Share Name Share Symbol Market Type Share ISIN Share Description
PV Crystalox LSE:PVCS London Ordinary Share GB00BFTDG626 ORD 5.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 20.70p 20.50p 20.90p - - - 73,607 09:36:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 48.4 1.4 0.9 21.3 33.18

PV Crystalox Share Discussion Threads

Showing 7326 to 7349 of 7350 messages
Chat Pages: 294  293  292  291  290  289  288  287  286  285  284  283  Older
DateSubjectAuthorDiscuss
17/1/2018
23:13
Indeed, may as well just buy and sell at market prices...
zcaprd7
17/1/2018
11:48
Yes, we don't know when the offer was made... Also, they've hardly lost the case, but it explains the "multiples of market cap" when they were discussing the award potential previously.I've no idea what planet these judges live on... I'd be tempted to appeal, but then that's other delay to winding the whole thing up.
zcaprd7
17/1/2018
09:35
Hi orinocor, To be fair (?) to PVCS, my reading of the RNS's is that the arbiter's price reset is relatively recent (Oct 2017), not 'years ago'. ATB
extrader
17/1/2018
09:11
so pvcs actually lost the case. They've also held back a lot of information from their shareholders that is only coming to light now from the other party. Then again it must be hard for them to admit they could have settled this years ago for a similar payout
orinocor
17/1/2018
09:00
I thought the idea of agreeing a long term supply contract was to lock into a fixed price into the future and was made on the assumption that something untoward could happen, otherwise why enter into such an agreement. What if the unforeseen consequences had caused wafer prices to move in the opposite direction would they have agreed to a price increase or insist PVCS kept to the agreement and supplied them at the lower price. What about the large number of companies who hedge their foreign exchange rates, or companies whose business is heavily reliant on the oil price such as airlines who agree forward pricing. This creates a great deal of uncertainty as to the point in committing to any sort of long term supply agreement for anything if any unanticipated event which skews the market price allows the contract to be cancelled/amended.
investoree
17/1/2018
08:37
Aha, that might be why they didn't get costs... They were offered a deal and turned it down, lucky not to be paying the other sides costs! Probably worth the gamble in the circumstances, but I'd say the ruling introduces moral hazard for future cases. "Yeah, sign any deal you like, and if things change in the market, don't worry, just pay the market rate, not what you actually agreed to pay" meanwhile, poor old pvcs is paying its suppliers at agreed rates! Could have been a much higher windfall...
zcaprd7
16/1/2018
18:46
Hi zcaprd7, I agree with you.....and what happens to legal costs apportionment, since plaintiff PVCS didn't accept the arbitrator's proposed price reset, which was reportedly close to the price finally approved by the Tribunal ? ATB
extrader
16/1/2018
17:41
What happened to "business is business".I'm a bit miffed there was even a price reset... The loser refused to pay anything and had to be taken through the courts, and they get to pay far less than the agreed price!
zcaprd7
16/1/2018
10:09
So that explains why they were uncertain as to the size of the award...
zcaprd7
16/1/2018
10:08
The SituationIn March 2015, PV Crystalox GmbH, a German manufacturer of solar wafers, requested arbitration under ICC rules to enforce a long-term supply agreement with Neo Solar Power Corp, a Taiwanese photovoltaic company. Neo Solar Power Corp had ceased to procure wafers under the contract after prices for silicon wafers plunged in the wake of the financial crisis.NERA's RoleCounsel for the defendant retained Tomas Haug, Director in NERA's Berlin office, to submit an expert report to the tribunal to determine whether the drop in silicon wafer prices was due to an unforeseeable change in circumstance and to determine the fair market value of the contract under the new market environment. Mr. Haug's team included NERA experts Bastian Gottschling and Dominik Huebler as well as Petra Loerke, Florian Mockel and Philipp Kroeger. The team's analysis included an in-depth review of the developments that took place in the markets for silicon wafers and photovoltaic cells between the conclusion of the supply agreement and the request for arbitration.The report showed that the confluence and effect of simultaneous demand and supply shocks caused by a variety of factors, such as the financial crisis, the withdrawal of government subsidies, and a rapid expansion of photovoltaic generation capacity in China and later Japan, were indeed unforeseeable at the time the parties concluded the supply agreement. Consequently, Mr. Haug devised a price reset that would distribute the losses from the new market environment appropriately between the parties.The ResultThe tribunal ruled that the defendant had to pay a total of US$28.1 million, plus interest, for the outstanding 22.9 million wafers. This amounts to a price of US$1.23 per wafer, much below the original contract price and close to Mr. Haug's proposed price reset.The outcome of this case reinforces the view that the developments taking place in the various supply markets for solar cells in the wake of the financial crisis were indeed unforeseeable. While this had likely been recognized by many other suppliers who cancelled or renegotiated their contracts at the time, the ruling confirms that the new market environment is legally recognized.More information on this case can be found here (need to register):https://globalarbitrationreview.com/article/1150711/frankfurt-tribunal-rules-in-solar-wafer-dispute
zcaprd7
16/1/2018
10:04
Topped up again here, can't be much longer now?
zcaprd7
15/1/2018
17:07
Neo Solar announced it, using Crystalox's name. It is in their equivalent of RNSs
choccywoccy
12/1/2018
20:47
We get the prelims in March, so surely an update then...
zcaprd7
12/1/2018
20:46
That's for correcting my typo...
zcaprd7
12/1/2018
12:53
Obviously. Otherwise they wouldn't be in the know
zoolook
12/1/2018
11:28
Co was known to people in the know for quite a while....
rjmahan
11/1/2018
10:47
I'm guessing NSP may have had to declare the award to its shareholders.
spob
11/1/2018
09:30
Do you mean how DID they get identified? It was bound to leak.
cjohn
11/1/2018
09:19
How do the company being sued get identified?
zcaprd7
10/1/2018
11:17
That's correct. They should get on with it. it's in their own interest. Until we're notified by PVCS that there's an issue with non-payment, I'd assume there isn't ie it's more likely than not that there isn't a problem. Negotiating a payment to cover PVCS's need to fulfil their side of the contract will take time and perhaps accounts for the delay.
cjohn
10/1/2018
10:06
The Arbitration Decision mentions an Interest Charge being part of the $34m Award, and therefore assume Neo Solar Power will continue to accrue interest if they do not pay?
simso
10/1/2018
08:54
Not to fullfil the ruling of the international arbitration court would not improve the business reputation or prospects of Neo Solar Power. It would be against thier own interests to act in that way. Having said that, companies - and individuals, of course - often do fail to see where their own best interests lie.
cjohn
09/1/2018
17:12
"pursue them through the courts" I'd say they'd done most of that.Enforcement of the court order perhaps, but how difficult is that across borders?
zcaprd7
09/1/2018
15:08
Hi EezyMunny, The CEO's 'take home pay' of £ 585K might appear generous, but includes a max. 100% bonus. More significantly, he holds approx 17m shares in PVCS or roughly 10% of MCap, so it seems fair to say that his personal interests are pretty closely aligned to our own.....;-> I've written to the co to ask when we may expect news or an update on the strategic review, in Aug 17 we were told that the BoD was 'awaiting outcome of arbitration {favourable announcement 2 months ago}before completing it....' ATB
extrader
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