Press Release Just In.

Press-Releases, 13.06.2011
saab-automobile-spyker-pang-da-and-youngman-enter-mou-distributionmanufact.

Saab Automobile, Spyker, Pang Da And Youngman Enter Into MOU On Distribution/Manufacturing Partnership For China And Equity Participation
Trollhättan, Sweden: Spyker  Cars N.V. (Spyker) announces today that Spyker, Saab Automobile AB  (Saab Automobile), Pang Da Automobile Trade Co., Ltd (Pang Da) and  Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) signed a  non-binding memorandum of understanding (MOU). The MOU includes an  equity participation in the total aggregate amount of about EUR 245  million as well as a strategic alliance consisting of a three partite  distribution joint venture and a tripartite manufacturing joint venture  for Saab-branded and child brand vehicles in China.

Saab Automobile, Spyker, Pang Da And Youngman Enter Into MOU On Distribution/Manufacturing Partnership For China And Equity Participation

Trollhättan, Sweden: Spyker Cars N.V. (Spyker) announces today that Spyker, Saab Automobile AB (Saab Automobile), Pang Da Automobile Trade Co., Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) signed a non-binding memorandum of understanding (MOU). The MOU includes an equity participation in the total aggregate amount of about EUR 245 million as well as a strategic alliance consisting of a three partite distribution joint venture and a tripartite manufacturing joint venture for Saab-branded and child brand vehicles in China.

On 16 May 2011 Spyker and Saab Automobile signed a memorandum of understanding (the 16 May MOU) with Pang Da, China’s largest publicly traded automobile distributor with over 1,100 dealerships nationwide. That 16 May MOU included a strategic alliance consisting of a 50/50 distribution joint venture (DJV) and a manufacturing joint venture (MJV) for Saab branded vehicles as well as for an MJV owned brand (the so-called ‘child brand’) in China. It was agreed that Saab Automobile would have up to 50 percent in the MJV, with Pang Da and a to-be-selected manufacturing partner owning the remaining shares. Pang Da and Saab Automobile have now agreed with Youngman to become the manufacturing partner in the MJV (in which Youngman will take 45% of the shares, Saab 45% and Pang Da 10%) and the DJV in which Youngman will take 33% of the shares, Pang Da 34% and Saab Automobile 33%.

Under the May 16 MOU, Pang Da would take an equity stake in Spyker for a total amount of EUR 65 million, representing 24 percent of Spyker on a fully diluted basis. With Youngman entering as a new shareholder in Spyker, the equity stake of Pang Da in Spyker will remain at 24 % raising its investment to EUR 109 million. The share price remains at EUR 4.19 per share and Pang Da will have the right to nominate up to two members of the Supervisory Board of Spyker.

Youngman will take a 29.9 % interest in Spyker on a fully diluted basis investing EUR 136 million at EUR 4.19 per share. Youngman will have the right to nominate up to two members of the Supervisory Board of Spyker.

Spyker, Saab Automobile, Pang Da and Youngman will set up joint ventures with respect to the manufacturing of Saab branded and child branded vehicles and the distribution of Saab branded and child branded vehicles for the China market. Saab Automobile and Youngman will each have a 45% interest in the manufacturing JV and Pang Da will hold the remaining 10%. Saab Automobile and Youngman will each have a 33% interest in the distribution JV and Pang Da will hold 34%.

The MOU is non-binding and the transactions following the MOU are subject to agreement on definitive transaction documents and certain conditions, which include consents from certain governmental agencies and third parties.

Victor Muller, CEO of Spyker and Saab Automobile said: “Having entered the MOU on May 16 with Pang Da, we collectively immediately set out to identify the most suitable (manufacturing) partner to join Saab and our joint ventures. We are convinced that Youngman represents all the qualities required to make Saab and the joint ventures a success. This MOU not only shows the belief of Pang Da and Youngman in our products for the Chinese market, it also is a step that significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile. Both Pang Da and Youngman have demonstrated a similar entrepreneurial mindset as we have which we feel will be instrumental to establish Saab’s presence in China. I am very confident that based on their experience, proven skills, their ability to move quickly and their financial strength, we found the partners that are best suited to fully explore Saab’s potential in China.”

