Saab CEO Muller planning to tell investors in May if he intends to list the company

Article by Christian Andrei, on January 6, 2011

Victor Muller, the CEO of Saab Automobile's owner, Spyker Cars N.V., said that the company plans to tell shareholders in May 2011 whether it plans to list the company on the Swedish stock exchange.

Muller said that Spyker doesn’t intend to issue more shares because the company “[doesn’t] need the money” but he doesn’t discount the possibility of needing to do so for “future funding.” He added that the Stockholm exchange may be a better market if the company decides to raise funds in the future.

As of Sept. 30, 2010, Spyker had EUR81 million ($108 million) in cash, excluding EUR114 million in “restricted” cash set aside for liabilities such as pensions.

The company reported a net debt of EUR82.5 million at the time. In September 2010, Muller said that Spyker may add a listing in Stockholm to its Amsterdam Euronext trading by April 2011.

He recently said the annual shareholders meeting in May 19, 2011 may be an “ideal forum” to look at what the company is thinking when it comes to the dual listing.

A Dutch super-car maker, Spyker bought Saab from General Motors Co. for $400 million in cash and preferred shares in February 2010, as Saab was on the verge of shutting down. By 2012, Saab aims to sell 120,000 cars and become profitable. [via autonews - sub. required]

Topics: saab, spyker

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