trading days following a draw down notice sent to GEM by Spyker. In relation to the GEM facility, Spyker has issued to GEM share warrants in respect of 1,570,000 ordinary shares at an exercise price of EUR 4 per ordinary share. The warrants have a 5 year
term.

The object of acquisition
• In spite of media reports that certain parts have already been sold off, the object is Saab as a complete entity and going concern with all IP rights, trademarks, facilities and other infrastructures. The sale of pre 2003 Saab 9-3 and current Saab 9-5 technology to BAIC in December 2009 did not result in any part of Saab’s business being divested or devalued. On the contrary, Saab has already started the production of the new generation Saab 9-5 in Trollhättan.

• Both Saab management and Saab GB management prepared an estimated balance sheet as at 31 December 2009 for the purpose of this transaction. These estimated balance sheets are
still subject to final account closing and audit procedures.

• Spyker Cars does not yet have a balance sheet as at 31 December 2009 ready for reporting purposes. As such, it would be premature to show a pro-forma combined balance sheet for
Spyker, Saab and Saab GB as at 31 December 2009.

• Therefore Spyker only disclose an indicative combined balance sheet of Saab and Saab GB as at Closing date based on the estimated balance sheets for both entities as at 31 December
2009, adjusted for the impact of the transaction items as at Closing date.

• It should be noted that the indicative closing balance sheet is based on the latest estimated balance sheets of both entities by Saab and Saab GB management which are subject to final closing and audit procedures and therefore subject to change, and does not reflect any potential fair value or purchase price allocation adjustments. The indicative closing balance sheet should therefore not be considered as the actual closing balance sheet, but only as an indication for the assets and liabilities to be acquired at closing date.

stats

Saab’s and Saab GB’s combined revenue amounted to some EUR 1.0 billion in 2009 (2008:
EUR 1.6 billion). Earnings before interest, taxes and depreciation amounted to EUR 0.4 billion
negative in 2009 (2008: EUR 0.3 billion negative). In 2009 Saab sold 39.903 cars and
produced 20.791 cars versus selling 94.751 cars in 2008 and producing 89.086 cars.

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RESTRUCTURING AND MANAGEMENT BUY-OUT

As from Closing of the Saab acquisition, the ownership structure of Spyker will change as follows:

• Tenaci Capital B.V. (“Tenaci”), a company wholly owned by Mr. V.R. Muller has made a successful bid on Mr. V. Antonov’s current shareholding in Spyker consisting of 4.6 million ordinary shares. As agreed in 2007, when Mr V. Antonov acquired his shares in Spyker, Mr. V. Antonov will cause the transfer of the priority share to Spyker if and when he would dispose of his shareholding. A resolution to cancel the priority share will be proposed at the upcoming EGM.

• Messrs. N. Stancikas, M. Bondars and Mr. V. Antonov will retire as members of Spyker’s Supervisory Board effective as per the date of Closing.

• Tenaci will grant to Spyker two loans. One for an amount of USD 25 million towards payment of part of the Purchase Price for Saab upon completion of the transaction. A second loan for an amount of EUR 57 million for repayment of all of Spyker’s current outstanding loans to banks and other financial institutions controlled directly, or indirectly by Mr. V. Antonov. This loan mirrors the existing terms (including the lender’s right to convert EUR 9.5 million into ordinary shares at a conversion price of EUR 4.00 per share).

• The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale are not being disclosed at this time. Victor R. Muller, Spyker’s CEO, stated: “We are very much looking forward to being part of the next chapter in Saab’s illustrious history. Saab is an iconic brand that we are honoured to shepherd. We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world. It was breathtaking to see so much support from the global Saab community over the last months which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done.”

“Spyker Cars will provide Saab with the backing required to compete as a competitive global brand along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. I would like to extend my sincere gratitude to Vladimir Antonov for his formidable support during the past two years. His contribution has allowed Spyker to get to the point that this
transaction was made possible. I also want to extend my gratitude to Messrs. Stancikas and Bondars as Members of the Supervisory Board. They have made very valuable contributions to our company
during their respective terms.”

“Finally I would like to thank the Swedish Government for its constant support for our efforts culminating in granting the Guarantee in favour of the European Investment Bank today for an EUR
400 Million loan to Saab which we hope to secure in the coming weeks.”

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Jan Åke Jonsson, CEO of Saab Automobile AB said: “It has been a challenging 15 months for Saab but our global organization has shown a fighting spirit that will serve us well going forward. The
agreement with Spyker Cars has secured Saab’s future and will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Saab character.”

“Today’s news is great for Saab’s customers, dealers, suppliers and employees around the globe. The level of passion and support shown to Saab over recent months has been remarkable and I would like
to take this opportunity to thank all of those people who continued to believe that Saab deserved a future. Now we aim to get back to the execution of our business plan and with the continued support
of our employees and business partners I am confident we will succeed.”

