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PVCS Pv Crystalox Solar Plc

0.00 (0.0%)
29 Sep 2023 - Closed
Delayed by 15 minutes

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Share Name Share Symbol Market Type Share ISIN Share Description
Pv Crystalox Solar Plc LSE:PVCS London Ordinary Share GB00BJ0CHQ31 ORD 3.0206P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 33.10 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
30.20 36.00
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 33.10 GBX

Pv Crystalox Solar (PVCS) Latest News

Real-Time news about Pv Crystalox Solar Plc (London Stock Exchange): 0 recent articles

Pv Crystalox Solar (PVCS) Discussions and Chat

Pv Crystalox Solar Forums and Chat

Date Time Title Posts
01/10/202312:59PV Crystalox - Solar Wafers made in the UK (with charts)7,717
05/10/201609:40*** PV Crystalox ***7
11/3/201417:00just a test to get the news - please ignore3
11/3/201416:59PV Crystalox Solar: the Value Thread172
11/3/201416:59PV Crystalox - Solar Wafers made in the UK357

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Pv Crystalox Solar (PVCS) Most Recent Trades

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Pv Crystalox Solar (PVCS) Top Chat Posts

Top Posts
Posted at 30/5/2023 21:57 by rainmaker
Hi Konradpuss, I think you're right. Last looked at the Company website a few weeks ago and there're still advertising a matched bargain basis share dealing facility through Asset Match but the Broker states on its site that this service has been withdrawn at the Company's request so presume PV Crystalox haven't update their site. Aside from the distinct possibity that a voluntary liquidation may be close and hence the reason a share dealing service will no longer be required, the Company may also be concerned that some Investors may be able to potentially profit from private information so there're closing that door to prevent that possibility.


Posted at 09/5/2023 14:30 by rainmaker
Thanks Konradpuss, when I last looked, they had net assets of 89p a share and the directors had gone part time, with reduced remuneration and I calculated cash burn of 6p pa. It's obviously a classic Value Investing tenet of conservatism to give no value to the business, creating a further margin of safety but the business obviously has a demand for its services, hence its creation to cater for those Customers and we can surely expect it to be trading profitably. Value has been created so I confidently expect that to be recognised in the sale price.The business may well have intellectual property and whilst it's understandable to give no weight to its value as a business in our analysis, I don't think its realistic that the business will just fetch net asset value. However what should happen and what does happen are not always the same thing.

Whatever happens I believe we will be fully vindicated for not joining the mad rush for the exit at circa 30p prior to delisting.

Posted at 08/5/2023 15:46 by rainmaker
Hi Konradpuss,
I understand and share your and everyone else's frustration but "the darkest hour is just before dawn". I believe that Asset Match are no longer making a market in the shares at the Company's request. Why? I think there will be news shortly and a voluntary liquidation and return of capital before the year end. Simple logic dictates that the longer we wait, the less time will remain and we've already waited a couple of years since the delisting. Of course the longer Investors the wait,for a distribution, the more dispirited and disillusioned we become when the exact opposite should be the case. Maybe because I'm a Stockmarket Value Investor, I'm an eternal optimist but I believe the Company will return +£1 because the laser cutting business is a profitable business that will go for in excess of net asset value but that's may take on the current situation.IMHO the 9,000 shares bought at 37p on 28 February will prove to be a great purchase;-)

Best Wishes
Posted at 03/1/2023 13:44 by gbjbaanb
Is there anyone on the share register in Germany that can file a winding up petition to the authorities?

I think that's the only way this will ever end now.
Posted at 04/5/2022 18:34 by thirty fifty twenty
hi - ive heard nothing back from my questions to management!!
i want to be trusting but very frustrating that they dont respect my share ownership and communicate.
Posted at 24/11/2021 16:44 by thirty fifty twenty
what do others things of the recent Annual Report.
there is more information and description than i was expecting.
however the salaries of remaining directors still seem very excessive.

NAV is stated at 3.2m with 3.6m shares.
the investment in the German biz is stated at 2.8m with discussions ongoing,
so i'd assume that the auditors are comfortable that the discussions are talking about a disposal of 'at least' that value.
the great news is that the tax issue with german tax has been fully resolved.
running costs have been reduced so even allowing a run rate of 400k for the next 12 mths that would still get to NAV of 80p a share.
there is no mention of being able to use the tax losses - but maybe the buyer is a trade buyer?

any views from anyone else?
i emailed the company twice but no response.
i will try to telephone now that the accounts are out.

PVCS is in my portfolio
Posted at 03/11/2021 08:58 by thirty fifty twenty
just checked asset match. looks like the buyer of the small number has confidence.

The next auction will close at 3pm on the 26th January 2022. An order book will appear here when orders have been received.

In the auction that closed on 27th October 2021, 6,350 shares trade at 40 pence per share.
Posted at 02/11/2021 17:25 by thirty fifty twenty
thanks zcaprd7 - that's an interesting article.
surely it means that the tax losses of PVCS are worth something to a company that is intent on profitable trading....?
have you been in touch with the board recently?
i would be happy to work with others as a co-ordinated group to protect our interests.
i hold a number of shares.

best wishes
Posted at 11/9/2021 20:34 by rainmaker
Seek and you shall find.

