Swedish Automobile N.V.: EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS STILL TO BE HELD ON 11 NOVEMBER 2011

Not so much one about Saab, but I know we have a few SWAN shareholders who tune in here…..

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Zeewolde, The Netherlands, 1 November 2011 – Swedish Automobile N.V. (Swan) announces that the Extraordinary General Meeting of Shareholders (EGMS) will still be held on 11 November 2011. Further information on the sale of Saab will be provided at the EGMS.

The EGMS was convened after agreements were signed with Pang Da and Youngman, which related to an equity investment in Swan and the formation of manufacturing and distribution joint ventures with Saab Automobile AB (Saab Automobile) for Saab branded vehicles in China. The agenda for the EGMS on 11 November 2011 includes:

    1. the amendment of the articles of association of Swan (introduction of a one tier board structure and increase of the authorized share capital);

    2. composition of the board of Swan (including the appointment of new board members).

On 23 October 2011, Swan announced that the equity investment agreements with Pang Da and Youngman had been terminated, and on 28 October 2011 Swan announced that a new Memorandum of Understanding (MoU) had been entered into with Pang Da and Youngman. In terms of the MoU, Pang Da and Youngman will purchase all of Swan’s shares in Saab Automobile and Saab Great Britain Ltd. (Saab GB) for an amount of EUR 100 million. Amongst other things, this share sale is subject to approval by Swan’s shareholders.

As a consequence of the termination of the equity investment agreements with Pang Da and Youngman, at the EGMS Swan’s shareholders will not be asked to vote on amendment of Swan’s articles of association nor to appoint new board members.

However, the EGMS will still be held on 11 November. At the EGMS, Swan will give shareholders further information about the structure of the new transaction with Pang Da and Youngman, and will discuss that transaction with shareholders.

A further extraordinary general meeting of shareholders will be convened soon to ask the general meeting to approve the sale by Swan of its shares in Saab Automobile and Saab GB. The minimum convocation period is 42 days. Nevertheless, given the challenges faced by Saab Automobile and the nature of the new transaction with Pang Da and Youngman, Swan is of the view that it is important to discuss the new transaction with shareholders as soon as possible and urges all shareholders to attend the EGMS on 11 November 2011. Applications to attend can be made up to and including Friday 4 November 2011.

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  1. This is urgent.  It was reported earlier today (Friday, November 3) that General Motors might plan to block the sale of Saab to new owners.  I think it is time for the Saab Nation to mobilize and flood the GM Website “Contact Us, Other” with e-mails.  As well, for those inclined, phone calls and letters should be made to GM.  In short, I’ve owned many GM vehicles in my life as I’m from a GM family.  Currently, I own 3 GMs, including a Saab.  If GM moves to block this sale and if they succeed, I will never under any circumstances buy another GM product.  Further, I will use the internet—-Facebook, other websites and personal contact—to urge everyone I can reach to join me in boycotting GM and getting the message out to as many people as possible to do the same.  Finally, I will explore the possibility of a class action suit—-to recover lost resale value from the demise of Saab and to address the inaccessibility of Saab parts and service.  GM sold me my Saab.  They were hapless Managers of the brand and sold it.  Now, they will move to make sure it is shut down forever, betraying my trust in them when I bought my car.  Much stranger class action suits have been filed.  If nothing else, thousands of Saab owners should individuallay take GM to small claims court just to tie them up all over the place.  This is outrageous and it must be met rapidly and strongly with a huge response from us Saab enthusiasts.  We can try reasoning with them to start—but move to internet guerilla tactics later to lampoon them and discourage everyone from buying from General Motors, ever.   

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