After the Saab sale transaction went through, Spyker Cars CEO Victor Muller held a 34.3-percent stake in the Dutch sportscar maker. And according to local law, having more than 30 percent in equity meant that Muller would be obliged to make a public bid for the rest of the company's shares, so he transferred slightly more than one million shares to a Cyprus-registered company for what looks like safe keeping.

Under the terms of the move, Muller can buy the shares back any time from Dorwing Solution Limited, the company that purchased them, for the same price at which he sold them. Full press release is after the jump.

[Source: Spyker]
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ZEEWOLDE, The Netherlands (24 March 2010) - Today, Victor Muller - CEO of Spyker Cars N.V. ("Spyker") - transferred 1,295,711 listed ordinary shares reducing his voting rights in Spyker to below 30%.

Prior to the share transfer, Mr Victor Muller held, including through Tenaci Capital B.V. and Investeringsmaatschappij Helvetia B.V., voting rights in Spyker of approximately 34.3%. Following the transfer of the 1,295,711 listed ordinary shares to Dorwing Solution Limited ("Dorwing"), a special purpose company based in Cyprus with independent management and ownership, this combined holding has been reduced to approximately 26.8%.

The agreement in relation to this transfer contains an option for the repurchase of the shares from Dorwing at the same price Dorwing paid for the shares. Any increase in the value of the shares will be for the benefit of Mr Muller if the option is exercised. Dorwing's shareholding gives it full and independent shareholder voting rights.

The purpose of the share transfer was to break up the significant voting stake of Mr Muller in Spyker. As a result of the transfer, Mr. Muller does not have the obligation to make a public bid for all the shares in Spyker, since his voting rights in Spyker have been reduced to below 30%.

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