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Spyker sportscars (brand) sold!

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  • Spyker sportscars (brand) sold!


    In Dutch newspaper "Telegraaf" is a news item about Spyker.
    Spyker will sell the sportscars (Spyker) to Vladimir Antonov.
    Spyker will put all their money and energy in Saab

    http://www.spykerowner.com/forum/new...=newthread&f=2

    Dutchdude
    Spykerowner #141
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  • #2
    I just read the news. Didn't see that coming

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    • #3
      NNNNOOOOO!!!!

      Spyker is Dutch, it's a Dutch brand...

      This is bad news!!!

      ...
      Niels

      Comment


      • #4
        Originally posted by SpykerOwner View Post
        I just read the news. Didn't see that coming
        It's on Dutch radio also

        Dutchdude
        Spykerowner #141
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        • #5
          The official press release:
          Press Release: Spyker Cars to sell Spyker Cars

          SPYKER CARS N.V. IN NEGOTIATIONS TO SELL THE SPYKER SPORTSCAR BUSINESS IN ORDER TO FOCUS ON SAAB AUTOMOBILE

          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.”
          The greatest pleasure in life is doing what people say you cannot do

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          • #6
            My thoughts:
            This news felt like a cold shower this morning but this could be the best thing for Spyker. Although I can't really imagine a Spyker without Victor Mulller, it was obvious Spyker didn't get the attention it deserved in the past year. If Antonov is smart, and I think he is, he will see what needs to be done and he'll invest in building the brand. If he doesn't nurture the brand and respect it's values you'll see enthusiasts leaving.
            Another thing: the way I see it Spyker would be no longer listed at the stock exchange. That means they don't have to report about debts, sales, etc any longer. This has always harmed the Spyker business.
            Losing Victor is a big downside though (imho).

            One down side for Saab is that Antonov will be even less involved in Saab and so one can wonder if he's willing to invest in Saab any longer. Maybe he is, maybe not...
            Last edited by IVR007; 24-02-2011, 14:02.
            The greatest pleasure in life is doing what people say you cannot do

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            • #7
              I received a different press release as well:

              CPP SIGNS MEMORANDUM OF UNDERSTANDING TO BUY SPYKER LUXURY SPORTSCAR BUSINESS

              CPP Global Holdings Ltd has signed a Memorandum of Understanding to buy the Spyker luxury sportscar business
              Purchase price is 15 million Euros plus a 17 million Euros six-year earn-out
              Acquisition comes as production of Spyker C8 Aileron flagship supercar ramps-up

              Coventry, UK, 24 February 2011 – CPP Global Holdings Ltd, a premium coachbuilding company based in Coventry, UK, has signed a Memorandum of Understanding to acquire the assets of the Spyker luxury sportscar company from Spyker Cars N.V. – the Dutch EURONEXT-listed holding company which currently operates the Spyker and Saab Automobile businesses.

              The purchase price would be 32 million Euros, 15 million Euros of which would be paid immediately upon the finalisation of the deal, with the remaining 17 million Euros to be paid over a six year ‘earn-out’ period.

              CPP is a world-class British coachbuilding company with a workforce of 250 highly skilled automotive specialist designers, technicians and craftsmen. It has vast experience working with global luxury car brands, by adapting standard vehicles, or undertaking full production of ultra-low volume standalone models. Over the last 16 years, CPP founder and Managing Director, Brendan O’Toole, has grown the Coventry-based business continuously, and the partnership and support of Vladimir Antonov has seen this growth accelerate within the last two years. The Spyker acquisition is yet another milestone towards a world-class automotive specialist in Coventry, creating more jobs directly at CPP, and indirectly, through the wide range of automotive specialists based in the area.

              CPP will structure Spyker’s assets into a new subsidiary company, to be based at CPP’s Coventry headquarters. CPP has produced chassis and body panels for Spyker since the brand’s re-introduction in 2000. In 2009, it signed an agreement with Spyker to undertake full vehicle production of the C8 Aileron and all future Spyker models at a new and dedicated facility in Coventry. Production of the C8 Aileron for customer deliveries is currently being ramped-up.
              Vladimir Antonov, said: "Having created an enviable portfolio of premium, world-class automotive companies and brands over the past two years with CPP, we are convinced that Spyker will flourish within the CPP Group. We are delighted to be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK.”

