Pv Crystalox Solar Share Discussion Threads

[konradpuss] 17/7/2020 12:17

zcaprd7, Other than the de-listing, After sleeping on it, I am not completely negative on the proposal.They do mention a final distribution after de-listing.

Obviously, I do not like the fact that they are not doing a final distribution before de-listing. Do I want a slice of an un-listed company - yes however I would want to be in control and in this case I am not.

There are one or two institutional share holders still. I know it is small beer to them, however I wonder how they will vote?

[zcaprd7] 17/7/2020 11:52

Yes, but that goes to 20%, and perhaps he has some IIs on board who have had visibility of the German operations business plan, and then they push the rubbish deal through.

[konradpuss] 17/7/2020 11:06

Probably, however the CEO has only 10% from memory. The remainder have zippo again from memory. So if I am right he ends up with circa 20.

What is their game? Just to draw big salaries until the money runs out? Surely they could do better than that!

[zcaprd7] 17/7/2020 10:43

If they tend for half the shares, does that mean the Bod can decide not to tender theirs, and then their influence doubles overnight?

[zcaprd7] 16/7/2020 22:55

Yes, count me in, not a big holding after the first return, but fed up with listed directors taking the mickey... This has already dragged on for years.

[konradpuss] 16/7/2020 19:51

30, 50, 20, Count me in. My holding is just under an RNS notification. I need to transfer it from my broker ASAP.

Pure greed from a management that has a small percentage of the total shares in issue.

[konradpuss] 16/7/2020 19:30

Daylight robbery by divide and rule.

[thirty fifty twenty] 16/7/2020 16:54

from my read so far this is very much weighted in shape of directors and not shareholders. as pointed out the language used and information given it all to convey the idea that 55p is a decent offer.

there is no explanation as to why:
that amount of CASH has been retained,
what value is there in the £20m spend on P&M which is valued in the books at nil,
why the mgt of the german subsidiary would buy now and not 12 mths ago,
the possible scenarios of cost re the German tax complications

the directors may just have gotten too greedy here.
they made it too obvious that they are benefitting more than the average shareholder.

anyone interested in trying to take some action?

I and some friends have a large number of these and think it would be relatively easy to approach the institutions to see what they are thinking. the good news is that there is 6 weeks to mobilise.

thoughts anyone?

[meijiman] 16/7/2020 15:14

Having failed once they want the chance to fail again. Are there any institutions in here...they will effectively decide what happens

[steve73] 16/7/2020 15:02

So are 55 birds in the hand worth 68 in the bush....?

[zcaprd7] 16/7/2020 15:01

I tend to agree, I also, do not appreciate the blackmail of "do it our way or we'll delist your shares and they'll become effectively worthless" either

[gbjbaanb] 16/7/2020 14:47

You know what is going on here, the directors are giving you 55p and keeping 68p for themselves.

[thaaarg] 16/7/2020 13:27

Why indeed.

Smacks of opportunism by the Directors to me.

Results to 31/12/19 shows NAV 1.2455 Euro per share, of which 1.1815 Euro per share was in Cash.

Whilst there would inevitably have been cash burn to date, those results do not include the receipt of the 0.800 M Euro settlement that gave this tender offer the green light....and the cynic in me says we will probably not get the interims that include the 0.800 M Euro settlement until after the offer closes.

If all of the 49.9% on offer are taken up @ 55p, the NAV per share for the rump remaining in issue will be approx £1.71 per share (excluding whatever cash burn there is to date and the 0.800M Euro settlement).

I'm quite happy ignore this offer until I find out what is really going on here...and if that is after de-listing, so be it.

[steve73] 16/7/2020 11:08

Why are only 49.9% of the shares being tendered..?

[meijiman] 16/7/2020 09:48

The main result is to keep the ceo in a job .for ever

[zcaprd7] 16/7/2020 09:29

Additionally, work will continue to resolve any potential challenge from tax authorities regarding the distribution of payments received under the arbitration settlement in 2018. A sale of the German business to a third party or a transfer to the existing management team remains the ultimate objective and together with a resolution of the tax issues may enable a further cash return to shareholders in due course. As the Company's ability to accelerate the liquidation process is limited and economic considerations make such action unfavourable, the Board's focus is on minimising the cash burn during the next 12-18 months while the outstanding issues are resolved.

[zcaprd7] 16/7/2020 09:25

It's out now... Looks complicated.How about just liquidate our company and give all our money back?

[konradpuss] 14/7/2020 18:01

zcaprd7, no RNS that I can see.

I would not get the circular as my shares are held by my broker.

In any case something has happened, however I do not know currently what.

[zcaprd7] 14/7/2020 14:06

Is the circular out?

[konradpuss] 02/7/2020 17:53

I think the reassuring think is 'management' only have 10% i.e. the C.E.O.

I think the funds will back a proposal for a winding up.

This could get interesting.

Anyone brave enough to top up?

[zcaprd7] 02/7/2020 17:27

Agreed, we need some activist investors... I do know a chap, I might put some feelers out.

[gbjbaanb] 02/7/2020 17:12

Of course anyone can put a motion to management at the AGM with enough support, and one such motion could be "wind up and return all money".

Any shareholder can issue a winding up petition to the courts for a minor cost, but 75% of shareholders would have to agree. I wonder if the institutional holders would, but I also wonder if the trusts and funds would be allowed to hold a private company.

So I'm optimistic about receiving the cash, or the majority of the cash. But I hope it won't come to a battle with the management.

[konradpuss] 02/7/2020 16:01

zcaprd7, I am thinking of moving my holding away from my broker so I can definitely vote.

I think this might end up in a bit of a 'punch up' with the management.

[zcaprd7] 02/7/2020 12:56

Indeed, I've been re reading the RNS, and the £2m return has to be processed, because they promised it if they got the €800k settlement.It doesn't necessarily mean they won't be returning the rest of the money at some point in the future, before delisting... Although 2 distributions sounds a bit illogical?

[konradpuss] 01/7/2020 18:05

zcaprd7, I am awaiting the circular before starting the war!