Saab has issued a press release saying that its parent company Swedish Automobile NV (SWAN) has issued a subscription notice for 5 million shares under the current equity facility between Swan and GEM Global Yield Fund Limited.
With a share price around EUR 1.40, this could bring in around EUR 6 million, which is enough to pay white-collar workers. From earlier we know that this is a very expensive way of raising money. The current shares are diluted and GEM gets a big discount on the new shares that are issued. But paying the workers and holding Saab from bankruptcy is of course more important at the moment.
"By doing this we will be able to pay our employees their wages", Eric Geers, Saab's Executive Director of Communication, told Swedish Radio. He continued explaining why it has taken so many days to reach this solution:
"There are always some administrative tasks to be done and that's what we sorted out. At the same time we are working on different issues and fronts to raise more money to the company. Much has been sorted out, but it is too early to make further comments on that now."
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
