Spyker and Youngman complete transaction

Many of us would have loved to read this post in June 2011 and not in June 2013. But somehow this piece of news remains interesting, as Spyker-Youngman plans to also build Phoenix-based cars in the near future.

The new question is, who will build the best Phoenix-based cars?
—-

ZEEWOLDE, THE NETHERLANDS | JUNE 28, 2013

Spyker N.V. (“Spyker”) announces that, based on the subscription
agreement including accessory agreements (the “Transaction”) that
were signed 6 December 2012 and to the full satisfaction of both parties, it
has completed the transaction with the Chinese car manufacturer Zhejiang
Youngman Passenger Car Group Co, Ltd (“Youngman”) today.

The Transaction inter alia entailed the following transactions:

  • Youngman has invested Euro 10,000,000 in Spyker of which Euro 6,991,980 as subscription for 1,398,396 Class A shares in Spyker constituting 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis.
  • The remaining payment of Euro 3,008,020 has been provided to Spyker in the form of a convertible loan which bears an interest of 2.5% per annum. The convertible loan does not have a maturity date and may only be discharged by conversion into shares.
  • Youngman and Spyker have established a Joint Venture called Spyker P2P B.V. (“Spyker P2P”) in which Youngman holds 75% of the shares and Spyker 25%. Youngman agreed to make a cash contribution in the amount of Euro 25,000,000 whilst Spyker has made its contribution by transferring the technology it developed for the Spyker D8 Peking-to-Paris (“SSUV”). Youngman’s contribution shall be paid in instalments in accordance with the development and manufacturing plan of the SSUV.
  • Youngman and Spyker also have jointly incorporated a second Joint Venture called Spyker Phoenix B.V. (“Spyker Phoenix”) in which Youngman holds 80% of the shares whilst Spyker holds 20%. Spyker Phoenix, which shall be entirely funded by Youngman, shall develop and manufacture a new full range of car models based on the Phoenix platform to which Youngman acquired a license from Saab Automobile AB in 2011.
  • Spyker moreover transferred all of its trademarks to a Joint Venture called Spyker Trademark Company B.V. (“Spyker Trademark”), in which Youngman holds 75% of the shares whilst Spyker holds 25% of the shares. Spyker Trademark granted a licence to Spyker, SpykerP2P and Spyker Phoenix for the use of the Spyker trademark.
  • Youngman meanwhile used its right to nominate 1/3 of Spyker’s supervisory board. On the EGMS of 21 December 2012 Mr. Qingnian Pang was appointed as member of the supervisory board of Spyker.
MeanSabean
Member
3 years 2 months ago

Good luck to both parties, Saab would have needed this agreement to be approved and realized much quicker than this!

baas900i
Member
3 years 2 months ago

so nevs will get a “fee” for the Phoenix platform or will it end up in the courts?

adde
Member
3 years 2 months ago

As i understood, Youngman got non-exclusive rights,(better said pieces) of, Phoenix platform for that money they injected into Saab back in the days. Which means those “pieces” they can use, NEVS can also use. But what NEVS can use (rest of the platform) Youngman cant. In other words, Youngman has only certain pieces of it, while NEVS has it all.

Chris Hansel
Member
3 years 2 months ago

Adde, thanks for that, now it is starting to make sense!

scand
Member
3 years 2 months ago

Since announcing that deal in December, spykers share price has slid 65% to 0.69 Eur. The entire market cap of the company is currently just over 2 million Eur.

Therefore paying just under 7m Eur for 29.9% of the company for doesn’t sound like a great deal for the buyers, but maybe they have cash to burn.

And, I’m sorry, while regular Spykers look great, that Spyker P2P “ssuv” just looks cartoonish.

dcpattie
Member
3 years 2 months ago

+1

Spyker really should start over with the P2P SUV – the new B6 looks great but this frankenvehicle is a total mess and an embarrassment to the brand.

3cyl
Member
3 years 2 months ago

scand,don’t pass judgement prematurely. The P2P looks like the kind of vehicle that is more appreciated with SAAB Music blaring from the sound system.

Quixcube
Member
3 years 2 months ago

Deals tucked within stipulations protected by hedging and obfuscation. I don’t miss all the legal wrangling that seems to follow VM around. These sorts of deals could keep a law firm afloat for years, between the tangling and then the untangling if it falls through.

Angelo V.
Member
3 years 2 months ago
I have a question and it’s not meant to be rhetorical or sarcastic—-it’s a sincere question that I don’t know the answer to: Has Victor Muller ever made a steady profit with any of his automotive ventures? From Spyker to Saab and back to Spyker—-everything I seem to read is that he’s always looking to make deals and find investors—-and I don’t read much about him selling cars and turning a profit. At some point—don’t you need to get past looking for your next investor to last another year—-and don’t you need to start actually making money and floating on… Read more »
Joe
Guest
3 years 2 months ago

I believe VM is a Automobile “vulture-capitalist”. The Automotive business is only a means to an end for this guy. And the end is money in the pocket of VM only. Sadly, Saab was a mere pawn of legal wrangling and guaranteed “fees” to ensure his enrichment. Personally, I don’t think he has any allegiance to any brand or even cares about market success.
The poor dupes on this, and other Saab sites, mostly had their vision blurred by the prospect of VM saving Saab.
Alas; VM was just saving himself, but on the backs of the faithful.

JST1981
Member
3 years 2 months ago

+1
maybe VM is really looking to make an academy award winning movie: “Makin a good living on other people’s money” He’s a passionate guy for sure, but the passion is only for his ego and his carribean based bank account. Maybe there comes the day when Julia Roberts will proudly present: “and the Oscar goes to…”

900SE
Member
3 years 2 months ago

Keeping in mind that we are talking about the automotive sector, aren’t these numbers small change ? In order to fully develop a new car, I was under the impression one would need hundreds of millions, not 3 or 25 millions.

tianalfred
Member
3 years 2 months ago

Remembered last week BAIC chairman said his company is to acquire “”mid size automaker”in Europe,some put Spyker as one of its target

GrumpyGriffin
Member
3 years 2 months ago

Mid Size? Spyker would be best classed a minuscule, are they actually making any cars at the moment? The whole thing is nothing more than a vehicle for VM’s legal and financial machinations.

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