Press Release: Swedish Automobile may sell Spyker sportcar businises.


Zeewolde, The Netherlands, 29 September 2011 – Swedish Automobile N.V. (Swan) announces it has reached conditional agreement with North Street Capital, LP (North Street) about the main terms of the sale of the Spyker sportscar business.

Read morePress Release: Swedish Automobile may sell Spyker sportcar businises.

Friday Night Snippets

It’s almost Geneva time!!!!

I don’t know if it’s been mentioned, but RedJ did eventually get accreditation and will be joining me at the show. We’re going to cover every darn square inch of the Saab stand 🙂 . I’m also going to do my best to empty Switzerland of its renowned chocolate, too.


Spyker Cars NV has performed a revaluation of Saab’s assets, an expected move that will actually improve their bottom line for 2010.

AMSTERDAM, Feb 25 (Reuters) – Spyker Cars (SPYKR.AS), the loss-making Dutch sports car maker which acquired much larger Saab last year, on Friday said it had revised the value of its Saab assets to 132.3 million euros ($182.9 million), from 54.4 million euros.

It’d be interesting to know what assets are included in this valuation, given that Saab’s assets were used as a security for the Swedish government guaranteeing the EIB loan.


Video from Teknikens Varld, featuring an interview with VM on Independence Day.

Hopefully it works (it took so long buffering here that I haven’t actually seen it yet).


Volvo are dropping station wagons from their US sales range. Other European importers are doing the same. Saab will release their all new 9-5 wagon in a few months from now, which seems like serendipitous timing., the online-car buying site, lists 115 kinds of SUVs and 92 types of crossovers but only 31 varieties of station wagon. Even that count is suspect. It includes a Ford Flex, which is a minivan in disguise, and the bizarre Dodge Caliber.

That quote is from a Yahoo Autos article talking about the demise of the wagon in the US.

I’m a firm believer that a good wagon, like a good car, can find an appreciative audience.

Thanks Peter G!


Earlier this month I featured a glowing report about the new Saab 9-5 from a Canadian website called Cardriven.

The same site has now had some time behind the wheel of a Saab 9-3 fitted with XWD. And the review is just as glowing, even if it’s slightly perplexing.

The review seems to be of a 9-3 V6 with XWD, which hasn’t been for sale in Canada for a couple of years now. Yet the headline says 2011 Saab 9-3. Maybe Canada are getting something the US aren’t!

It’s confusing. But still a decent read. (The photos aren’t showing up at all for me)


Speaking of OK reading, Paul Eisenstein has an overview piece on Saab’s situation over at MSNBC.

It looks like he’s been to Kiruna to have a drive on the ice, though he doesn’t talk about that much (might be saving it for another report.

It’s worth 5 minutes of your time.


Press Release: Spyker Cars to sell Spyker Cars


  • Spyker Cars N.V.– the EURONEXT-listed holding company which operates the Spyker and Saab Automobile premium car brands – has signed a Memorandum of Understanding to sell the assets of its Spyker sportscar business (the “Spyker Business”) to a private UK holding company, CPP Global Holdings Limited, which is owned by Vladimir Antonov.
  • Indicative terms include a purchase price of 15 million Euros plus a 17 million Euros earn-out. The proceeds will be used to reduce Spyker Cars N.V.’s debt.
    Within 6 months of completion of the sale and subject to certain conditions, it is envisaged that Tenaci Capital B.V. would convert the 9.5 million Euro Convertible Loan at 3.75 Euros per share and 7.5 million Euros of its loans at 5.50 Euros per share to further reduce debt and interest.
  • This transaction would allow Spyker Cars N.V., which will change its name shortly, to exclusively focus on the Saab Automobile business while reducing debt and improving operating results through reduced interest expenses and removing the operating losses related to the Spyker Business.

Zeewolde, The Netherlands, 24 February 2011 – Spyker Cars N.V. has signed a Memorandum of Understanding with CPP Global Holdings Limited, a UK-based company owned by Vladimir Antonov, concerning a potential sale of the Spyker sportscar business.

The transaction would be structured as an asset purchase of virtually all assets related to the Spyker Business, including the Spyker trademarks and other intellectual property rights, and would be subject to several conditions precedent, including the outcome of Purchaser’s due diligence.

If completed, the proceeds of the purchase price will be used to reduce Spyker Cars N.V. indebtedness to Tenaci Capital B.V., an investment company controlled by Spyker Cars N.V. CEO, Victor Muller, thereby reducing its interest burden going forward. The indicative purchase price would consist of two elements: 15 million Euros due on closing and a maximum of 17 million Euros payable in instalments over the period 2011-2016 from the Spyker Business’ Earnings Before Taxes.

To further reduce Spyker Cars N.V.’s debt, it is envisaged that within 6 months of completion of the sale Tenaci Capital B.V. would convert its Convertible Loan for the amount of 9.5 million Euros at 3.75 Euro per share as well as convert an additional amount of 7.5 million Euros at 5.50 Euros per share subject to completion of the sale and certain conditions.

Hans Hugenholtz, Chairman of the Supervisory Board of Spyker Cars N.V., said: “This transaction will allow Spyker Cars N.V. to focus on the Saab Automobile business exclusively, will eliminate the requirement for us to make further capital investment in the Spyker Business, and will reduce our debt.

“The Spyker Business will benefit from a focused and independent management team to progress the business from a commercial and technological point of view. Victor Muller will continue as CEO of the Spyker Business until a successor is appointed, at which time he will become its non-executive chairman. Mr. Muller remains fully engaged as CEO of Spyker Cars N.V. and Chairman of the Board of Saab Automobile AB.

