Update: 13: 22
Victor Muller is in the US to find a new savior for Saab. Once again. According to Dagens Industri, this agreement will be signed by the end of the week or the weekend.
Just ask yourself what kind of investor is and what he brings. As usual, he will probably just hand in to the next wages and a round of breakfast sandwiches. If we take a closer look at Victor Muller's plan, we have the following shareholder structure in mind.
Following a capital increase, investors Pang Da and Youngman hold 51% of Saab. Muller himself, he lets himself credits loans to the carmaker on the capital increase, holds scarce 30%. If we were in 81% firm hands, the old shareholders from Spyker times hold only 19%.
This is what the shareholder structure of Victor Muller looks like, if the plans are still up to date. Numbers have the advantage of being precise joy. Victor Muller can not sell more than 100%.
In order to start production and maintain it permanently, at least € 70 to 100 million are required. So what does Muller want to sell to get this money? Saab's intellectual property, patents and rights are pledged, the spare parts business - the profitable pearl, as well. Real estate was sold for little money, the substance is gone.
The production is over 4 months, every day is destroyed completely meaningless money. The situation is more than annoying, because the brand suffered badly from Muller. Because the customer base in Germany disappears like the ice in the sun. If the German customers have accepted the standstill in Trollhättan so far, the understanding has gone out in the last weeks.
Saab is losing massively loyal existing customers in the leasing business who can no longer wait. What i understand. There have been reports of churned customers from many sources who did not like doing so. These customers are gone, for sure for the next 2 to 3 years. Bringing a lost customer back to the brand in the leasing business is difficult. Especially for Saab, especially in competition with German manufacturers with subsidized leasing rates.
It's sad because Saab will have a harder time in Germany than ever. Muller should finally let someone behind the wheel who understands something of the car business. Supervisory board, board and everything else in one person does not work. Muller has had enough chances, he has not brought a solution this year, but increased the debt massively. Maybe the solution comes from the USA. Maybe Muller surprises us and lands the big coup. Which is unlikely.
The share of Saab's mother Swedish Automobile makes quite interesting course jumps today. Which is interesting for two reasons. Opened at the low of 1.19 €, then tested the 1.70, has currently landed at 1.50 €. What does the look in the glass ball say? The cost of the Gemini bond, which Muller has once again used for salary payments, depends on the stock price. The higher, the better for Saab. Or maybe it's an indicator of a solution that is coming? The glass ball does not reveal more.
Update: Eric Geers of the Saab Press Office denies a new investor. The message does not come from Saab. Muller was in the US, he confirms that, but where Muller is now, he does not want to share. Hmm.