PV Crystalox Solar PLC Arbitration Award (9160V)

TIDMPVCS

RNS Number : 9160V

PV Crystalox Solar PLC

08 November 2017

PV Crystalox Solar PLC

Arbitration Award

08 November 2017

PV Crystalox Solar plc (the "Group") has received notification of the final award rendered by the International Court of Arbitration of the International Chamber of Commerce in the matter filed by the Group in March 2015 and arising from an outstanding long term wafer supply contract with one of the world's leading PV companies as mentioned in our interim results. The award requires the customer, who has failed to purchase wafers in line with its contractual obligations, to pay the amount of around EUR34 million including interest to the Group. The obligation to pay is not conditioned upon the delivery of 22.9 million wafers, outstanding under the contract, although the customer's right to seek such delivery is not precluded by the award.

Enquiries:

   PV Crystalox Solar PLC                                         [phone] 

Iain Dorrity, Chief Executive Officer

Matthew Wethey, Chief Financial Officer and Group Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBVLFBDFFEFBB

(END) Dow Jones Newswires

November 08, 2017 05:58 ET (10:58 GMT)