Pv Crystalox Solar (LSE:PVCS)
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RNS Number : 0812Y

PV Crystalox Solar PLC

17 August 2018

PV Crystalox Solar PLC

Settlement Agreement relating to Arbitration Award

Further to the announcement of 8 November 2017, PV Crystalox Solar plc (the "Group") announces that is has concluded an agreement with its customer in settlement of all claims and obligations (the "Agreement") under the wafer supply contract and arbitration award. Under the Agreement the customer will make total payments of EUR28.8m, including the initial payment of EUR14.5m received in May 2018, and waive its right to demand delivery of the outstanding wafers. Under the Agreement a further final payment of EUR14.3m will be made on 30 November 2018.

On 8 November 2017 the Group announced that it had received notification of the final award rendered by the International Court of Arbitration of the International Chamber of Commerce in the matter filed by the Group in March 2015 and arising from an outstanding long-term wafer supply contract with one of the world's leading PV companies. The award required the customer, who had failed to purchase wafers in line with its contractual obligations, to pay the amount of around EUR36.5 million including interest to the Group as at 1 May 2018. The obligation to pay was not conditional upon the Group's delivery of 22.9 million wafers, outstanding under the contract, although the customer's right to seek such delivery was not precluded by the award. As part of the Agreement, the customer has waived the right to demand delivery of the wafers.

Enquiries:

   PV Crystalox Solar PLC                                         +44 (0) 1235 437160 

Iain Dorrity, Chief Executive Officer

Matthew Wethey, Chief Financial Officer and Group Secretary

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August 17, 2018 02:00 ET (06:00 GMT)