Pv Crystalox Solar Share Discussion Threads

[zcaprd7] 04/5/2020 10:43

Hi, just a small position in my Lisa, along with countrywide and sigmaroc, it's supposed to be property related as it's for a house deposit...

[konradpuss] 01/5/2020 23:08

zcaprd7, we must be thankful in these troubled times that 'Greg' has not got a '99 year lease' on this board. Poor fellow.

Please tell me you have no long interest in Intu?

[konradpuss] 17/4/2020 19:10

zcaprd7 not sure. I have now decided to go to the AGM and give the management a respectful ear bending about the slow pace/snails pace of final distribution.

[zcaprd7] 17/4/2020 18:19

Are Germany running a proper furlough scheme? I suppose the UK Bod could, but why would they?

[konradpuss] 16/4/2020 20:04

zcaptd7, I am quite tempted to go to the AGM in June and 'button hole' the management.

I think they probably know most of the private shareholders just want them to put this company out of its misery and distribute the .... cash!

Fancy attending with me?

[gbjbaanb] 14/4/2020 10:09

I wonder if the cash burn is significantly reduces right now, the staff would be furloughed and the government paying their wages. How much of their 2m cash burn is staff costs?

[zcaprd7] 14/4/2020 09:49

Well, quite, but any significant transaction will get delayed, and any deal put off until there is some stability...

[konradpuss] 07/4/2020 19:37

zcaprd7, the gold price seems to be ticking up which must help I guess. I still think the management here will not run off with the cash and will eventually distribute all.

O.K. most missed out buying at the recent bottom on most stocks, however this could be a 'dead cat bounce'. I like shares distributing cold hard cash - ideally now rather than later.

[zcaprd7] 06/4/2020 18:23

I'm waiting for my gold mining portfolio to yield fruit...

[konradpuss] 02/4/2020 22:09

zcaprd7, have you topped up?

I am stasis right now.

Cash is king so if these folk would just distribute we would all be happy.

The only other thing that seems to be safe is food retail. Now who would have predicted that.

[konradpuss] 27/3/2020 11:48

zcaprd7, yes I believe they hold 'our' cash in Euros.

[zcaprd7] 27/3/2020 11:26

Everything went to the dollar... Not sure why as that might crack soon.Remind me, are PV Crystalox hold the cash as euros?

[konradpuss] 26/3/2020 19:30

Well I think they will burn a little cash however the way the £ is going against the Euro we might make that up on the appreciation!

I just cannot understand why sterling is so weak.

O.K. the public finances of the UK will look like the public finances of a small African banana republic after this 'crisis', however that will be the case for most other first world countries.

[zcaprd7] 26/3/2020 18:45

That would be a virtual call I imagine, the constant stalling is annoying, but I don't mind as long as they breakeven and don't touch our cash...

[konradpuss] 24/3/2020 20:14

zcaprd7, I must say I am relaxed here, even if the share price is not currently reflecting the cash on the balance sheet. No surprise that, cough! cough!

Eventually, they will distribute.

I might even go to the AGM to see the 'whites of the management's eyes'!

[konradpuss] 20/3/2020 22:02

zcaprd7, I could not have put it better.

[zcaprd7] 20/3/2020 21:40

It's not pie in the sky at all, it's a reasonable baseline... You have outlined the absolute worst case, which is still easy money from these levels.

[konradpuss] 20/3/2020 16:45

Hedgefund, right now perhaps even less for a full listing!

[hedgehog 100] 20/3/2020 14:47

Konradpuss,

A stock market listing is only really worth a couple of hundred K. or so, which isn't that material in this case, and the directors don't seem intent on retaining it.

Best of luck though.

[konradpuss] 20/3/2020 14:24

Hedgehog, you pays your money you takes your pick.

You have not mentioned any value in respect of the quote. Right now it might be worth zippo, that could change.

I would be happy for zero from Germany.

As to the directors, they could chose to string this out for years just to cream their director's fees out the cash pile. They do have quite a bit of 'skin in the game' mind. Also I am sure they would all like to move on now.

Let's see if they return the whole £2.0 million as their next hurdle.

[hedgehog 100] 20/3/2020 13:37

Year end 2019 net cash was EUR8.6, down from EUR 9.6M. at the end of the half year.
That is an annualised cashburn of EUR 2M. p.a.

And the liquidation process could take until about the end of 2021 or later:

"As our ability to accelerate the liquidation process is limited and also economic considerations make such action unfavourable, our focus is on minimising the cash burn during the next 12-18 months while the outstanding issues are resolved."


There are also uncertainties about receipt of the EUR 0.9M. payment, and potential tax liability.

Then there are liquidation costs.

Even the £2M. payout (which would just be 27p per share) isn't guaranteed:

"The GBP2 million is dependent on receiving EUR0.9m from customers relating to historic settlements that are not recorded in the balance sheet as receivables at 31 December 2019. If the EUR0.9m is not received then the return to shareholders will be reduced accordingly."



So I would say that an aggregate '£1 payout' (per share) is pie in the sky.
(£1 per share is about £7.3M., or about EUR 8M. at current exchange rates.)

Any additional payout on top of the hoped for £2M. is likely to be very disappointing, not for quite a long time, and would be made outside of ISAs if the shares are delisted.

So at a market cap. of about £3M., at about 40p, the shares don't look good value.

Now we know why a director sold in January.

[zcaprd7] 20/3/2020 13:02

Yes agreed.They seem to love latching onto any old excuse to drag this out, but would you want to MBO right now?

[konradpuss] 20/3/2020 12:37

zcaprd7, quite right. The fall yesterday is purely about fear.

O.K. it might take a little while for this to fully play out, however I think the risk of not eventually getting circa £1 is low.

The management have been true to their word so far, although a little slow.

The only concern is the talk about resolving a tax issue in respect of the last distribution.

[zcaprd7] 20/3/2020 11:57

So, should be about a pound when all said and done, bit less than I wanted, but it makes yesterday's fall a bit silly?

[konradpuss] 19/3/2020 18:49

zcaprd7 - 7,285,408 shares - £2.0 million return - 27.45p if my math is right.

I have had a full read now.

They are talking of a final return of cash to shareholders in due course after the £2.0 million.

Fine for me.