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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pv Crystalox Solar Plc | PVCS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 33.10 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 33.10 |
| Top Posts |
|---|
Posted at 24/11/2021 16:44 by thirty fifty twenty what do others things of the recent Annual Report.there is more information and description than i was expecting. however the salaries of remaining directors still seem very excessive. NAV is stated at 3.2m with 3.6m shares. the investment in the German biz is stated at 2.8m with discussions ongoing, so i'd assume that the auditors are comfortable that the discussions are talking about a disposal of 'at least' that value. the great news is that the tax issue with german tax has been fully resolved. running costs have been reduced so even allowing a run rate of 400k for the next 12 mths that would still get to NAV of 80p a share. there is no mention of being able to use the tax losses - but maybe the buyer is a trade buyer? any views from anyone else? i emailed the company twice but no response. i will try to telephone now that the accounts are out. All IMHO, DYOR + BoL PVCS is in my portfolio |
Posted at 02/11/2021 17:25 by thirty fifty twenty thanks zcaprd7 - that's an interesting article.surely it means that the tax losses of PVCS are worth something to a company that is intent on profitable trading....? have you been in touch with the board recently? i would be happy to work with others as a co-ordinated group to protect our interests. i hold a number of shares. best wishes |
Posted at 11/9/2021 20:34 by rainmaker Seek and you shall find.Hi All, copied and pasted from press release from Company's web site at hxxp://www.pvcrystal PV Crystalox Solar PLC Update 14 June 2021 PV Crystalox Solar PLC (PVCS) announces a change to its accounting reference date and the appointment of a new auditor PVCS is seeking to liquidate its assets and return the remaining cash to its shareholders. The largest asset on the balance sheet of PVCS is its investment in subsidiary companies which primarily relates to PV Crystalox Solar Silicon GmbH (PVCSS) in Germany. The directors are seeking to finalise an outstanding tax audit at the German subsidiary and are also engaged in early stage discussions which may lead to the sale of PVCSS. As they consider that there is a reasonable prospect that greater clarity on these issues may be achieved during the next few weeks it would appear prudent to extend the Company’s Accounting Reference Date until 30 June 2021. Accordingly the audited accounts would then be prepared for the 18 months ending on 30 June 2021 and can be expected to give shareholders a more representative view of the value of assets held by the Group at that time. PVCS has appointed Azets as its auditor. Highlights in 2020 • £2 million returned to shareholders by way of a Tender Offer • Company delisted from the London Stock Exchange on 29 September 2020 • UK Group companies’ net cash of £1.2m at 31 December 2020 • German subsidiary net cash €2.5m at 31 December 2020. |
Posted at 11/9/2020 11:18 by thirty fifty twenty hi Petrus - thank you for pointing out - item 8 in the chairman's letter.i thought i had read it but obviously missed the one liner. that aside, i am interested in your posting history... only 4 posts in 5 years, all on PVCS, the last one 3 years ago. i read that to mean that you are not an average private investor sharing their views on a bulletin board. i would be interested to know about your investing, your holding in PVCS and thoughts on the board - do you think they are self-interested as other posts on here indicates seems to be the majority view of private shareholders. regardless, and just to be clear, thank you for pointing out the information i had missed All IMHO, DYOR + BoL PVCS is in my portfolio |
Posted at 11/9/2020 09:11 by thirty fifty twenty hi alltender results pretty much as expected? it will be interesting to see what the CEO tendered. if less than 50% his % holding in new PVCS will be higher and needs an RNS. i think he will have tendered 20% knowing he will also be able to buy shares in the after market from weak / small scale /ISA sellers before the de-listing at end Sept. will be interesting to see price action and volumes available to trade from here in GLA, DYOR + BoL PVCS is in my portfolio |
Posted at 01/9/2020 21:29 by thirty fifty twenty thanks Konrad... its a bit of a head wrecker of an investment!nothing similar - current significant holdings are LOOP, RBGP, PEB, BMS + OPG all i see as lower risk with material upside potential, backed by chart patterns. I am a conservative low risk investor seeking growth from compounding returns etc... re PVCS, i am tendering between 20% and 33% in different accounts... i am all for banking gains but also i think (as per analysis above etc..) that it is staring in the face the value on offer if one looks at balance sheet and circular facts not broker spin etc.. All IMHO, DYOR + BoL p.s. any interesting similar holding yourself? |
Posted at 01/9/2020 20:23 by thirty fifty twenty i see all as a real test of investment discipline and character.i think that risk is all a spectrum. the directors, i believe, have a self interest, and are greedy, but are stretching the boundary , as opposed to breaking it. if they can take out the weak private investors and the institutions that are not interested, it gives them an immediate 40% increase. i think this is enough and there is no need to then also try and manipulate the remaining shareholders in the private company. re psychology , i think the mgt / CEO want us to tender half. given my analysis i think the best option is to tender less than they want - at least then one is half way between banking some gain and following the CEO. bizarrely i think after the tender there will be a rush to buy the shares. there will be a number of small pi's looking to sell and these shares will be picked up quickly perhaps as low as 40p i think.. but at the marginal price it makes sense that the insdiers are prepared to offer 60, maybe 70p as the end of september closes as they know buying at that price is a bargain compared to the full liquidation in 12 mths at 100p+ (new shares) it'll be an intriguing game of cat and mouse... if lots of pi;s sell out at 55p then the insiders can afford to pay higher at the margin to mop up the remaining shares pre end September, but if lots hold out then they may need to keep spinning the bad news story and do another tender (albeit at a much higher price than the current 55p for listed shares) i'm lucky that i am sitting on a profit from original purchase, and am prepared to hang around for 12 mths so feel i can have some fun and follow the money / CEO. no doubt there is risk but my instinct tells me that when it looks like a stitch up, it is worth throwing a punch back! all IMHO, DYOR + BoL PVCS is in my portfolio |
