Spyker and Youngman join forces with Phoenix
A press release was sent out this morning from Spyker in which it was announced that Spyker and Youngman have signed a framework agreement for 29.9% stake. A joint venture is formed for a new car called the Spyker D8 SSUV which is to be based on the Phoenix platform?
According to the Press-Release, the framework entails the following:
Subject to satisfactory completion by Youngman of a due diligence on Spyker and the satisfaction of relevant conditions to be set forth in the definitive transaction documentation, Youngman will invest 10’000’000 (10 million) Euro in Spyker of which approximately 6,7 million Euro as a subscription for such number of Class A shares in Spyker as will constitute 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis for a price of 0,05 Euro per share, and the remaining approximately 3,3 million Euro shall be provided to Spyker in the form of a shareholder loan. Youngman undertakes to not exceed the 29,9% threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker.
Youngman shall pay the first tranche of the share subscription in an amount of 2,3 million Euro to Spyker within 7 days of today.
Youngman shall pay the remaining 7,7 million Euro no later than 45 days after the execution of the definitive transaction documentation.
Youngman and Spyker will jointly invest in a Joint Venture to be called Spyker P2P B.V in which Youngman will make a cash contribution in the amount of 25 million Euro and hold 75% of the shares whilst Spyker will make its contribution by transferring the technology it developed for the Spyker D8. A $250’000 four door Super Sports Utility Vehicle (SSUV), as well as the Spyker trademarks and will hold 25% of the Spyker P2P shares. Youngman’s contribution shall be paid in installments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014. Additional models of the SSUV technology are being contemplated.
Youngman and Spyker will jointly incorporate a second Joint Venture to be called Spyker Phoenix B.V. in which Youngman will contribute the rights to the Phoenix platform as developed by Saab Automoblie AB in 2010/2011 to Youngman acquired a license in 2011 as well as provide all required funding. Youngman will hold 80% of Spyker Phoenix shares while Spyker will hold 20% of Spyker Phoenix shares which shareholder will be exempt from dilution
Spyker Phoenix shall develop and manufacture a new full range of premium models based on the Phoenix platform which models will be positioned higher than the comparable Saab models were. Phoenix products may be manufactured in Europe and China as the case may be. Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge.
Spyker, Chinese partner to launch new upmarket automobile model
August 29, 2012
The China Post (Amsterdam) – Dutch car manufacturer Spyker and Chinese partner Zhejiang Youngman Passenger Car Group plan to launch a new upmarket model that would be a cross between a Spyker sports car and the now-defunct Saab.
The deal announced by the companies on Monday highlights China’s interest in acquiring Western brands and technology, taking advantage of the Saab and Spyker names and know-how.
The new car, to be pitched at China’s affluent drivers, will use the platform and technology developed for Saab, the Swedish company that Spyker and Youngman tried to rescue before it went bankrupt in December last year.
Spyker, whose sports cars have appeared in Hollywood films including Basic Instinct 2, produces only a few dozen cars a year, with a list price of about 200,000 euros (US$250,300) for the C8 Aileron.
The new model would go into production in China and Europe, but not for another two or more years, Spyker Chief Executive Victor Muller said. It would be based on technology developed for a new Saab model and would have both Spyker and Saab characteristics.
“It will be much more of a Spyker, with some Saab traits. This will extend the Spyker brand downwards towards a very high premium model,” Muller told reporters in a conference call.
“Saab suffered from being halfway between a Ford and a BMW, and that made it difficult to sell. We had the aspiration to be BMW. This is a car for affluent people.”
Saab Automobile, one of Sweden’s best-known brands, stopped production in May 2011 when it could no longer pay suppliers and employees. It went bust in December, less than two years after General Motors Co. sold it to Spyker.
Muller had tried to raise funds from several Chinese companies, including Youngman, and other investors to keep the Saab name alive.
This month Spyker launched a US$3 billion lawsuit against General Motors on behalf of Saab, accusing the U.S. automaker of deliberately bankrupting the Swedish group by blocking a deal with Youngman.
GM’s efforts to kill any sale were made to eliminate a potential rival in China, Spyker said.
On Monday Spyker said that Youngman would invest 10 million euros (US$12.5 million) in the Dutch company and would put up an additional 25 million euros for a joint venture to make a luxury sports utility vehicle.
However, Muller said that Youngman’s total investment could run to hundreds of millions of euros if production of the SUV and premium cars goes ahead.
Spyker C8
D8 Peking-to-Paris Prototype