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  • Saab Plans to Tell Investors in May of Stock Listing Plan

    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. Muller last September told reporters that Spyker may add a listing in Stockholm to its Amsterdam Euronext trading by April 2011. The annual general meeting, where the issue now will be discussed, will be held May 19, he said.

    The Dutch super-car maker bought Saab from General Motors Co. for $400 million in cash and preferred shares last February, as Saab was on the brink of shutting down. The Trollhättan-based manufacturer aims to sell 120,000 cars and become profitable by 2012. Muller, who is Saab’s chairman, reiterated that if Spyker enters the Stockholm exchange, it would also keep its Amsterdam listing for at least a period of time.

    “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.

    Funding Needs
    “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.

    Source: Bloomberg
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