Hi All, copied and pasted from press release from Company's web site at


PV Crystalox Solar PLC
14 June 2021
PV Crystalox Solar PLC (PVCS) announces a change to its accounting reference date and the appointment of a new auditor
PVCS is seeking to liquidate its assets and return the remaining cash to its shareholders. The largest asset on the balance sheet of PVCS is its investment in subsidiary companies which primarily relates to PV Crystalox Solar Silicon GmbH (PVCSS) in Germany. The directors are seeking to finalise an outstanding tax audit at the German subsidiary and are also engaged in early stage discussions which may lead to the sale of PVCSS. As they consider that there is a reasonable prospect that greater clarity on these issues may be achieved during the next few
weeks it would appear prudent to extend the Company’s Accounting Reference Date until 30 June 2021. Accordingly the audited accounts would then be prepared for the 18 months ending on 30 June 2021 and can be expected to give shareholders a more representative view of the value of assets held by the Group at that time.
PVCS has appointed Azets as its auditor.

Highlights in 2020
• £2 million returned to shareholders by way of a Tender Offer
• Company delisted from the London Stock Exchange on 29 September 2020
• UK Group companies’ net cash of £1.2m at 31 December 2020
• German subsidiary net cash €2.5m at 31 December 2020.
Posted at 01/9/2020 15:27 by thirty fifty twenty
2009 – I have been pondering what to do re the tender.

Below are my thoughts and conclusions – happy for any input. I have tried to state clearly the difference between what I think is fact and my opinion.

NAV is 7.3m EUR, there is c7.3m shares so for ease we can say current NAV is 100c.
We know the German business is loss-making – say 1m p.a. = 15c
The potential Tax liability is €1.8m = 25c
We know the directors receive an excessive salary for a part-time role £300k p.a.
We know that we don’t have the full information?
what is the saleable value of millions of FH written down to zero?
what does the £0.9m of accrued expenses include
how much of the potential tax has been paid on account already to save interest?
why has a hugely loss-making german business not being sold
why does the tender circular not point out the NAV of the company at 100c / 88p when the tender price is 55p?

in most tenders I am familiar with the price is set at a level which indicates what the directors think the company is worth and in my experience they have an optimistic opinion if anything. In theory the 55p tender price does not matter but why was it chosen? The directors make no attempt to explain that the NAV might appear to be 100p but actually 55p is a reasonable value per share. So I have tried to distance myself from being anchored to a price which has no logic and just happens to be above the previous share price and thus might appear to be ‘a premium’. I was a long term shareholder in LEAF and when they resolved their court case dispute the price rose 300% - i.e. the market does not price these situations correctly all of the time.

So the question remains for me – do I sell half at 55p?
So the answer must surely be a resounding ‘no’ when NAV is 100p,
But if we take 1 year of losses, and losing a Tax case = 60c so the 55c is a tempting ‘cash-in-hand offer’
However it allows no probability that there is no liability – if we assume 50%/50% then the worst case NAV becomes 72c / 65p – so 55p does not look attractive. I think however that if the tax was likely to be paid then the auditors would require some provision in the accounts. Remember that the legally binding $0.9m owed could not be included in the accounts because ‘it was not certain’ to be made. i.e. the company and the auditors were very cautious to not include this legal receipt even though they were very happy to ‘predict’; that it would arrive in H1 2020. So I think the chances of their being a large tax payout is very small indeed.

My conclusion is that the directors has a self interest – by definition the largest shareholder is the CEO and the account infer that there is a potential controlling party between the directors and senior management and family members.
We don’t know what the CEO will do in the tender….

But after the tender the NAV will be 140c and after trading losses and 50% re tax = 84c / 75p, and of course if the german business is sold or closed down before 12 mths, or there is no tax payment the NAV post tender will be materially higher.

So as CEO it is in my interests to persuade others to sell at 55p when I know that the true value might be close to 120p and I don’t Tender my shares. So given my opinion that the CEO is self-interested it is in my interests to do what he does – i.e. do no tender.

However I also need to consider the possibility my analysis is flawed, liquidity, and the de-listing. I also find the de-listing an interesting decision…. Of course there is a monetary cost to do so – but how much? Why don’t the directors tell us? My research shows it could be c.£100k per annum. So given there is huge uncertainty regarding the german business and the tax why not give it a further 12 months and thus all shareholders have the chance to benefit from a positive outcome to these events. It does however scare shareholders firm what I have read on the Bulletin Boards and thus encourages them to tender at 55p - which if very much to the benefit of those that DO NOT TENDER.

At one level it is a very interesting situation but it is also disappointing that the CEO does not provide as much clarity as he can, as opposed to provide the minimum information which is required by stock exchange regulations.

To me it seems fairly obvious that they is value here in CASH which will be released in 12 mths. And automatically after the Tender my shares are worth more. Normally I follow charts but in this case I am going to follow the CEO and follow the money!

Thanks to previous posters, some of whom I’ve followed and respected views of for a few years – any comments on my specifics welcome.

PVCS is in my portfolio
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