Mr. PANG Qinghua, CEO of Pang Da, said: “Since our visit to Saab Automobile in Sweden we are even more convinced of the potential of Saab in the global market and the Chinese market, the number one market in the world, in particular and we intend to fully explore it. Not only are we impressed with the current and future product line up that is very well suited to the needs of the Chinese market but we are particularly impressed by their design, engineering and manufacturing skills.”

Mr PANG Qingnian, CEO of Youngman said: “We have been in contact with Saab Automobile for quite some time and we are very pleased to have reached an agreement with both Pang Da and Saab. We feel that Saab as a premium European brand appeals strongly to the taste and preferences of the Chinese customer who is looking for top quality vehicles with the highest levels of safety, driving pleasure and comfort and an unmistakable design language. Youngman is an automobile industrial group that produces and sells Youngman branded motor cars, MAN brand heavy type trucks and automobile spare parts. Our Manufacturing facilities are state of the art and are exactly tailored to build Saab vehicles at the highest quality standards. We look forward to a long lasting and successful relationship with Saab Automobile and Pang Da both in China as well globally through our investment in Saab.”

Bravada from GMI
Member
5 years 3 months ago

My bet is on at least 50% chance of the deal falling through due to Chinese authorities blocking it and the process being repeated with yet another partner until one is found suitable for Chinese authorities. Unless there is a plan for Youngman to be a takeover subject later down the line.

KarlR
Member
5 years 3 months ago

Youngman, Pang DA har already started to talk to Chinese authorities and it looks promising otherwise they wouldn’t have signed this MOU. I would say it’s more 70-30 on the positive side.

Bravada from GMI
Member
5 years 3 months ago

They are pulling through with their original agreement, which was the cause of the NDRC warning not to step on each other’s toes. The agreement has to be somehow terminated to let anybody new in. I wouldn’t take it for granted the authorities will give Youngman a nod, they might just want for the negotiations to be concluded in an orderly manner and then ask for somebody else to fill in not to allow VM to deal all the cards.

The fact that both CEOs share the family name Pang might have some significance here.

KarlR
Member
5 years 3 months ago

I don’t agree. But I might have other sources then you.

turbokalle
Member
5 years 3 months ago

50-50 vs. 70-30.
May I throw in 65-35?

Ruben NL
Member
5 years 3 months ago

You’re such an optimist Bravada! 🙂

kaiger
Member
5 years 3 months ago
Seems that the orginally planned stakes between Spyker and Pang Da are moving: Pang Da and Saab Automobile have now agreed with Youngman to become the manufacturing partner in the MJV (in which Youngman will take 45% of the shares, Saab 45% and Pang Da 10%) and the DJV in which Youngman will take 33% of the shares, Pang Da 34% and Saab Automobile 33% [..} With Youngman entering as a new shareholder in Spyker, the equity stake of Pang Da in Spyker will remain at 24 % raising its investment to EUR 109 million. . […] Youngman will take… Read more »
Niklas G
Member
5 years 3 months ago

All very interesting. I hope there is also still some room left for Antonov it/when EIB finally allows for it.

No 9
Member
5 years 3 months ago

Don’t want to take anything away from Mr Antonov, who is definitely a big SAAB affectionado, but according to the numbers that went around, he would be getting the same chunk of Swedish Motors than Pang Da at a fraction of the price. Please correct me if I’m wrong.

Bravada from GMI
Member
5 years 3 months ago
Youngman is an interesting partner, because they have very little if any development capabilities of their own. For passenger car production, they rely on Malaysian Protons assembled under a license agreement. Since Proton owns Lotus and Lotus is de facto developing a big chunk of Protons, Youngman prefers to refer to those cars as “Lotus engineered”, hence the Lotus reference in the name. Their other businesses include manufacturing buses under the Neoplan license. A Proton-Lotus tie-up doesn’t sound like that bad a deal to me, provided Saab is supposed to complement, not replace them. Either way is fine, provided the… Read more »
No 9
Member
5 years 3 months ago

As confirmed at the Canadian Grand Prix in Montreal,Lotus will be making big product announcements shortly.

kaiger
Member
5 years 3 months ago

More News, sth. is moving forward? 😉

1) Only two weeks of summer holidays at Saab and regular work on Saturdays:
http://ttela.se/ekonomi/saab/1.1247967-tva-veckors-sommarsemester

2) Hemfosa may be the one who can (and may be allowed to) buy the properties from Saab:
http://ttela.se/ekonomi/saab/1.1247986-hemfosa-kan-kopa-fastigheterna

Olav
Member
5 years 3 months ago

This is good news indeed! Nulla tenaci invia est via 🙂

Cheers from Norway
-Olav-
Still on the longest road home when out there with my SAAB. Always!

