Pv Crystalox Solar Share Discussion Threads

[zcaprd7] 10/4/2018 16:13

I reckon over 30p, just about... Topped up for the final end game.

[zcaprd7] 06/4/2018 09:51

They're are making €45k a week whilst waiting to get to paid on the settlement...

[pejaten] 05/4/2018 20:50

You can easily work it out. Net asset value is 51 at year end plus additional comp of say 4 = 55. 160 million shares in issue so 55/160 = 34 cents per shareAgainst that you have got to deduct cost of winding up German operations etc. My guess is that NAV will be no more than 30 c unless German operations can be sold, or around 26-27 p per share

[zcaprd7] 03/4/2018 10:03

No?They should have moved out by now? Did they forgot about Easter?

[zcaprd7] 16/3/2018 11:23

Has anyone had a stab at the realisable NAV per share yet? Are we still talking 30p?I noticed they are still waiting for some more bunce from a liquidator as well...

[cjohn] 16/3/2018 07:55

Solar wafer prices continue to fall: positive for the eventual resolution of the settlement.

[extrader] 15/3/2018 13:37

Hi Salpara111,

My guess is that the defendant has been waiting to see outcome of the 'wrap-up' negotiations that it has just - 13th March - lost.
It has to settle before it receives the stock.
It's no longer able to argue about the bigger sums, we're down to fine-tuning on a few million at most.
Meanwhile, they're incurring interest of Euro 180 K per month, or over Euro 0.5m per quarter. This should tend to focus attention.
At some point, I'm guessing sooner rather than later, the defendant will make a 'commercial decision'.

Let's see.

The next news should be re UK leases :

Since August 2017, work in the United Kingdom has focused on clearing the production facilities and the former head office and returning the buildings to the landlord. The programme is now close to a successful conclusion following the surrender of two leases at the end of 2017 and a further lease at the end of January 2018. Advanced negotiations are ongoing for an agreement to vacate and to terminate the lease on the remaining building on 31 March 2018.

ATB

[salpara111] 15/3/2018 13:11

The current sum of the parts valuation just taking cash and stock means that it is trading at a hefty discount so I can only imagine that the market is still not counting on them receiving the financial settlement or there is an expectation that there will be huge costs associated with closing the German business.
I am frustrated that the current market cap does not reflect the theoretical cash position and I guess maybe when they are able to say that they have the settlement cash in the bank the share price will rise to reflect it.

[cjohn] 15/3/2018 12:17

Hi zcaprd7,

They can only dispose of the German business, if they find a buyer!

Otherwise restructuring to focus on cutting of non-silicon materials, or a wind up with associated costs....ugh!

[zcaprd7] 15/3/2018 11:02

"No payment has yet been made to the Group despite interest continuing to accrue at a rate of around EUR180,000 per month. Negotiations have taken place in recent weeks without success as yet to explore whether any agreement could be reached to eliminate the wafer deliveries together with a corresponding reduction in the payment."Looks like end of June is the deadline, that's when they dispose of the German business... I can wait 3 more months.

[cjohn] 15/3/2018 10:54

Acquiring?

Cash pile should be returned asap to shareholders.

Is there any value in the Germany business?

Losses going forward will be small I guess, insofar as the UK business has already been shut down

[zcaprd7] 15/3/2018 10:50

This is interesting:On 13 March 2018 the Group was informed, by the Court of Arbitration, that the customer's request for correction had been disallowed meaning that the expected minimum net income is increased by EUR3.1 million. This will be recognised in the results for the year ended 31 December 2018.Looks like another delaying tactic has been closed down, and explains the wait. I reckon they will have €50 million in cash once payment is received. Also, the customer has to pay the whole amount, before they discuss sending over the wafers...

[extrader] 15/3/2018 10:13

Hi The Stig,

Something on those lines sounds like a win/win....

ATB

[the stigologist] 15/3/2018 09:48

How about cash dividend to investors and then use the accumulated losses to use the listing as a shell vehicle ?

