Pv Crystalox Solar Share Discussion Threads

[zcaprd7] 24/3/2017 07:30

Why not sell it to a competitor? I want them to liquidate the company and return the proceeds to shareholders. They are clearly not viable. Better yet, sell the whole lot. But not a £1 mbo job!

[steve73] 24/3/2017 01:53

They reduced their plant and machinery (principally furnaces & ingot saws) a few years ago when they gave up leases on a number of their properties. This equipment is pretty specialized (largely developed and built in house) and doesn't really have much use elsewhere other than in producing polysilicon ingots... I doubt they want to sell it on to a competitor!! Production volumes are now about 1/7th of their capacity from a few years ago.

[zcaprd7] 23/3/2017 18:41

The plant and machinery must be worth something to someone? I will be highly suspicious if management buys it off the company for a song!

[the stigologist] 23/3/2017 14:45

You are correct. I just took a cursory glance and had only seen the top half of the note. Looks like they have been very conservative which is good.

[cjohn] 23/3/2017 11:53

Overall, the company's trading at about tangible book value.

So an obvious hold in view of the possible arbitration value.

[cjohn] 23/3/2017 11:48

Hi Stigologist, you need to take another look at note 15, regarding PPE.

PPE was heavily written down from at cost several years ago. So its current depreciated value is 1.780 million euros on the balance sheet.


My guess is that it's actually worth a few more millions than this: bear in mind that at cost it was worth 78,32 million euros.

[the stigologist] 23/3/2017 11:08

Surprised PPE has not been written down further. I would imagine it's going to be worth a lot less than the 'at cost' value but they couldn't do a market determination for it because there isn't active market in that equipment. I'd expect a major discount to that value but overall the total value proposition here looks good. Potential for a return of multiple of current value with limited downside.

[eezymunny] 23/3/2017 10:36

Most likely pretty worthless that stuff in note 15, no?

My thoughts...

uk.advfn.com/cmn/fbb/thread.php3?id=30375760&from=1597

Will be interesting to see if Mr Market pushes the share price closer to my guesstimated risk adjusted value as we get closer to an arb decision... I put a few in my EEZY4 portfolio.

Anyone with a view on those numbers?

[zcaprd7] 23/3/2017 09:54

Check out note 15 in today's results!

[zcaprd7] 23/3/2017 09:31

Quite happy if they are trading down the inventory at breakeven, they need more time to do that anyway. At these levels, settlement and the company assets are free...

[zcaprd7] 23/3/2017 09:17

The arbitral tribunal hearing will start on 27 March and the judgement is not expected until Q3 2017. While the outcome is uncertain, the Group indicated in March 2016 that the value of any award if our claim is upheld could be a multiple of the Group's market capitalisation at that time.A partial resolution of the other outstanding wafer supply contract, with a customer which entered insolvency and where shipments stopped in 2012, has now been achieved. Claims had been registered with the administrator and an interim settlement of EUR0.96m was eventually received during H1 2016. A final payment is expected to bring our aggregate settlement up to EUR1.5m although the timing of the receipt of the final amount is uncertain.

[zcaprd7] 23/3/2017 09:13

Yes, Q3 2017 for trial result...

[salpara111] 23/3/2017 08:20

Hmm, I had expected operational performance to be a bit better but for me this has always been about waiting for the arbitration result.
As I have said before I did not expect the customer to suddenly decide to settle and that they were only playing for time.
I have been locked in here for so long waiting that I guess another 3-6 months is neither here nor there.

[steve73] 23/3/2017 07:32

So cash plus inventory (40M Eu) is a little less than the current m-cap (39MM GBP)with the compensation claim (multiple of around 20MM GBP as at Mar-2016) in largely for free...

[zcaprd7] 22/3/2017 23:04

Yes, but I suspect no deal, and the evidentiary hearing is "end of March"...

[boros10] 22/3/2017 21:51

Results out Thursday

[salpara111] 22/3/2017 15:45

Finals last year were on the 17th March so we are now entering overdue territory.
I guess if they are "doing a deal" they will want to have it signed before the results.

[zcaprd7] 20/3/2017 14:21

The spread has opened a bit, is that to block latecomers to the party?

[zcaprd7] 04/3/2017 13:13

Hardly. This has dragged on for nearly four years now?

[the stigologist] 04/3/2017 11:59

I think they should tell you to go screw yourself Salpara

They run the company for all shareholders not impatient babies who throw their toys out the pram if they don't get their own way

[zcaprd7] 04/3/2017 03:23

Hmm, I don't think they'll have much of an answer for you, I suspect we'll have to wait for the judgement on this one? I'd be happen with another "we just about broke even" announcement...

[salpara111] 03/3/2017 13:23

Yeah, they have about 2 weeks to get their ducks in a row as most investors, myself included, will be rather annoyed if they are not in a position to give definitive answers to the contract settlement question.

[zcaprd7] 03/3/2017 12:40

I think they announce their prelims end of March as well?