SWAN meeting in progress
November 11, 2011 in News
About 30 minutes ago SWAN’s shareholders meeting started in Zeewolde, Holland. The questions are many and the future of SWAN if both Spyker and SAAB is sold is one big question.
From what we have heard there is a conference call planned for today between GM, the Chinese, SWAN and Saab. We are trying to find out more information about what solutions this call could produce.
Swedish Radio made a nice article about this:
The extra shareholders meeting was announced at the end of september and the idea behind it was to decide how the board of Saab Automobile, SWAN would be organized after the fact that the chinese would have become part-owners.
But since the end of september a lot of things have happened around Saab and SWAN. The first thing that was dissolved was the ownership issue, the chinese were as interested in becoming part-owners as a palm-tree wants to grow in the Sahara desert.
Negotiations were tough and after a while the rescue plan was presented for the chinese to own 100%, but this plan was crushed by General Motors.
The reason for todays extra meeting is above all to give information about the situation and to get the opinion of the shareholders. SWAN’s shareholders have seen the value of the company do a nose-dive. The decrease in value of the shares have dropped with about 90% and at one o clock today the value of the shares on the Amsterdam stock-exchage was 0,41 Euro per share.
The main question today is if there is a solution in sight for a potential sale of Saab. Not a lot of people think that a clear message will be delivers by Victor Muller on this issue today. Patrick Beijersbergen, economy manager at the dutch shareholders union VEB, thinks that at least.
- I do not think that there will be any big news, he states to TT.
The shareholders will probably also wonder who will take care of all the debt that is located in SWAN if Saab is old. SWAN’s totaled debt is about 2,6 billion SEK.
- We are wondering who will deal with the debt at a sale of Saab. Are the chinese interested in that?
Since SWAN is also negotiating a sale of Spyker Cars with the american hedge fund North Street Capital, there is a risk that there is no activity left within the company and only debt.