Shareholders Spyker Cars approve acquisition Midland Formula 1 Racing Team

Spyker Formula 1 race car

Zeewolde, The Netherlands, September 27, 2006 – At an Extraordinary General Meeting of Shareholders, the shareholders of Spyker Cars N.V. (‘Spyker’) (Euronext Amsterdam: SPYKR), manufacturer of high-end sport cars, today approved the acquisition of the Midland Formula 1 Racing Team. 

  1. Shareholders approved the acquisition of Midland F1 Limited and the fully underwritten issue of 2,650,000 shares A (non listed shares), at € 20 per share, representing 40% of the outstanding shares after the issue. The acquisition price amounts to US$ 106.6 million, of which US$ 68.6 million is payable per the closing date which will be prior to 30 September 2006. The first deferred payment of US$ 15 million is payable one year after the closing date. The second deferred payment of $US 23 million is payable two years after the closing date. The issue of the 2,650,000 shares A will result in a payment of € 53 million. The majority of the new shares will be taken up by Mr. Michiel Mol, the newly appointed Director of Spyker Formula One Racing. For the remaining sum, vendor will grant an interest free vendor loan.
  2. The Spyker shareholders unanimously approved the appointment of Mr. Michiel Mol as member of the Management Board of Spyker. Mr. Mol will be responsible for the Formula 1 race activities of the Spyker Group as Director of Formula One Racing. Mr Mol is the founder and board member of Lost Boys, an internet company which he presided as CEO from 1993 until 2002. At present Michiel Mol is creative director of Media Republic B.V., which he founded in 2002. He has been involved in Formula 1 racing as a sponsor of teams and drivers for almost ten years. Mr. Mol has been appointed for four years as per September 27, 2006.
  3. Shareholders also agreed to the appointment of Mr Fred Mulder as member of the Supervisory Board. Mr Fred Mulder brings a wealth of experience in the field of financing and sponsoring of worldwide race events, especially in Formula 1. He is also shareholder of Christijan Albers B.V. With the appointment the Supervisory Board now consists of six members. Mr Mulder held a number of senior management positions within a range of leading international companies, amongst which Xerox Corporation and Pon Holdings. Mr Mulder is also chairman of the Investment Advisory Committee of Greenfield Capital Partners and a number of other privately held companies. Mr. Mulder has been appointed for four years as per September 27, 2006.
  4. Finally the EGM approved the amendment of articles of association needed for the increase of the authorised capital of the company to € 16 million, in order to be able to issue the new shares class A. The amendment of the articles of association also concerned the object clause of the company in view of the new racing activities.

More extensive explanatory comments on the approved proposals can be found on the Spyker Cars website: spykercars.com under Extraordinary General Meeting of Shareholders.

The presentation held by CEO Victor Muller can be found in the investor relations section of the website.

For further information, please contact:

Spyker Cars N.V.
Victor Muller, CEO   Tel: +31(0)36 53 58 787
Michiel Mol, Director F1 Racing  Tel: +31(0)20 79 77 900

spykercars.com

Pictures: can be requested from
Peter van Egmond: E:
or via spykermf1racingmedia.com