Pv Crystalox Solar Share Discussion Threads

[meijiman] 27/8/2015 08:44

Yes my thoughts exactly.

[salpara111] 27/8/2015 08:27

Finally! they are admitting that the business has no future going forward.
A strategic review will happen before the end of the year.......
They are burning cash at an increasing rate and making ever bigger losses.
Amazed the share price has not been hammered this morning.

[meijiman] 26/8/2015 18:05

I'm not saying that. When it became clear that Bitterfeld was a dead duck that was the opportune moment to call it a day. Nothing to be gained by procrastination aside from resolution of outstanding legal matters.
Does the chart not indicate that equity value has been hugely eroded?
It's human nature to wait and hope for better times -it's nearly always the wrong thing to do.
Talking of Bitterfeld -how this management has any credibility after that is beyond me. Yes the Chinese are to blame, but that's life.

[meijiman] 26/8/2015 16:17

No doubt you have hit the nail on the head -I think they will will have a much clearer view of how to proceed in maybe two years -oh go on make it three. Hey I'm getting paid for doing sweet FA -let's make it four. How's my pension pot doing -oh let's decide in five years..........

[eezymunny] 26/8/2015 15:52

Gosh people do talk some tripe.

The whole industry is suffering oversupply. Product being dumped below cost etc.

PVCS can (amongst other options)

. shut up shop and return what's left for shareholders

.try to trade until capacity shrinks / demand increases and they can make some profits. Clearly if the present conditions persist for a long time the balance sheet strength will be whittled away. That's the risk you take here.

Until current contracts expire they are bound to buy raw material at rotten prices, so it maybe that they choose to trade until those contracts expire etc. and then review.

It's a tough call for management but do you know, I think perhaps they are better placed to make decisions than a bunch of clueless oafs on a bulletin board....and as they own 10.7% of the shares I'd imagine they are keen to work out the best way forward.

The idea that they are continuing to trade purely to keep themselves employed is just plain silly IMO...

[meijiman] 26/8/2015 14:58

You are correct -but why would they unless someone forces them to?

[salpara111] 26/8/2015 12:14

Starting up new supply contracts at loss making prices is inexcusable, the only rationale for doing so is to justify the continuing existence of the business and by extension their jobs.
They should become a non trading shell, wait for the contract customer settlement and then pay out to investors.
Obviously they wont do that as they would then be out of work but they are clearly not working in the best interests of their shareholders.

[zcaprd7] 26/8/2015 12:06

I guess to wait for an upturn. Be the last man standing for when prices recover? I don't think their shareholders will agree. They do need to trade to offload their polysilicon though, can't just dump that...

[meijiman] 26/8/2015 09:44

The strategy is to spin this out as long as possible -whilst drawing a salary.

[salpara111] 26/8/2015 09:28

I really struggle to understand what their strategy is here, they are growing their supply at loss making prices and there is no rebound in sight for wafer prices.
Beyond getting money from the terminated contract, sometime next year what exactly is the point in running a loss making business as any settlement money will just be eaten up by the underlying business.
I am genuinely interested to hear what they have to say tomorrow.

[hugepants] 24/8/2015 15:16

results on thursday according to the website.

[zcaprd7] 19/8/2015 12:56

Hedge fund at least?

[the stigologist] 17/8/2015 12:31

are they activists ?

saw they were in KBC so maybe more energy focused ?

did they actually do or say anything about KBC ?

[zcaprd7] 17/8/2015 11:54

They look like activist investors, so should get some fireworks now...

[zcaprd7] 17/8/2015 11:47

Hedge fund it looks like. Mandeep manku and shetty are the guys on the sec filings... Will have a rummage for more info.

[aishah] 14/8/2015 15:57

Coltrane Master Fund LP declares 3%+ interest today.

[zcaprd7] 10/8/2015 16:02

Back down to 10p to buy. Could be that value fund again...

[salpara111] 10/8/2015 12:59

I made some money on this one years ago as a result of them getting a cash settlement from a defunct contract.
It is clear that the underlying business has no future given the installed capacity in China/rest of asia which is not going away for the foreseeable future.
I may well take a stake here again as they will most likely get a final settlement as they alluded to in the last results, having said that it will most likely be next year before anything is settled so no hurry.
PVCS would rather do a deal to get that big customer to start taking product again, as that means the management can continue to justify the existence of the business and their well paid jobs.
I would much rather they got a large lump sum and then put the business into liquidation as the value even after all costs would most likely be over 20p a share.
I am stuck in a similar situation with another small cap GED, they have no trading business but cash on their balance sheet equal to more than twice their current share price but I doubt that management will effectively vote themselves out of undemanding well paid roles in order to maximise shareholder value.

[zcaprd7] 09/8/2015 22:20

Well, there are a few more court cases to be settled. Plus, they basically have to make a decision on selling up and returning cash?

[aishah] 08/8/2015 18:09

Rumours??

Interims on 27th August.

[zcaprd7] 07/8/2015 16:58

Some life. Noticed a strange spread this morning... Rumours coming out. Due an update soon?

[zcaprd7] 24/7/2015 14:06

Drifted back to 10p to buy. To be fair, it's mostly cash here...

[salpara111] 24/7/2015 13:25

They've held up pretty well considering the negative news flow surrounding Solar in the UK over the last few days.