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23 Nov 2018 CEO stated customer has waived its right to delivery of the wafers and PVCS has received in full the payments as per court order.
Xmas can be a wonderful time of the year.
so now what??
107k trade. Let's Monday the so will start moving higher now that this big trade has gone
Hi all, I've just spoken to Wethey, Company Secretary. An RNS will be out shortly, he confirmed that all resolutions were passed with 99% in favour, about 40% of shareholders by value present. He didn't want to say more, other than that they're concerned to maximise value for shareholders, reminding me that the CEO has about 10%, so plenty of skin in the game and interests aligned with PI's. ATB
Hi DEBS1, Lifted from another board (advfn) : ..."Quick take : Current market cap � 32m @ 1.12 = Euro 35.84m Net cash Euro 26.9m + (unpaid) award 20.5m + (2018) addn'l award 3.1m + stock 3.9m. Total : Euro 54.4m Award accruing interest @ Euro 180K p.m. = Euro 2.1m p.a. Asset writedowns (inventory) to fair value. No future in solar, will try to offload residual German business. Reminder (to market ?) that it has a full listing.... Strategy review concludes either cash back and/or possible buy into new business. Unlikely to see quick conclusion, but looks OK to me. NAI, DYOR etc etc..." Defendant in court case has run out of options, other than 'tweaking' the value of wafers PVCS is supposed to deliver. Whatever modest %age they might hope to save by the time they get PVCS agreement has to be set against the interest bill that they're currently accruing @ Euro 540 K per quarter. I would hope this will concentrate the defendant's mind ! ATB
"Following receipt of the funds from the arbitration award mentioned above, the Group is expected to have a substantial net cash position. In the light of this the board intends to explore options for the future of the Company in order to maximise shareholder value.'' This means PVCS shareholders could just be rewarded for their patience - lets hope! Lets hope most of that 'substantial' cash comes our way. Good luck.
?? Why has this dropped so much ?
There are 3 ways to satisfy entitlement to wafers by customer, as follows: 1) produce and supply them - would take 9 months of production- unlikely option 2)Buy in spot market and deliver- based on PV insights who track spot market trends, current value is $0.627 /wafer, at current fx =12.4 million Eu. So award is 34-12 =22 million;ergo leaves 28 million net cash +22 mln award=50mln Eu, or �44mln. 3) agree aforementioned value with customer and net off from overall award of 34 million Eu (this is the most probable outcome) So market cap should safely be around �44 million v current cap of 38 mln so good short term fairly risk free upside (insofar as can be the case), plus other bits thrown in which would inflate the 44 million figure alluded to above. Re legal costs - these are negligible as I understand it so negligible impact and is not dissimilar to a case of each party bearing their own costs even if not technically the case - but, no material impact to be derived from legal costs. For reasons I have just explained in detail, pvcs has virtually risk free (approx) 25pc short term upside in my view. I suspect they will conclude matters in fairly short order since interest continues to accumulate (notwithstanding the fact that the award included all interest up to the point of the award) but interest is accumulating since. Nil brainer in my view
Does anyone know if the Euro 34M awarded include PVCS legal fees etc. or is it a flat number. Is the award decision a public document that can be viewed - online maybe? Thanks
34 million is the settlement - now an RNS needed to say what the future holds. Good luck and a bright future - lets hope!
Does the company return monies to share holders if they wind up? Does anyone know?
Well that's underwhelming, what happens now, does the company wind it self up, do we sell or hold our shares????
This should be worth double now on just cash alone!! What I’m I missing?
What a brilliant article required reading for al 'foggies'. Thanks a million or should I say several billion for posting. Oh bugger can't change al for all but you get my drift.
So September is nearly over, no information, no red spots. my guess is it is a European court of arbitration and they work at snails pace! Nothing European lives in the real world! Or perhaps they do work on a Friday afternoon and we will have news by the close of play.
My guess is September for the announcement.
I understand the results of the arbitration will be announced next month, does the fact that the SP hasn't tanked bode well? What will be the effect on the company if it has gone against PVCS? Any thoughts?
An unusually high number of trades today, any ideas why? Have I missed something? Down 6% but most trades posted as buys. I had hoped this would stay above 20p but it continues to slip, The 20p mark was 'my confidence' level, so below that!!
Sorry, wrong board.
from Prospectus: results 22.03 dealings 24.03 know allocation 24.03
According to lse, results are due out on Thursday 23rd March. . .
Looking at the 2016 Financial diary the final results for 2015 were due on the 17th of March 2016 so we should soon be getting the info for 2016 any day and that means an RNS re.that, so arbitration update might be included??
Still here….waiting for news on arbitration…. are results due soon!!
Anyone still here
Happy New year Let us hope so anyway!! Down nearly 5% today, is there any real reason why when most larger companies are showing blue. News early this year? GLA