Press Release: SWEDISH AUTOMOBILE ISSUES SUBSCRIPTION NOTICE UNDER GEM FACILITY

Zeewolde, The Netherlands, 3 August 2011 – Swedish Automobile N.V. (Swan) announces today that it issued a subscription notice for 5 million shares under the current EUR 150 million equity facility between Swan and GEM Global Yield Fund Limited. The exact number of shares to be issued and the price thereof will depend on a 10 day pricing period, which commences today.

Saab Automobile AB (Saab Automobile) expects to be able to pay the wages of its white-collar workers still this week. Swan and Saab Automobile continue their discussions with parties to obtain further short-term funding to be able to restart and sustain production.

You may also like

5 Comments

  1. Things ae looking up.
    Another issue:  Don’t understand this recurring theme concerning trouble obtaining “parts”.
    Threre are so many (former) SAABs out there in salvage yards.   If  dealer or service center has trouble getting parts, they are not trying.

    1. Jasper, I believe used parts or salvaged parts cannot be used on a Saab still under the manufacturers warranty and have the warranty remain in effect.  Once the car is out of warranty, it is up to the owner if he or she wants to make use of a used part or not.

  2. I feel much better for the workers.  I can’t imagine the stress they’ve been under the past week.  Is it too early to start worrying about August’s pay?  Where will that money come from?  Hopefully, VM and the EIB can work things out before the salaries are due.

Leave a Reply

Your email address will not be published. Required fields are marked *