UWb
Member
5 years 3 months ago
There are several reasons why this set-up might be interesting and also possible to be accepted by the Chinese government; 1. It is interesting because Youngman and Pang Da now will have 29.9 + 24 = 53.9 % of the shares, for which an investment of 245 m€ is needed. Thus, SAAB could be seen as valued at 455 m€ at the moment. This means in reality that the power of running SAAB has moved to China. This can be one argument for the Chinese authorities to approve the deal. 2. It is interesting because Youngman was the first company… Read more »
Börjesson
Member
5 years 3 months ago

Excellent comment with lots of useful clarifications. Thanks! 🙂

michaelb
Member
5 years 3 months ago
Good points. Overall, it is very difficult to judge about all aspects, also with additional information as well as approvals missing. 1) Approvals are by no means for sure. If it should not happen, the whole exercise would be futile, probably with no plan B left. 2) If taken at face value, the majority ownership changes to the two Chinese companies. Not necessarily bad, if the samall printed clarifies critical issues such as decisionmaking, how to act in case of strategic differences, financing and so on. 3) The role of VA seems diminished. Snoras bank will not buy Saab properties,… Read more »
aki
Member
5 years 3 months ago

Looks like the deal is in the making. This should nail Saabs long term financing everybody is waiting for.

Motoradd's Cat
Member
5 years 3 months ago

This is excellent news. I just hope that the powers that be let it happen and happen quickly.

In the short term, this could be very useful in building up confidence with those remaining suppliers when it comes to the current negotiations regarding those outstanding parts.

Börjesson
Member
5 years 3 months ago

What does “on a fully diluted basis” mean?

Red J
Member
5 years 3 months ago

I’m not an expert, but from what I’ve learned here from people that know much more than me about that, “on a fully diluted bases” means that Spyker will have to Issue more shares for Pang Da and Youngman, thus diluting the current ownership.
So 29.9% on a fully diluted basis are far less shares than 29.9% of the current amount of Issued shares.

(Hope somebody has a better answer) 🙂

Börjesson
Member
5 years 3 months ago

Having the Chinese on board is good and necessary. Putting them at the helm is a very different matter, and I don’t think I like that idea very much. I’m therefore hoping that “on a fully diluted basis” means that their shares will have reduced voting rights or something, so they don’t get an actual majority after all. But I don’t really believe it, I’m just clutching at straws…

Niklas D
Member
5 years 3 months ago

Suppose that Victor owns 50 shares in Spyker and the total number of shares is 100. Then Victor owns 50% of the company (50/100).

Later Youngman buys 100 new shares in Spyker which means that the total number of shares is 200 and that Victor’s shares has been diluted, as 50 shares now only represent 25% of ownership (50/200). Youngman’s stake of Spyker is then 50% on a (fully) diluted basis (100/200).

Börjesson
Member
5 years 3 months ago

Ah, an explanation I can actually understand. Thank you! 😛

But in this scenario, wouldn’t Muller’s shares lose half their value? Assuming the company’s total value stays the same, his shares would now only be worth 1/4 of that amount instead of 1/2. Surely he would have to be compensated for that? I can’t imagine that it would be legal to rob shareholders of their assets like that.

RS
Member
5 years 3 months ago

It must be new common stock?
If the number of stock increases but the price stays the same, the equity of the single investor also remains the same. Percentage of the pool doesn’t matter.
Or like today stock price rise sharply on good news. Any fear of possible future dillution would be the last thing on my mind at a time like this. Not robbery, just the opposite if this resolves Saabs liquidity troubles.

Niklas D
Member
5 years 3 months ago

In the above scenario Youngman buys newly issued shares which means that they are investing money into Spyker and that the total value of the company increases.
The price per share is negotiated and approved by the board who is representing Spyker’s shareholders. There is also laws that protect shareholders from being robbed.