Victor Muller, CEO of Spyker Cars N.V. and Chairman of the Board of Saab Automobile AB, said: “Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker Business soon became a small fish in a large pond as a result. In terms of the overall results of Spyker Cars N.V., the Spyker Business had become immaterial, but to develop its business going forward, its cash needs are relatively significant. Therefore the decision to separate the Spyker Business and Saab Automobile from a capital structure point of view is a good one.”

Vladimir Antonov, chairman of Convers Group said: “Having created an automotive portfolio over the past two years consisting of premium, world-class companies and brands, we are convinced that Spyker will flourish within the CPP Group and become profitable as planned.”

News: Spyker listings

There’s more news emerging today than you can poke a stick at. More reports to come very shortly, but first……

Spyker listing

Bloomberg news are covering news about Spyker’s potential listing on the Swedish stock exchange.

Jan. 4 (Bloomberg) — Spyker Cars NV, the owner of Saab Automobile, plans to tell shareholders in May whether it intends to list the company on the Swedish stock exchange, Chief Executive Officer Victor Muller said.

“I think the annual shareholders meeting is an ideal forum to look at what we’re thinking in terms of the dual listing,” Muller said in a telephone interview today.

…..The annual general meeting, where the issue now will be discussed, will be held May 19, he said.

….“You first have a dual listing, then you see where the trade is gravitating to,” he said. “Is it gravitating to Stockholm, as everybody is anticipating, or is most of the trades still taking place in Amsterdam? Then you make your decision” on whether to have only one listing.

While Spyker has no plans of issuing more shares, the Stockholm exchange may be a better market if the company decides to raise funds in the future, Muller said.

…..“We clearly have no intentions of diluting the shares,” he said. “We don’t need the money. So we don’t foresee any share issue at this time, but who knows, maybe in many years it becomes a vehicle for future funding.”

Spyker had 81 million euros ($108 million) in cash as of Sept. 30, excluding 114 million euros in “restricted” cash set aside for liabilities such as pensions. The company reported net debt of 82.5 million euros at the time.

Spyker rose 23.8 cents, or 6.9 percent, to 3.70 euros as of 4:23 a.m. in Amsterdam. The stock rose 63 percent in 2010, the third-best performer in the Amsterdam Small-Cap Index. Antonov cleared of criminal charges

That headline is the result of a GoogleTrans. I don’t think there were actually any formal criminal charges here, but there were suspicions, rumour and innuendo surrounding Vladimir Antoonov, enough that GM insisted that he not be a formal part of the group seeking to acquire Saab one year ago.

The following is a Googletrans and it’s good to see a story like this appearing in I hope they leave it as a headline all day.

Fistbump to Vladimir.


Antonov cleared of criminal charges

Can not find any evidence that the former Spykerägaren Vladimir Antonov been involved in crime. It shows two independent audits, according to Dagens Industri.

It was in February that Dutch sports car maker Spyker bought the Saab Automobile from GM. A prerequisite for the deal was that Vladimir Antonov disappeared as Spykerägare.

Sources of DI has been shown that GM suspected that he was involved in more than questionable and downright illegal business, such as money laundering.

Suspicion must be received from the Swedish government, which is also related to the sales process gave the U.S. firm Kroll commissioned to examine Vladimir Antonov.

DI have read the report. In no case did Kroll manage to prove their suspicions. Antonov acquitted in the investigation which he himself initiated after GM stopped him from becoming the owner of Saab. No evidence has been found to Vladimir Antonov or any of his companies are or have been involved in organized crime or money laundering, writes DI.

Saab’s President Victor Muller has made no secret that he wants back Antonov as owner.

“That’s what I have tried to say all the time. Antonov has been falsely accused, he is an honest man and must have his reputation restored,” he says to the DI.


Thanks to Anders L for the tip!

TTELA on Spyker Cars’ Q3 report

From comments, it seems Spyker’s shareholders were expecting better results from the Spyker Cars 2010 Q3 financial report. A continued loss was expected, but maybe this is more than expected. The share price is down 11% on early trading.

TTELA have put together a report based on the conference call given in relation to the report. The following is the Googltrans:


Loss for Saab owners

Dutch Spyker, owner of Saab Automobile, has made a loss before tax of EUR 50.1 million (470 million) for the third quarter.

During the same quarter in 2009 made the Spyker was a loss of 3.4 million. For the period 1 January to 30 September 2010 is the loss of 158.9 million euros.

Losses are expected as Spyker’s management to continue roll in 2010-2011, but in 2012 the company [expects to be] be profitable.

For the full year, Spyker expect a wholsale volume of 30000-35000 cars.

During the third quarter of 7430, Saab sold cars to customers. Compared with the second quarter is an increase of 34 percent.

But over the same quarter last year, this is down 10 percent.

Over the first nine months, it is much worse for Saab this year than last year. Until September, Saab’s total sales of 17 965 cars.

Both Saab’s President Victor Muller and Saab’s CEO Jan Ake Jonsson says that there are many challenges left for the company. But they stick to that plan is followed.

– We are on track and feel full of confidence,” says Jan Åke Jonsson at a telephone news conference.

He highlighted that sales will increase after the summer.

– September was 100 percent higher than August, “he says.

At the same time allows Jonsson that management believed that the recovery would be faster.

– We had hoped to recoup much of the volumes that we lost in the winding-up but now we see that it does not. We had some disruptions in the supply chain at the start affecting us and we had some delays in its product range, “he says.

Jonsson also points out that Saab is currently focusing not only on volume.

– Volume is not everything for us right now. It is important that we maintain discipline and sells the right way so that we can profit and get down break-even level, “he says.

Last year, Saab has sold 32 609 cars between January and September. This represents a decrease of 45 percent.

The rate of production at the plant are much higher now than in the third quarter of 2009. Saab has built 9777 cars compared with 2780 last year.

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