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NINETY EIGHT REGENCY

Key points of Saab and Spyker deal and finances

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Key points of Saab and Spyker deal and finances

January 27, 2010 13:16 CET

Jan 27 (Reuters) – Dutch luxury sportscar maker Spyker may have been the unlikely winner of the Saab auction, but it is likely to struggle with the real challenge ahead: converting two loss-making companies into a profitable one.

Here are key points of the Spyker and Saab deal:

TRANSACTION

• The new group will become Saab Spyker Automobiles N.V.

• Spyker acquired all the issued and outstanding ordinary shares in Saab for a purchase price of $74 million.

• The purchase price will be paid in two instalments: $50 million on completion of the transaction, expected on or before Feb. 15, and $24 million on July 15.

• The Share Purchase Agreement is subject to the execution of a 400 million euro loan agreement between Saab and the European Investment Bank, guaranteed by Sweden.

• GM will retain redeemable preference shares of $326 million in Saab, which represents less than 1 percent of the voting rights. The mandatory redemption date is Dec. 31, 2016. Saab can request voluntary redemption before then.

• Tenaci Capital B.V. ("Tenaci"), a company wholly owned by Spyker CEO Victor Muller, will grant to Spyker two loans: $25 million towards payment of part of the purchase price upon completion, and 57 million euros ($80.14 million) to repay all Spyker's outstanding loans to banks and other institutions.

PERFORMANCE

• Saab's and Saab GB's combined revenue was 1 billion euros in 2009 (2008: 1.6 billion euros). Saab lost 400 million euros in 2009 on an operating basis and 300 million euros in 2008.

• In 2009 Saab sold 39,903 cars and produced 20,791 cars. In 2008 it sold 94,751 cars and produced 89,086 cars.

• Spyker sold 37 cars in 2008 and produced 43, which resulted in 7.8 million euros in year-end revenue. It posted a total loss of 23.8 million euros in 2008.

Read more: http://www.autonews.com/article/20100127/ANE/301279964/1265#ixzz0dpONPrJv

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