Lars S
Member
5 years 3 months ago

From venturechoice.com:
“Definition Fully Diluted Basis

Fully diluted basis – Fully diluted basis is a methodology for calculating any per share ratios whereby the denominator is the total number of shares issued by the company on the assumption that all warrants, options and preferred stocks are exercised.”

Can’t say that I really get it anyway but maybe you do.

Börjesson
Member
5 years 3 months ago

I’m not sure I get it either. 🙂

But I interpret it to mean that they’re getting 29.9 % of the whole caboodle, after all new issues and such have been done. In other words, pretty much the opposite of what I was hoping for…

lala
Member
5 years 3 months ago

Look: a company has outstanding stocks but also has options (=the right to buy a shares for a set price in a set time frame). So these options might be used in the future to buy additional stocks. The percentage Pang Da is buying is on a fully diluted basis, which means it is not a percentage of just the outstanding shares but a percentage of the total amount of all shares if all options were to be exercised.

I hope it makes more sense for you now

Börjesson
Member
5 years 3 months ago
As usual, SvD’s Jonas Fröberg has the best summary of this MoU and what it means. The most important thing is that Saab will get EUR 245 million in new equity capital – if the deal goes through. The signal value is important in both the short and long term. In the short term, Saab is currently negotiating with suppliers about getting the plant restarted. This entails renegotiating old debts and determining how long the payment periods should be. By all accounts, Saab currently doesn’t have enough money to start production, and Saab absolutely must get it started as soon… Read more »
A-RO 95
Member
5 years 3 months ago
Youngman-Lotus seem to be heading for some disagreements with thier “Uncle” Lotus Cars! http://www.chinacartimes.com/2011/06/09/lotus-may-have-disputes-with-china%e2%80%99s-youngman-lotus-over-latter%e2%80%99s-irregular-advertising/ Lotus belongs to the Malaysian Proton Group. As I understand it Proton have shares in Youngman and Youngman and Lotus engineering have shares in Youngman-Lotus. Interesting also the current dispute in Formula 1 about the use of the Lotus name! Interactions and crossholdings have always been part of the Automotive industry, but looking at the Proton, Youngman and Lotus websites there seems to be a hell of a complex web being woven at the moment. This in addition to all we have already read about “old… Read more »
No 9
Member
5 years 3 months ago

Oh what a tangled web is growing over the famed Lotus name.
Collin Chapman must be rolling in his grave…

whoozy2002
Guest
5 years 3 months ago

Pending deal appears sound, China Inc does not appear willing to wait to develop technology so the other options are 1] to buy it 2] gain it through industrial espionage, in the medium to long term the Chinese automotive industry will see widespread consolidation ….

DUTCH900C
Member
5 years 3 months ago

This looks great and let us hope that the Chinese goverment do’nt stop the negotiations.

Börjesson
Member
5 years 3 months ago

Lars Carlström goes ape in the media again:
http://di.se/Artiklar/2011/6/13/237910/saab16-Antonov-underrattad-och-positivt-installd/

But the good news in the same article is that Antonov seems happy with the proposed Chinese deal.

coggs
Member
5 years 3 months ago

Spyker stock is reacting very nicely to the news today – not that that helps the company other than showing investors believe this is a positive move.

BoeBoe
Member
5 years 3 months ago

When Muller said that this situation would not arise again, there were only deals with 20 of 800 subcontractors. Yet they started production then, but was forced to stop again soon.

http://gt.expressen.se/nyheter/1.2467258/de-far-bara-tva-veckors-semester

Doesn’t sound good! And Saab still needs money to pay these suppliers! The ‘new’ money from Pang Da/Youngman is still months and months away. Saab needs money ASAP!

