spyker ISSUES CLARIFICATION ON SAAB FUNDING

ZEEWOLDE, The Netherlands (2 February, 2010) – Spyker yesterday provided details on how it intends to fund the USD1 billion required to return Saab to profitability. Following incorrect reports in the media, Spyker hereby clarifies again that the funding for this USD1 billion is in place, as follows: 

  • $326M redeemable preference shares to be issued by Saab to GM
  • $556M EIB loan (securing this loan is a condition of the acquisition of Saab)
  • $200M estimated cash at bank at time of Closing 
With the EIB loan, which is still to be granted, Saab's funding is secured and no share issues will be required, provided the developments at Saab will be in line with the Saab Business Plan
 
-Ends-
  
Note for the media, not for publication
For further media information, please contact:
 
Saab Automobile Press Office
Tel: +46 (0)520 279797
 
Spyker Cars Europe, PFPR Communications:
Mike Stainton
T: +44 (0) 1622 77 66 87
M: +44 (0) 7739 891 040
E: mike.stainton@pfpr.com
 
Tom Housley
T: +44 (0) 1622 766510
E: thomas.housley@pfpr.com
 
Peter Rawlinson
T: +44 (0) 1622 691 361
M: +44 (0) 7971 472 715
E: peter.rawlinson@pfpr.com
 
Spyker Cars North America, PCG Campbell:
Shane Smith
T: +1 310 224 4965
M: +1 310 224 4965
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