Spyker N.V.
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Publicatie datum
26 okt 2012 - 08:05
Statutaire naam
Spyker N.V.
Titel
TRADING UPDATE SPYKER N.V. THIRD QUARTER 2012
Bericht
Zeewolde, the Netherlands, 26 October 2012 - Spyker N.V. ("Spyker"), a holding company that owns subsidiaries which produce and sell premium automobiles under the Spyker brand, today publishes its trading update for Q3 2012. Spyker N.V. is listed on NYSE Euronext Amsterdam (ticker symbol SPYKR).
Key developments third quarter 2012
Framework Agreement between Spyker and Youngman
On 27 August 2012 Spyker announced that it signed a Framework Agreement with Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ("Youngman") entailing a € 10 million capital injection in Spyker and the formation of two joint ventures, one for the development and production of the Spyker D8 Peking-to-Paris SSUV and one for a new product range based on the Phoenix platform to which Youngman obtained a license from Saab Automobile AB in 2011;
Both Spyker and Youngman are now in the process of completing the definitive transaction documentation;
In the course of completing the transaction, Youngman has already invested € 2.3 million in Spyker through share subscriptions resulting in Youngman currently holding 12% of Spyker's issued share capital. When the transaction is completed Youngman shall increase to a maximum of 29.9% of Spyker's issued share capital.
Financial developments Q3 2012
In 2012 Spyker managed to improve its financial position; (i) it restructured its large debts to its lenders by converting the loans into equity, (ii) it issued subscription notices for a total of 13.7 million shares under the € 150 million equity stand-by facility with GEM Global Yield Fund Limited and (iii) arranged debt settlements with many of its creditors;
During Q3 2012 the second tranche of € 0.5 million convertible debentures was issued to GEM Global Yield Fund Limited;
Both Spyker's Q3 2012 equity position and result for the period are positive, mainly because of a € 131 million gain resulting from the financial restructuring en recapitalization measures mentioned above;
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