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Saab automobile has received money for the sale of its factory



  

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Monday, 11 July 2011
Saab Automobile has now received money from its property sales. This was confirmed by the car manufacturer's information chief, Eric Geers according to the Swedish business daily, Dagens Industri

Just last week the Swedish government approved the sale of half of the shares of Saab's property. The aim was to release cash tied in the properties to be used in spurring production. On Friday morning the buyers have received the property from Saab which is in desperate need of cash. Saab is said to have received Skr205 million in its account.

Saab has received only part of the purchase price. The entire deal is valued at Skr255 million. The remaining payment of Skr50 million has become a convertible bond equivalent to the remaining 18 percent of the purchasing company. The format makes for additional investors into the consortium.

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Lennart Schuss, Deputy Managing Director of Saab's advisers, Catella, claims that it will be easy to place the remaining Skr50 million. He claims to have good contacts, but these investors will come in later in the process.

"It was a fairly complex agreement, we had limited time and it was difficult to involve new investors, "he says.

But Saab can expect to release another Skr50 million if Lennart Schuss could manage to find a new investor.
The consortium has until the beginning of August  more options to purchase additional shares in Saab's real estate company for Skr45 million. None of the existing investors, according to Lennart Schuss have expressed interest in taking this opportunity, so when he has found a buyer for the convertible, he will try to find additional investors for this option.

Earlier, Saab owner, Swedish Automobile, formerly known as Spyker saw its share collapsed on Monday morning with over 10 percent on the stock exchange in Amsterdam.
The reason is said to be concern that Saab would not get production going as scheduled next month.  There are doubts whether production will begin on August 9 or not according to new reports
By scancomark.se Team


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