Pv Crystalox Solar Share Discussion Threads

[zcaprd7] 17/8/2018 12:20

I assumed it was implied, as they mention only the 2 payments being made, totalling the original award figure. The other crowd wouldn't waive the delivery rights for zero, would they? I assume the generous terms were in lieu?Those wafers were still going to worth a few quid, surely?

[cjohn] 17/8/2018 12:08

Hi Zpcard7,

Sadly not. The wafer delivery waiver payment by PVCS was less than previously anticipated because of the collapse in the value of those (undelivered) wafers.

The RNS doesn't mention the interest payments. Hence no reason to believe they were waived.

[zcaprd7] 17/8/2018 11:35

So, let me get this straight, they have waived the interest payments due, instead of having to deliver the contracted wafers?That's a good result isn't it? What was the interest worth (plus half to November) and how much were the wafers worth?Gives them time to wrap things up as well, should be all sorted by end of the year...

[boros10] 17/8/2018 11:06

I agree a target of 28p is realistic. The downside from the current share price is minimal. I believe management has played its hand extremely well over the last few years. It has successfully side stepped huge potential liabilities on long term polysilicon contracts and has extracted a meaningful amount from the arbitration process with the major customer, whose financial position is unlikely to be strong. As to their long term stewardship of the Company I would point to the collapse in water prices caused by the anti competitive behaviour of the often loss making Chinese players which has reeked havoc across the industry. With most of my buying done at just under 10p I am very happy with the outcome and will hold my large position (and possibly add more if the share price drops) and wait for payday.

[varies] 17/8/2018 10:13

It is disappointing that the judgment has proved so difficult to enforce and I am reminded of the unhappy experience of Rurelec which won damages from the government of Bolivia but was only able to extract part of them.
It looks as if the defendant will escape any interest penalty for late payment.
I bought my current holding last November at 22.32p and would, therefore, have a gain of about 9% if I sold at 24.32p today. Whilst not exciting, this represents a return of about 1% per month.
Like Salpara I would have hoped for a rise to 28p on this news at which level I would be sorely tempted (like Salpara) to bail out. I agree that the record of our company's management is not so impressive that I would want to see them invest this cash in another business.

[cjohn] 17/8/2018 09:54

The other company were never going to take the waters, as solar cell production is unprofitable.

The rapid drop in wafer prices in the last few months has materially benefited PVCS, as it's reduced the wafer waiver payment by several million.


The main risk here is that the company blow the funds on a daft acquisition . Excess capital should be returned to shareholders.

[salpara111] 17/8/2018 08:43

The last thing I want to happen is for them to spend all the cash on acquiring another business. If I want to invest in another unrelated business line I am sure I can find an AIM stock that is already in that area.

I guess I will wait a few more weeks for the results as they will hopefully provide more clarity at that point.

[buywell3] 17/8/2018 08:16

They might pay a special dividend

Or perhaps move into another area via an acquisition

[salpara111] 17/8/2018 08:11

Very disappointing rise.

I was waiting for this announcement on the basis that it should have lifted the share price back to at least 28p.
I am going to bail now as there is nothing else in the "good news" category still to come.

[buywell3] 17/8/2018 08:09

Yes , because wafer prices are dropping fast

They can wait and buy 40% cheaper as G.S points out in my last post

Key thing is

What will they do with the cash ?

[pejaten] 17/8/2018 08:07

They waived the rights by deducting value from the settlement.

[buywell3] 17/8/2018 07:52

Should rise today but the fact that they 'waive the right to recieve wafers' seems to suggest that this market is in rapid decline due to over supply

Solar Panel market is in big trouble



''Goldman Sachs: Solar industry heading for a downturn after major Chinese policy shift''

''Goldman now expects a 40-percent drop in sales volumes in China, which accounts for half of the global market for solar modules and other equipment. Heaping more pressure on the industry are anticipated declines in other key markets like Japan, India and the United States, where the Trump administration has dented demand by slapping tariffs on imported solar panels and modules.''

[pejaten] 17/8/2018 07:34

So an additional 8 million on top of the 20 recognized last year. Net assets at end 2017 were 56 million so net assets before 2018 costs would be 64 million = 39 euro cent per share or around 34 p per share. Hope we get clarity on closure costs shortly, but you would think net assets would probably be around 30p

[zcaprd7] 01/8/2018 14:40

I wish they'd get a move on...

[cjohn] 25/7/2018 19:50

Last week, they were flat. this week they were down between 0.5 to 7%.


This is positve for PVCS, in view of the "refund" they will pay, in lieu of a wafer shipment.

[zcaprd7] 19/7/2018 10:55

How are wafer prices doing?

[zcaprd7] 17/7/2018 16:56

Some news, or just impatience creeping back in?

[cjohn] 05/7/2018 10:57

yes, indeed!

wafer prices down 1-3% this week.

[meijiman] 02/7/2018 21:12

Its great for the ceo -years and months go buy and the salary rolls in....

[cjohn] 02/7/2018 19:12

Hi Extrader,

we're talking about several million dollars; my best guess would be around $4m. But it could be somewhat more or less.

It would be great if you'd drop a line, as my figures are a back-of-the-envelope-calculation

[zcaprd7] 27/6/2018 16:33

I expect some news next week... End of quarter and half, everything is meant to be dealt with by now?

[extrader] 27/6/2018 11:16

Hi CJohn,

Thanks for this, what do you think the cumulative price benefit to PVCS is, since award ?


I'm happy to drop Matthew line on this, asking for an update ...the strategy review has been going on so long now that it'll be due its own review....

ATB

[cjohn] 27/6/2018 10:56

Wafer prices down another 5-11% on the week. Worth about $500k to $1m to PVCS.