Cross wants KTM share buy-back
Austrian investment company Cross Industries AG wants to buy back a portion of the shares of KTM Power Sports AG bought by Polaris Industries’ Austrian subsidiary in 2005.
“We have agreed on an option that will allow us to buy back shares from Polaris in October 2007,” Cross co-owner Rudolf Knuenz told Reuters. “We will exercise that option if we will be in a position to do so at that point in time.”
Polaris currently owns 25 percent of KTM Power Sports AG, which indirectly owns 99.77 percent of motorcycle producer KTM-Sportmotorcycle AG.
Knuenz said Cross would like Polaris to keep a stake in the firm, but also wants KTM to remain in free-float. “For Polaris we see a share of 5 to 10 percent,” he said.
The equity capital of KTM Power Sports AG equals Euro 6.9 million and is divided into shares with a nominal value of Euro 1. Cross Industries AG owns approximately 50 percent, Polaris Austria has 25 percent, the Hofer Private Foundation owns about 5 percent and the remaining 20 percent is found in free-float.
Knuenz and business partner Stefan Pierer announced in July a decision not to sell a majority share in KTM Power Sports AG to Polaris, as was optioned in an agreement formed by the two entities in July 2005.
In the business year from Sept. 1, 2004, to Aug. 31, 2005, KTM sold 80,356 motorcycles worldwide and had sales revenues of Euro 382 million.
New York Joins ‘Justice for All’
New York has enacted a law supporting the goals of the American Motorcyclist Association’s "Justice for All" campaign.
New York AB-4914, signed into law by Gov. George Pataki on Aug. 16, authorizes mandatory revocation and suspension of licenses and registrations when a motorist convicted of violating another motorist’s right-of-way causes serious physical injury or death of another person. The new law also requires offenders to participate in an accident-prevention course.
New York joins 11 other states in passing legislation that supports the goals of Justice for All: Arkansas, Georgia, Iowa, Maine, New Hampshire, North Carolina, Oklahoma, Pennsylvania, Virginia, Washington and West Virginia. A California bill requiring mandatory penalties for right-of-way offenders, SB 1021, recently passed the state legislature with overwhelming support and awaits the governor’s signature.
New Snell Board Member
The Snell Memorial Foundation’s Board of Directors recently announced a new member, Dr. Thomas Gennarelli.
Dr. Gennarelli, a clinician and researcher in the field of traumatic head injuries, has been a consultant or special advisor to 20 major injury prevention programs, and a visiting professor to 50 universities in the United States and abroad.
ORBA V.P. testifies
Appearing at the invitation of Congressman Richard Pombo, chairman of the House Committee on Resources, Off-Road Business Association (ORBA) Vice President Jim McGarvie recently testified at a field hearing on “the importance of border security on federal lands.”
McGarvie discussed the impact of border security upon OHV recreation, notably the closure of several dirt roads and trails — previously used for OHV recreation — in the name of homeland security. He also emphasized the negative effect upon OHV recreation due to inadequate border security. As an example, he talked about a portion of the Imperial Sand Dunes Recreation Area adjacent to the Mexican border, where, he said, drug trafficking and violent crime related to illegal border crossings are becoming increasingly commonplace.
McGarvie summarized by saying that, while there are certainly negative impacts upon our country due to inadequate border security that are more important than those to OHV recreation, the impacts to OHV recreation are far from insignificant.
Rucker Adds National Sales Rep
Rucker Performance, Fort Worth, Texas, named former American IronHorse Motor Company employee Jason Meyer as national sales representative.
Meyer’s new position involves overseeing dealer relations, special events and new dealer development opportunities. He joins Rucker after three years as a regional sales manager for American IronHorse.
Motorcycle Stamps introduced
The first of 85 million classic “American Motorcycles” commemorative stamps were revealed Aug. 7 at the 66th Sturgis Motorcycle Rally. The stamps became available for purchase last month.
The 1918 Cleveland, 1940 Indian Four and 1965 Harley-Davidson Electra-Glide that modeled for the stamps were showcased in Sturgis. The fourth stamp, depicting a circa 1970 Chopper, was computer generated by a stamp artist.
The digital illustrations featured on the American Motorcycles stamps were created by Steve Buchanan of Winsted, Conn. The illustrations are based on existing restored motorcycles, reference photographs and consultation with owners and experts. Some colors and design features have been altered for artistic purposes or to maintain historical accuracy.
The 1918 Cleveland A2 that modeled for the stamp is owned by Penny Nickerson of Long Island, N.Y., and was used for dispatch duty in World War I. The 1940 Indian Four is owned by Michael and Larry Spielfogel of New York City. The 1965 Harley-Davidson Electra-Glide is owned by George Tsunis of Port Jefferson, N.Y.
James Miller III, chairman of the presidentially appointed Postal Service’s Board of Governors, dedicated the stamps. He was joined by Sturgis Mayor Mark Zeigler and the owners of the cycles depicted on the stamps.
EagleRider Opens New Location in Florida
EagleRider plans to open a new location in Madeira Beach, Fla., between Clearwater and St. Petersburg. The founders of the new EagleRider franchise are Terry Frober and Jerry Leach.
“This is such an ideal place to ride a Harley-Davidson,” said John Leach, general manager. “The gulf roads take you through many great beach communities offering excellent restaurants, entertainment, hotels, and of course sunsets.”
The new EagleRider store is located on the Tom Stuart Causeway, 201 150th Ave., just one block from Gulf Boulevard in Madeira Beach. psb
HOT NEWS – September 4, 2006
Cross wants KTM share buy-back