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For those concerned about GM influence
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Posted by Bruce [Email] (more from Bruce) on Tue, 2 Feb 2010 09:25:41 Share Post by Email
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Thanks to Jeff'04 for originally posting the link.

The document lays out details about the preferred stock that GM is getting. As reasonably expected, just previously not known by what degree, GM has traded voting power for the payment benefits of preferred stock.

In reality preferred shares generally work like a bond, but in equity form rather than debt form... so they are treated differently on the financial statements and with respect to taxes (depending on tax laws) as they pay dividends and not interest. This will not only effect Saab-Spyker's financial statements, but also GM's, especially with respect to how the sale of Saab shows up.

While it is true that GM will have essentially no voting power (0.0005%) once the deal closes, they obviously will still have influence as a large holder of preferred stock and a large supplier & partner to Saab for the near future.

For Saab-Spyker this financing also means that to cover it from both the EIB & GM, Saab-Spyker will need to be very cash flow positive in a couple of years, either from operations or finding new financing.

There are also some interesting details on the rest of the financing, especially around how Victor Muller has some of his finances & ownership stake & other interests in Spyker & Saab-Spyker arranged.

posted by 198.179.147...

Statement_SAAB_jan_010210_final.pdf

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