Motoradd's Cat
Member
5 years 3 months ago
Oh no, hear we go again. First we get the good news and we are ecstatic, then as time passes we get more and more of what appears to be the truth and the mood begins to change. From the statement regarding only 20 of the 800 subcontractors. Assuming it is true, I think it is fair to deduce that cash flow is super critical, and probably will be up until the launch of the new 9-3 (assuming that we get that far and it gets critical acclaim from the press). I get the feeling more and more that this… Read more »
Börjesson
Member
5 years 3 months ago
I find it very interesting that what BoeBoe cited above is supposedly a direct quote from Gunilla Gustavs. Now either GT.se have botched the editing so it only seems that way, but the quote comes instead from their unnamed informant. (This is perfectly plausible, given that GT.se are possibly the worst of all the bad Swedish papers.) Or else, Gustavs is actually publicly criticising Victor Muller for his overoptimistic announcements. Here’s a slightly longer version of the quote from the GT.se article: Regarding the sale of the factory building, discussions are ongoing. – We hope to be able to release… Read more »
Ruben NL
Member
5 years 3 months ago

Isn’t it so that suppliers actually are delivering, or willing to deliver, and that their respective supply chains are not in all cases, up and running by now?
Looking back on last week, it might have been wiser to restart production at a lower capacity rate, and thus have a longer stretch of time to fill……..

I now only hope that the streams of money that are now running towards Saab, will reach Saab on time.

skwdenyer
Member
5 years 3 months ago

It is rather sad to read the comments below that piece. Are workers in Sweden so short-sighted that they would rather have no job than the current situation? They have continued to be paid throughout this situation. Without VM et al there would have been no Saab jobs at all.

I do hope, for the sake of both Saab and of Sweden in general, that the opinions expressed are those of the minority. Can any Swedes shed any light on this?

Khrisdk
Member
5 years 3 months ago

In Denmark we have an indisputable right to 3 weeks vacation in one stretch.
I think the Swedes have a longer period.
Our total vacation period is given by law. 5 weeks. + 1 that we can sell.
And I trust most workers and unions to dislike changes to that.
They did not bring the situation about.
They did their work where the rest of the organization failed.

Börjesson
Member
5 years 3 months ago

Only two weeks holiday, and having to work Saturdays all through the summer to make up for time lost through no fault of their own. Under the circumstances, I’d probably do it, but I’d certainly grumble a bit about it!

The time off they’ve already had isn’t much of a holiday, as they rarely seem to have been told more than a day or two in advance if they were going to work or not. No chance to have a proper holiday under such conditions.

No 9
Member
5 years 3 months ago

Surly, the biggest suppliers were in the 20 first ones. IAC, they had to start the production line as it was part of the deal with Pang Da.

Romac
Member
5 years 3 months ago

Perhaps the Suppliers could cancel debt + supply parts in return for an equity stake?

BoeBoe
Member
5 years 3 months ago

And how should they pay their personel and own suppliers?

Romac
Member
5 years 3 months ago

Oh, easy! They sell some of the equity in their own company to a Chinese company.

(Sorry I missed the 😉 off the first post.)

BoeBoe
Member
5 years 3 months ago

I mean: How do the suppliers their personel and own suppliers (with your “plan”).

And Saab has a nice sounding non-binding MOU at the moment, but the money will not arrive in at least 3 months time.

And suppliers want their money NOW. They also have bills (and personel) to pay…

Bravada from GMI
Member
5 years 3 months ago
I do believe Saab has the money to pay for the current supplies. The problem is to convince suppliers to start delivering and still wait for the old debts to be settled. All in all this might be a better deal than see Saab go bankrupt and never a penny back again. This is all about confidence, which is hardly quantifiable. But I do believe it is worth it to believe in Saab and in the end we shall see it get back on track. I do also hope Mr. Pang will demand a profound shakeup in Saab’s Sales and… Read more »
ANA
Member
5 years 3 months ago

Romac
You can’t be serious????????????????

Iggy
Member
5 years 3 months ago
I will just repeat what I said on 9th of June: “I’ve said it before I am saying it now: The only realistic option for SAAB now is to be acquired by some Chinese company, as it happened to Volvo. Sorry but the time of enthusiastic entrepreneurship by VM/VA is over. We can now discuss who is guilty EIB, Swedish government, but that will not save SAAB. SAAB needs a big money tap behind them, in order to regain trust from the suppliers, and which is most important, buyers. There might be a Chinese company interested in buying, but they… Read more »
Bravada from GMI
Member
5 years 3 months ago

I think what you are seeing is enthusiastic entrepreneurship in action. Youngman and Pang Da are not Geely, they are “enthusiastic entrepreneurs” as well. They might have a few millions to spare, but they’re not an automotive empire – they need Saab just as Saab needs them.

