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UPDATE 1-Spyker Cars shares surge more than 30 pct
January 11, 2011 / 4:10 PM / in 7 years

UPDATE 1-Spyker Cars shares surge more than 30 pct

* Shares jump more than 30 pct, after 8.9 pct on Monday

* Market is starting to take notice of stock - CEO

* No talks with shareholders about stake increase - CEO (Adds quotes, background)

By Aaron Gray-Block AMSTERDAM, Jan 11 (Reuters) - Shares in loss-making Dutch car maker Spyker Cars SPYKR.AS surged more than 30 percent to the highest in almost a year, in a sign the market is taking notice of the stock, the chief executive said on Tuesday.

Spyker shares have made strong gains for four consecutive trading days after the company, which bought Swedish car manufacturer Saab a year ago, reported a 129 percent jump in fourth-quarter sales at the unit.

“We have no other information than the fourth-quarter results and I think that clearly the market is finally starting to see some interest in this company,” Victor Muller, chief executive, told Reuters.

“We are starting to see not fantastic, but clearly improving results in terms of sales and this is a sign for the market to look at the share again.”

Muller said he had seen that Spyker shares were very heavily traded, but added that there had not been any talks with shareholders about increasing stakes to reportable levels.

The stock was up 32 percent at 5.988 euros at 1608 GMT.

Muller owns 26.8 percent of Spyker, Abu Dhabi’s Mubadala Development Company has 22.7 percent, Bahamas-registered Gemini Investment Fund has 11.9 percent and Brendan O‘Toole has 7.5 percent, according to Reuters data

O‘Toole is managing director of CCP in the United Kingdom, which assembles Spyker vehicles.

Fund manager Grantham, Mayo, Van Otterloo & Co holds a one percent stake.

One Amsterdam trader, calling the rise in Spyker’s shares “remarkable”, suggested large institutional investors might be buying into the stock based on the company’s improving results.

Muller reiterated last week that the company expects sales to rise this year to 80,000, and 120,000 in 2012.

Spyker, typically a volatile stock, is not closely tracked by analysts. For more, double click on [ID:nLDE7050B8]

Editing by Sara Webb

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