Nick Reilly, President GM Europe, added: “As a responsible corporate citizen in Europe, and throughout the entire period, GM has always had the hope to find a positive solution for Saab that
would avoid a wind-down of the brand. We have worked very hard with many parties, including governments and investors, and I’m very pleased that we could come to such a positive conclusion
that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker Cars on their way forward.”

-Ends-

Note for the media, not for publication
For further media information, please contact:

Saab Automobile Press Office
Tel: +46 (0)520 279797

Spyker Cars Europe, PFPR Communications:
Mike Stainton
T: +44 (0) 1622 77 66 87
M: +44 (0) 7739 891 040
E: mike.stainton@pfpr.com

Tom Housley
T: +44 (0) 1622 766510
M: +44 (0) 7746 646 356
E: thomas.housley@pfpr.com

Peter Rawlinson
T: +44 (0) 1622 691 361
M: +44 (0) 7971 472 715
E: peter.rawlinson@pfpr.com

Spyker Cars North America, PCG Campbell:
Shane Smith
T: +1 310 224 4965
M: +1 310 224 4965
E: ssmith@pcgcampbell.com

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Saab History Confirms Spyker Statement Will Be Today

Posted on 26. Jan, 2010 by .

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Saab History has heard from Spyker Cars, PR company, PFPR in the U.K. that there will be a statement made today. It is quite probable that this statement will be made within the next few hours given that it’s getting close to the end of the day in Europe according to the Mike Stainton, of PFPR.

“I can confirm that a statement will be issued by Spyker today.”

Update: I have just learned from PFPR, the company Spyker uses that, that this news will make us happy. That sounds good!

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Spyker Cars Submits New Offer On Saab

Posted on 07. Jan, 2010 by .

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SPYKER CARS SUBMITS OFFER ON SAAB.

ZEEWOLDE, The Netherlands (7 January, 2010) – Spyker Cars today has made a revised offer to General Motors for the acquisition of Saab Automobile A.B.. Victor Muller, CEO of Spyker Cars said: “We have continued a constructive dialogue with GM over the acquisition of Saab. He continued: “We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible.”

-Ends-
Note for the media, not for publication

For high resolution images please visit the gallery on our website www.spykercars.com
For further media information, please contact:
In Europe, PFPR Communications:

Mike Stainton
T: +44 (0) 1622 77 66 87
M: +44 (0) 7739 891 040
E: mike.stainton@pfpr.com
Tom Housley
T: +44 (0) 1622 766510
M: +44 (0) 7746 646 356
E: thomas.housley@pfpr.com
Peter Rawlinson
T: +44 (0) 1622 691 361
M: +44 (0) 7971 472 715
E: peter.rawlinson@pfpr.com
In North America, PCG Campbell:
Shane Smith
T: +1 310 224 4965
M: +1 310 224 4965
E: ssmith@pcgcampbell.com

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GM CEO Says "Nobody's Showing Money For Saab"

Posted on 06. Jan, 2010 by .

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GM CEO, Whitacre Says “Nobody’s Showing Money For Saab” according to a recent report by Reuters and other news sources.

Just show up with the money, that’s it? It appears that Spyker Cars are showing up with the money and are about to submit their revised by tomorrow with the “money” most certainly outlined there for them.

This was a premature statement as the revised bid has not yet come in to them. This is it, GM best take the message and to the right thing once the bid arrives and seal the deal.

Whitacre is pessimistic about finding a buyer for the Saab brand.

“It’s real easy,” he said today in a meeting with reporters. “Just show up with the money and you can have it, and nobody’s showing up with the money.”

Whitacre said he didn’t see how GM could have tried any harder to sell the brand.

The automaker said earlier that it will continue to wind down the brand as it entertains bids for Saab.

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Spyker & GM State That There Is Nothing New To Report

Posted on 24. Dec, 2009 by .

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Spyker Cars CEO, Victor Muller indicates to Saab History in an e-mail this morning, that the news sources which have reported that their bid has been rejected, are “nonsense”.

The following news sources that have mis-reported this are Automobile Magazine, Economic times.

Saabs United, have since retracted their original post.

Here’s an updated official statement from GM following the response from Mr. Muller that Saab History has also received this morning.

“Our statement from Sunday is still valid. Thanks.” That statement is that they are still looking at the offers at this time.

I know it is the day before the holidays here in the U.S., but I have to say that these news sources just need to keep quiet. I have the belief that no news is good news. We now need to enjoy our times with family and friends between now and this weekend.

As I have said before and I will say it again, the news about the future of Saab will be reported early next week, so please disregard what main stream media sources are saying at this time. Unless something official comes from Spyker or GM between now and then, let’s have a happy holiday!

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Production Concept