jos
Member
5 years 3 months ago

So Pang Da and Youngman becomes huge owners in Saab, and what are they’re intentions? Ok. The ownership are being transferred to more solid ground, but how are they planning to run Saab? All this is going to fast. The need to evaluate your potential business partners before you enter agreements are crucial. This has to be done thoroughly and that take weeks, months. On another note, the two swedish automakers ownership has been transferred from USA to China. It’s a china world now 🙂

Bravada from GMI
Member
5 years 3 months ago
I do believe that their intentions are clear. I also believe Youngman put Pang Da into the deal and it was actually a well-executed manouver by all sides. Their intentions are clear – Pang Da needs a stable supply of cars to make money on, and they want to go both into the premium segment to get a foothold when it’s still growing and the lower-end to build up volume for their dealer network. Youngman has no development capabilities whatsoever, the Proton cars are not quite competitive, and their relationship with Lotus is souring, while it was the only chance… Read more »
jet black
Member
5 years 3 months ago

Youngman is not a total newcomer to Saab:

Mr PANG Qingnian, CEO of Youngman said: “We have been in contact with Saab Automobile for quite some time and we are very pleased to have reached an agreement with both Pang Da and Saab.
So you think this is going too fast? No, Saab doesn’t have time. These deals are extremely important RIGHT NOW in order to regain confidence from the suppliers and the customers.

Motoradd's Cat
Member
5 years 3 months ago

This deal is non binding, which I read as meaning any party can walk away and no money changes hands.

The big stumbling block is the Chinese NDRC.

If they take the View that GM couldn’t make Saab work, what hope is there for Pang Da and Youngman.

The NDRC blocked the SAIC /Rover deal back in 2005 with a similar train of thought regarding BMW.

Ruben NL
Member
5 years 3 months ago

The non-binding part worries me too. Why not get all consent needed first and present a binding MOU afterwards?
I know that, at this stage, time is the most valuable commodity for Saab. And with the ‘news’ of today, someone’s trying to buy some time for Saab. Which should be appreciated.

But on th other hand: what is the true value of a non-binding MOU? The cost of the ink, and the paper used to print it on, I would guess.

Red J
Member
5 years 3 months ago

I thought every MOU was non-binding. (??)

GerritN
Member
5 years 3 months ago
MOU’s are usually binding, barring outside influence that make it impossible to live up to whatever is in the MOU. That’s why it is preferred over a contract, which is totally binding even if something terrible happens and you still have to fulfill your obligations. This particular “non-binding MOU” sounds more like a LOI (Letter of Intent). I’m confused about the percentage of shares. Do I understand correctly that Swedish Automobile is now going to be owned for more than 50% by PangDa/Youngman? If so, aren’t there any regulations at the Amsterdam Stock Exchange that throw a wrench in this… Read more »
Börjesson
Member
5 years 3 months ago

I’m not familiar with the rules of the Dutch stock market (nor the Swedish one, for that matter). But although they would probably both follow any orders given by the Chinese govt, Pang Da and Youngman are at least nominally completely separate entities, as I understand it. Thus, none of the three partners are getting a controlling interest. Victor Muller was careful to point this out in his talks with the media today.

Red J
Member
5 years 3 months ago

Thank you for the explanation. 🙂

Tim
Member
5 years 3 months ago

As long as none of the parties owns 30 per cent or more they’re not forced to make a bid for the rest.

ANA
Member
5 years 3 months ago

Yes MOUs are non-binding.

UWb
Member
5 years 3 months ago
Just to clarify. 1. 30 % is the limit to be forced to make a bid. 2 2. Tenaci Capital will convert a loan of 42 m€, which will give the balance; – Tenaci Capital 29.9% – Youngman 29.9% – Pang Da 24 % – Others 16.2 % 3. Pang Da has stated that they plan to go from 24 to 10 in the future, probably selling the 14 % to a (Chinese) Investment Company. The reason to put Chinese in parenthesis is that the general concern by Chinese analysts is the split of the > 50 % share of… Read more »
UWb
Member
5 years 3 months ago
On the SAIC / Rover deal, remember much of the back-ground facts that must be considered. BMW purchased Rover / Mini in order to grow on the mid-size market. Rover had at that time almost 15 % of the UK market and they had low productivity in their factories. BMW did a lot of work to increase productivity, which they succeeded with, but they fail to cope with two factors; 1. The program at Rover was very old and no new development was planned. BMW helped Rover design the Rover 75 and also started to design the Mini (which continued… Read more »
RS
Member
5 years 3 months ago

I just can’t help thinking couldn’t SWAN (Spyker) sell preferred stock (to VA) to help immediate liquidity?
It has nothing to do with the EIB collateral and the company can still make independent financing decisions without a nod from 50 government and institutional officials on three continents, right?