[kev0856153] 15/3/2018 09:32

Having run the numbers I'm not convinced there is much upside at this price. Especially when the wind up costs are such a grey area and that they may even be considering an acquisition. 21p is too rich for me.

[extrader] 15/3/2018 09:23

Hi brwo349,

- continuing operating losses : what do you think they'll be, going forward ? AFAICS they're winding down and they've kitchen-sinked expected costs;

- wasn't Dorrity's £585 K re 2016, when there was a fair bit of corporate change ? I agree he's on a good whack, but he's also a major shareholder, so motivated to get something done, I would think, no ?

From my post 28 Feb :
..PVCS's major shareholders are
Schroder Investment Management Limited 24,006,303 14.98
Iain Dorrity 17,099,371 10.67
Barry Garrard 16,108,323 10.05
Hawkwood Capital 12,910,815 8.06
Stuart Oldham 10,276,442 6.41
Aldebaran Capital LLC 6,450,787 4.02
Goldman Sachs International 5,746,962 3.59
Graham Young 5,398,888 3.37
Hargreaves Lansdown Asset Mgt 5,030,799 3.14

Dorrity is CEO, together with the other individuals (connected ?), speaking for 30.4% of the co or roughly £ 9.5m worth. Of these, only Dorrity is picking up a salary, admittedly a rather fat £ 585 K.
You'd expect everyone else - plus the II's - to be agitating for wind-up and return/release of their capital.

ATB

[steve73] 15/3/2018 09:18

Dorrity is also one of the major shareholders, and I'm sure he'd prefer to liquidate his holding ASAP.

But I do wish they'd get on with it..! Perhaps as the remaining lease expires..?

[brwo349] 15/3/2018 08:44

extrader you forgot to factor in the continuing operating losses into your calculation

[brwo349] 15/3/2018 08:42

Dorrity took out £585,000 last year.
Who wouldn't want to keep that gravy train running?

a shocking company

[salpara111] 15/3/2018 08:31

Hugely disappointing in my view and it looks like after waiting all this time I will be exiting at a loss.
I know that the sum of the parts makes it look cheap but the idea that they are going to waste the current cash pile on an acquisition beggars belief.
I guess I will think about it over the weekend but clearly management have decided that they would rather continue to lift their pay check than wind up the company and take the cash.

[brwo349] 15/3/2018 08:31

Hi

Why does this company do everything in slow motion.

[extrader] 15/3/2018 07:53

Hi all,

Quick take : Current market cap £ 32m @ 1.12 = Euro 35.84m

Net cash Euro 26.9m + (unpaid) award 20.5m + (2018) addn'l award 3.1m + stock 3.9m.
Total : Euro 54.4m

Award accruing interest @ Euro 180K p.m. = Euro 2.1m p.a.

Asset writedowns (inventory) to fair value.

No future in solar, will try to offload residual German business.
Reminder (to market ?) that it has a full listing....

Strategy review concludes either cash back and/or possible buy into new business.

Unlikely to see quick conclusion, but looks OK to me.

NAI, DYOR etc etc

ATB

[garth] 15/3/2018 07:47

Stig,

It makes sense for SHAREHOLDERS for them to take over another business - that is the ONLY reason the would do it. They work for the SHAREHOLDERS. It is clear that they have they expertise to leverage further financial gains for SHAREHOLDERS from any potential acquisition:

"Strategy

The Group has been operating in cash conservation mode since 2011....
....been successful in managing its working capital especially by reducing inventory.

Regrettably no improvement in market conditions has materialised during the intervening seven years.....

After seven years the Board has concluded that there is no real prospect of any change in market conditions....."

Fast paced and responsive to a changing marketplace.

IMO.

G.

[rjmahan] 15/3/2018 07:37

They also talk of cash return. Cynic in me thinks acquisition talk to drive share price down prior to mbo

[the stigologist] 15/3/2018 07:32

Blimey why are they talking of acquiring. Idiots