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
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 0.45 -2.06 -2.71 2
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 33.10 GBX

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Date Time Title Posts
14/6/202109:01PV Crystalox - Solar Wafers made in the UK (with charts)7,628
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 Daily Update: Pv Crystalox Solar Plc is listed in the Alternative Energy sector of the London Stock Exchange with ticker PVCS. The last closing price for Pv Crystalox Solar was 33.10p.
Pv Crystalox Solar Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 56p while the 1 year low share price is currently 25p.
There are currently 7,285,408 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Pv Crystalox Solar Plc is £2,411,470.05.
gbjbaanb: Yes, but are they evaluating packing it all in and giving us 70p per share? 😀
konradpuss: An email back from I.R. at the company. They will still produce half year results and they are evaluating a matched bargain service for share trades.
papy02: KP, I *think* the message board stays. E.g. If you look at LEAF, or PUR, the message boards stayed when they delisted. (In the case of PUR, another company adopted their ticker, so that message board now shows the price charts etc for that, and investors in the new PUR appear to post about that on the old board rather than having created their own new board. That could make it hard to spot posts relevant to us if that happened here, but we could always look under each others profiles to search that way?)
gbjbaanb: Well the CEO sold half, everyone else sold half, so nothing really changed. But why is the share price down so much this morning then, unless the market is similarly concerned about the delisting. If they spent the relatively few quid to keep their presence for a year, I think the price would now be 55p or more. Losing those ISA accounts will be painful for some.
thirty fifty twenty: hi Petrus - thank you for pointing out - item 8 in the chairman's letter. i thought i had read it but obviously missed the one liner. that aside, i am interested in your posting history... only 4 posts in 5 years, all on PVCS, the last one 3 years ago. i read that to mean that you are not an average private investor sharing their views on a bulletin board. i would be interested to know about your investing, your holding in PVCS and thoughts on the board - do you think they are self-interested as other posts on here indicates seems to be the majority view of private shareholders. regardless, and just to be clear, thank you for pointing out the information i had missed All IMHO, DYOR + BoL PVCS is in my portfolio
thirty fifty twenty: hi all tender results pretty much as expected? it will be interesting to see what the CEO tendered. if less than 50% his % holding in new PVCS will be higher and needs an RNS. i think he will have tendered 20% knowing he will also be able to buy shares in the after market from weak / small scale /ISA sellers before the de-listing at end Sept. will be interesting to see price action and volumes available to trade from here in GLA, DYOR + BoL PVCS is in my portfolio
thirty fifty twenty: hi zcard7 - what you suggest IMHO is a logical plan. the challenge i would make (as I have made to myself) is why does the plan go tendering 50%. Is it b/c that is a neat fifty-fifty?, or is it because the company suggested tendering 50% ? as i said, for me, a bit of a head wrecker and i have spent time pondering what does my strategy indicate i should do, rather than what do others want me to do? if everyone held til the end the tender price is irrelevant. if you are not able to / dont want to hold an un listed then naturally you are being offered a compromise - i.e. you are being offered a low ball price. the other side of that is that 55p is a floor to the ultimate value (my est. 12-18 mths max) the directors have decided that £2m is all that is reasonable to return... they have not made it easy to understand why it is £2m and not £3m, and from my own research and analysis i think it is the low end as to what is prudently affordable (makes sense to benefit those that dont tender). so having decided to give back £2m then they need to decide what price and then follows the % everyone is allowed to tender. from my reading of circular, annual reports + RNS's there is little attempt to explain why tender at 55p for a company with NAV of 100p. Thus i think they opted for a 'very convenient' sell half at 55p. - it is above the current share price and sell half and ride the rest seems a reasonable thing to do.. thus they are able to persuade weak holders to sell out half for 55p when after having done so, the NAV will be 140c per share! and then give a tight timetable of 2 weeks when many will want to sell out the rest.. so again a chance to mop up a further chunk of shares. I'll be tendering c.25%-30% and may buy back but actually more so depends on performance of LOOP after their results. All IMHO, DYOR + BoL
thirty fifty twenty: i see all as a real test of investment discipline and character. i think that risk is all a spectrum. the directors, i believe, have a self interest, and are greedy, but are stretching the boundary , as opposed to breaking it. if they can take out the weak private investors and the institutions that are not interested, it gives them an immediate 40% increase. i think this is enough and there is no need to then also try and manipulate the remaining shareholders in the private company. re psychology , i think the mgt / CEO want us to tender half. given my analysis i think the best option is to tender less than they want - at least then one is half way between banking some gain and following the CEO. bizarrely i think after the tender there will be a rush to buy the shares. there will be a number of small pi's looking to sell and these shares will be picked up quickly perhaps as low as 40p i think.. but at the marginal price it makes sense that the insdiers are prepared to offer 60, maybe 70p as the end of september closes as they know buying at that price is a bargain compared to the full liquidation in 12 mths at 100p+ (new shares) it'll be an intriguing game of cat and mouse... if lots of pi;s sell out at 55p then the insiders can afford to pay higher at the margin to mop up the remaining shares pre end September, but if lots hold out then they may need to keep spinning the bad news story and do another tender (albeit at a much higher price than the current 55p for listed shares) i'm lucky that i am sitting on a profit from original purchase, and am prepared to hang around for 12 mths so feel i can have some fun and follow the money / CEO. no doubt there is risk but my instinct tells me that when it looks like a stitch up, it is worth throwing a punch back! all IMHO, DYOR + BoL PVCS is in my portfolio
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? i.e. 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. All IMHO, DYOR + BoL PVCS is in my portfolio
cjohn: Hello zpcaprd7, You asked whether the two parties will have seen the draft judgement. My understanding is as follows. The two parties WILL have seen the draft judgement. There is a draft judgement, precisely so the two parties CAN read it over and draw attention to any (material) factual errors on the part of the arbitrators. Say the final judgement was published without a draft, and there turned out to be a material inaccuracy; this could lead to appeals against the judgement (and in some cases invalidate it.) The use of a draft judgement avoids this pitfall. The two parties are strictly forbidden to reléase the contents of the draft to third parties; there is a strict legal embargo. Ooly a handful of figures on either side will know the contents of the draft. Breaching the embargo can lead to claims for damages; so it's in no-one's interest to leak. I hope this is of some help. I do not believe that any minor ups and downs in the PVCS share price in the last couple of weeks are linked to a supposed leak of the draft judgment, (whether a positive outcome for PVCS or a negative.) The general trend in the last few weeks has been upwards as might be expected given the approaching deadline for any award. In view of the previous behaviour of the opposing company, we might expect them to procrastinate right up to deadline for checking the draft judgement. But this is speculation on my part. All the best CJohn
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