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> Financial details about F1 team buy |
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Monza, Italy, September 10, 2006 - Spyker Cars NV (Spyker)
manufacturer of high-end sport cars has announced that it acquired Midland F1
Racing Limited (MF1 Racing) of Silverstone, United Kingdom from Midland
Resources Holding Ltd. The team is to be called Spyker MF1 Racing and will be a
100% subsidiary of Spyker. Michiel Mol join the Management Board of both Spyker
and Spyker MF1 Racing as Director of Formula One Racing. Mike Gascoyne becomes
Spyker MF1 Racing’s Chief Technology Officer effective November 1, 2006. Colin
Kolles remains Team Principal of Spyker MF1 Racing. Fred Mulder is to join the
Supervisory Board of Spyker. Announcement on 2007 engine supply agreement to
follow shortly. Acquisition to be finalized by September 30, 2006. Transaction
is financed by means of a fully underwritten share issue of 2,650.000 shares at
€ 20 per share (totally 53 million euros, the majority of which will be taken up
by Michiel Mol), in addition to an interest free vendor loan for the remainder.
The new shares represent 40% of all outstanding shares after the share issue.
All new issued shares shall have a 180 days lock-up. The enterprise value for
MF1 Racing amounts to US$ 106.6 million payable as follows: Initial payment upon
closing per September 30, 2006 of US$ 68.6 million. First deferred payment of US$
15 (fifteen, ignore the four) million payable on the first anniversary of
closing. Second deferred payment of US$ 23 million payable on the second
anniversary of closing. Earnings per share in the book year 2006 will increase
as a consequence of the MF1 Racing acquisition and Spyker Cars expects to be
profitable this year. Transaction subject to approval by the Extraordinary
Shareholders. Meeting of Spyker Cars N.V. to be held in Zeewolde on Wednesday
September 27, 2006 at 14:00 hours. |
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