              Brendan O’Toole, Managing Director of CPP Global Holdings Ltd, said: “This acquisition is very positive news for everyone connected to Spyker. We’re absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.

              “The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development,” continues O’Toole. “Production of the new Spyker flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting.”
              Interesting to see the CPP involvement and the comment about expanding the product range. I'm a bit confused, is CPP becoming a shareholder in this CPP Global Holdings Ltd.... ?

              An interesting remark in the previous press release is this:
              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.
              And this:
              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.
              This is how I'm reading this: Antonov will pay, via CPP global ltd., Spyker Cars NV to take over the Spyker business. Spyker Cars NV will use this money to pay off debts they have to Tenaci, which in it's turn has a debt towards Antonov. So what Antonovs pays, he receives as a redemption. And then after the sale, Tenaci will convert some of the remaining debt of Spyker Cars NV into shares. This would bring a stock dilution , so I dont understand why the stock is up today.
              Last edited by IVR007; 24-02-2011, 14:03.
              The greatest pleasure in life is doing what people say you cannot do

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              • #8
                So in the perfect scenario (for Saab), CPP global ltd would pay 32 million. Combined with the conversion of EUR17 million, Saab would pay off 49 out of the 74 million in debts to Tenaci.
                The greatest pleasure in life is doing what people say you cannot do

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                • #9
                  ... what I am really interested in, is the future plan for Spyker (sportscars)! Not so much the ownership... and, let's be honest, the last year wasn't really exciting... it can only get better!

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                  • #10
                    Originally posted by amzamz View Post
                    ... what I am really interested in, is the future plan for Spyker (sportscars)! Not so much the ownership... and, let's be honest, the last year wasn't really exciting... it can only get better!
                    I don't know if it can only be better....

                    I don't think it is better for all the people who are still working in the Netherlands for Spyker.
                    I also think that VM has a passion for Spyker that mister Antonov does not have. I saw a similar move with TVR and where did that end...
                    and for me; no servicepoint anymore in the Netherlands I think.

                    Dutchdude
                    Spykerowner #141
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                    • #11
                      I'd like to better understand why a sale was necessary. Seems like we went 2 steps forward with the purchase of Saab and now 10 steps back with the sale of Spyker. Also surprising to me that with all the insiders and people intimate with Victor In this forum that it seems as if it was a surprise to all of us.

                      I hate surprises.

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                      • #12
                        Originally posted by amzamz View Post
                        ... what I am really interested in, is the future plan for Spyker (sportscars)! Not so much the ownership... and, let's be honest, the last year wasn't really exciting... it can only get better!
                        The words "it can only get better" did not cross my mind

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                        • #13
                          ... wasn't the only alternative to simply dump the Spyker sportscars activity, and abandon not only the SUV, but also the Aileron? Close down Zeewolde and stop activities at CPP? To be honest, I expected that after the last Spyker-Saab business report which did not say a word about Spyker sports cars...

                          I can understand that employees are worried. But sometimes, no noise is a bad sign, big noise means "hope". (I am not an insider, what I am saying is 100% my own speculation...)

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                          • #14
                            Originally posted by Swisstrader View Post
                            I'd like to better understand why a sale was necessary. Seems like we went 2 steps forward with the purchase of Saab and now 10 steps back with the sale of Spyker. Also surprising to me that with all the insiders and people intimate with Victor In this forum that it seems as if it was a surprise to all of us.

                            I hate surprises.
                            I also hate surprises. Yesterday evening I had contact with an employee who is generally very well informed. I had no idea that this was known to him.

                            Dutchdude
                            Spykerowner #141
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                            • #15
                              Victor explained to me why this is so much better. I'll ask him if I can post it in the owners section.
                              Rijk

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