These preferred could be bought or transfered to just about anything ones the storm has passed and ownership questions have been cleared.

Quijote
Member
5 years 3 months ago

Saab in F1?

If I’m not mistaken, Youngman Lotus is somehow related to the Proton Lotus F1 team. I am referring to the green and yellow Lotus team, not the black and gold Lotus/Renault team. Renault and Proton Lotus seem to be in endless litigation regarding who owns the correct trademark version of Lotus to race as Lotus F1.

Perhaps Youngman will just give up and switch its green and yellow Lotus Proton F1 team to Saab F1 now that they have controlling interest in Saab.

Or did I just get this massively incorrect? lol

No 9
Member
5 years 3 months ago

Quijote. If you are referring to my post, I forgot to mention the new products are for Lotus street cars.
As for the two F1 teems using Lotus, a judgement has been rendered and they both can use the name in their own way… what makes it even more confusing, both teems use Renault engines and gearboxes.

BoeBoe
Member
5 years 3 months ago

You are wrong 😉

The green/yellow F1 Team (Team Lotus, 1Malaysia) has nothing to do with Lotus Cars, Group or Proton.

The black/gold F1 team is owned by Genii Capital (who borrowed money for this from Snoras) and they are sponsored by Lotus Cars/Proton.

Quijote
Member
5 years 3 months ago

Its sooo confusing. I was at the F1 race this past weekend in Montreal and frankly both the Lotus/Renault and Lotus/Proton cars have the best sound of all vehicles. They both have the exact same note, very deep and scratchy. Nice!

No 9
Member
5 years 3 months ago

That’s because the Renault engine forces exhaust gases out the exhaust even under deceleration because the «inverted» exhaust runs towards the rear diffuser to help aerodynamic efficiency. The system will be banned shortly because of a complaint received by the FIA, probably by struggling Williams, stuck with the inferior Cosworth.

spacy
Guest
5 years 3 months ago
The BBC has says on it’s site, ‘SAAB MOVE CLOSER TO CHINESE OWNERSHIP’ And frankly, it might just be best for the company. All the different stories coming out (whether true or not) are doing more damage than ever. I am still amazed at why Saab do not have any money (if this is true) they had Investment of 50m + Pang Da’s up front payment, where is all this going or gone….. This situation cannot go on, & it can be seen on this site, how even true Saab followers (purists) are getting fed up with the up’s &… Read more »
Jake
Member
5 years 3 months ago

Hey, hey, hey now… Saab isn’t out of money! This is for the long term, not the short term.

Jeff
Member
5 years 3 months ago

My question is when Vladimir is allowed to enter, if he invests what he has said he’d like to, will that dilute the Chinese ownership share? Is that part of the long term strategy going on here?

Börjesson
Member
5 years 3 months ago

Very good question!

spacy
Guest
5 years 3 months ago

Looking @ the % and numbers above, there does not seem much room for him (beyond maybe a building freeholder) assuming the chinese allow a dilution of their proposed stakes.

It also looks like the % above are becoming cheaper as the weeks go by.

Khrisdk
Member
5 years 3 months ago
The only facts at the moment is the press releases of the MOU. We do not know how much money saab has available at the moment, and if the realty leaseback will generate the needed money for a restart short term. We also do not know how much of the current stop is caused by suppliers not willing to deliver until they have a better guarantee, and how much is actually caused by suppliers not being able to deliver. At the moment most is speculations, and most of them useless. We can talk about possible outcomes, financial statuses, and give… Read more »
Beechy
Member
5 years 3 months ago

Lets just hope this situation is sorted out quickly and the Chinese produce the money as fast as they did a couple of weeks ago

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