Press Release from Spyker Cars
August 26, 2010 in News
This looks like routine stuff, required under law due to the way the deal to buy Saab was structured.
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SPYKER CARS REPORTS ABOUT EQUITY UNDER LEGAL REQUIREMENTS
(25/08/10 19:54 CET)
Zeewolde, the Netherlands, 25 August 2010 – Spyker Cars N.V. (“Spyker Cars”), a holding company which produces and sells premium automobiles under the Saab and Spyker brands, is listed on Eurolist by NYSE Euronext Amsterdam (ticker symbol SPYKR).
NYSE Euronext has been informed by Spyker Cars N.V. that it will report negative shareholders equity as of June 30, 2010.
The company will report its H1-2010 results, which include the Saab Automobile AB (“Saab”) acquisition for the first time, on Friday August 27, 2010.
The negative equity position of Spyker Cars N.V. as of June 30, 2010 reflects the IFRS requirement to treat the $326 million of redeemable preference shares issued to General Motors as part of the Saab acquisition in February of 2010 as liabilities instead of equity. From a Swedish Gaap and law perspective these shares qualify as equity and accordingly management also considers these shares to be part of the Group’s capital, which still has a positive balance. More details will be disclosed in the half year report on Friday.
Spyker Cars N.V. management has been in contact with NYSE Euronext and is committed to comply with Euronext Amsterdam notice 2010-001 under section 3.
NYSE Euronext Amsterdam has agreed not to impose listing measures for as long as the Euronext Amsterdam notice 2010-001 under section 3 has been complied with.