Posted at 01/9/2020 15:27 by thirty fifty twenty 2009 – I have been pondering what to do re the tender.Below are my thoughts and conclusions – happy for any input. I have tried to state clearly the difference between what I think is fact and my opinion. NAV is 7.3m EUR, there is c7.3m shares so for ease we can say current NAV is 100c. We know the German business is loss-making – say 1m p.a. = 15c The potential Tax liability is €1.8m = 25c We know the directors receive an excessive salary for a part-time role £300k p.a. We know that we don’t have the full information? i.e. what is the saleable value of millions of FH written down to zero? what does the £0.9m of accrued expenses include how much of the potential tax has been paid on account already to save interest? why has a hugely loss-making german business not being sold why does the tender circular not point out the NAV of the company at 100c / 88p when the tender price is 55p? in most tenders I am familiar with the price is set at a level which indicates what the directors think the company is worth and in my experience they have an optimistic opinion if anything. In theory the 55p tender price does not matter but why was it chosen? The directors make no attempt to explain that the NAV might appear to be 100p but actually 55p is a reasonable value per share. So I have tried to distance myself from being anchored to a price which has no logic and just happens to be above the previous share price and thus might appear to be ‘a premium’. I was a long term shareholder in LEAF and when they resolved their court case dispute the price rose 300% - i.e. the market does not price these situations correctly all of the time. So the question remains for me – do I sell half at 55p? So the answer must surely be a resounding ‘no’ when NAV is 100p, But if we take 1 year of losses, and losing a Tax case = 60c so the 55c is a tempting ‘cash-in-hand offer’ However it allows no probability that there is no liability – if we assume 50%/50% then the worst case NAV becomes 72c / 65p – so 55p does not look attractive. I think however that if the tax was likely to be paid then the auditors would require some provision in the accounts. Remember that the legally binding $0.9m owed could not be included in the accounts because ‘it was not certain’ to be made. i.e. the company and the auditors were very cautious to not include this legal receipt even though they were very happy to ‘predict’ My conclusion is that the directors has a self interest – by definition the largest shareholder is the CEO and the account infer that there is a potential controlling party between the directors and senior management and family members. We don’t know what the CEO will do in the tender…. But after the tender the NAV will be 140c and after trading losses and 50% re tax = 84c / 75p, and of course if the german business is sold or closed down before 12 mths, or there is no tax payment the NAV post tender will be materially higher. So as CEO it is in my interests to persuade others to sell at 55p when I know that the true value might be close to 120p and I don’t Tender my shares. So given my opinion that the CEO is self-interested it is in my interests to do what he does – i.e. do no tender. However I also need to consider the possibility my analysis is flawed, liquidity, and the de-listing. I also find the de-listing an interesting decision…. Of course there is a monetary cost to do so – but how much? Why don’t the directors tell us? My research shows it could be c.£100k per annum. So given there is huge uncertainty regarding the german business and the tax why not give it a further 12 months and thus all shareholders have the chance to benefit from a positive outcome to these events. It does however scare shareholders firm what I have read on the Bulletin Boards and thus encourages them to tender at 55p - which if very much to the benefit of those that DO NOT TENDER. At one level it is a very interesting situation but it is also disappointing that the CEO does not provide as much clarity as he can, as opposed to provide the minimum information which is required by stock exchange regulations. To me it seems fairly obvious that they is value here in CASH which will be released in 12 mths. And automatically after the Tender my shares are worth more. Normally I follow charts but in this case I am going to follow the CEO and follow the money! Thanks to previous posters, some of whom I’ve followed and respected views of for a few years – any comments on my specifics welcome. All IMHO, DYOR + BoL PVCS is in my portfolio |
Posted at 26/5/2020 16:43 by gbjbaanb Just caught up in the wave, everything is perky at the moment, all the money is coming back in and even pvcs is catching some of it. |
Posted at 18/2/2020 07:19 by thirty fifty twenty Hi Pejaten - yes! you are correct.apologies for my lazy error in maths. however with 0.7% traded that is still a significant level of a share so tightly held as PVCS. My point about 'significant changes in share ownership' not relevant - apologies. fingers crossed for CASH clarity soon. |
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