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Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million.
Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan´s shareholders and certain other parties. The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.
The administrator in Saab Automobile´s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.
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DavidWhat will happen with my Swan shares?# 1October 28, 2011
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Saab HolicsLet me buy this Adorable, Unique Brand in the near future.# 6October 31, 2011
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Saab team (Author comment)Hi David, we can't answer that question. We suggest you visit www.swedish-automobile.nl and contact them for more information. Hope that helps and sorry for the inconvenience! / Saab team# 7October 31, 2011
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