11 Jun 2007 08:00
PV Crystalox Solar PLC11 June 2007 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES,CANADA, AUSTRALIA, JAPAN. This announcement is an advertisement and not a prospectus and investors shouldnot subscribe for or purchase any shares referred to in this announcement excepton the basis of information in the prospectus which was published by PVCrystalox Solar PLC on 6 June 2007 in connection with a listing on the LondonStock Exchange (the "Prospectus"). Copies of the Prospectus are available fromthe Company's registered office and the offices of Norton Rose, 3 More LondonRiverside, London SE1 2AQ. 11 June 2007 PV CRYSTALOX SOLAR PLC Announcement of admission to the main market of the London Stock Exchange PV Crystalox Solar PLC ("PV Crystalox Solar", the "Company" or "the Group"),one of the world's leading independent developers and producers of solar-gradesilicon products for solar electricity generation systems, today announces thatits shares have been admitted to the Official List and will begin unconditionaltrading on the London Stock Exchange's Main Market at 8:00am GMT today under theticker symbol PVCS. Iain Dorrity, Chief Executive PV Crystalox Solar PLC, said: "We are delightedwith the success of our Placing and the opportunities a London main marketlisting will bring. The demand for our shares demonstrates the confidence thatwe can continue to build on our success in the fast growing PV sector." For further information contact: PV Crystalox Solar PLC Tel: +44 (0)1235 770 044Iain Dorrity, Chief Executive OfficerPeter Finnegan, Chief Financial OfficerDr Hubert Aulich, Executive Director, German Operations Tel: +49 (0)361 600 8512 JPMorgan Cazenove Tel: +44 (0)20 7588 2828Nick GarrettAlex Yule-Smith Gavin Anderson & Company Tel: +44 (0)20 7554 1400Kate HillRobert Speed Notes to Editors PV Crystalox Solar, initially established in the UK in 1982, is a highlyspecialised supplier to the world's leading solar cell manufacturers, producingmulticrystalline silicon ingots and wafers for use in solar electricitygeneration systems. The Group was one of the first to develop multicrystallinetechnology on an industrial scale, setting the industry standard for ingotproduction. The Group manufactures silicon ingots in Oxfordshire, United Kingdom, with themajority of its output shipped to Japan, where it is sold either as ingots or aswafers after processing by a sub-contractor. The balance of its output isprocessed into wafers for European customers at the Group's facilities in Erfurt, Germany. In 2006 the Group produced silicon wafers and ingots corresponding to a solarelectricity generation capacity of 215 MWp. As at the end of 2006 the Group hadavailable production capacity equivalent to 288 MWp and employed around 200staff. The Group has an established record of delivering strong financialperformance. The Group recorded revenues of €242 million and pre-tax profits of€49 million for the year, an increase of 32% and 56% respectively on theprevious year. The Group has been consistently profitable over the last fiveyears, and has trebled its sales over that period. PV Crystalox Solar intends to use the proceeds from the listing to help fund theconstruction and development of its own polysilicon production facility inBitterfeld, Germany to provide greater flexibility in sourcing its siliconfeedstock, as well as the expansion of the Group's existing business. Thefacility, which will require fixed capital investment of approximately €80million, is expected to commence operation in 2009 and be producing 1,800 metrictonnes of polysilicon in 2011. Subject to fulfilling certain conditions, theGroup is eligible for government grants of €20 million. -ends- This announcement and the information contained herein is not for publication,distribution or release in, or into, directly or indirectly, the United States,Canada, Australia, Japan or to US persons. The information contained herein doesnot constitute an offer of securities for sale in any jurisdiction, including inthe United States, Australia, Canada, Japan. This announcement, for which PV Crystalox Solar and its directors are solelyresponsible, has been approved by JPMorgan Cazenove solely for the purpose ofsection 21 of the Financial Services and Markets Act 2000. JPMorgan Cazenove, which is authorised and regulated in the United Kingdom bythe Financial Services Authority, is acting for PV Crystalox Solar and no oneelse in connection with the offering referred to in this announcement (the "Offering") and will not be responsible to any other person for providing theprotections afforded to their respective clients or for providing advice inrelation to the Offering. This announcement does not constitute a recommendation concerning the Offering.The value of securities can go down as well as up. Past performance is not aguide to future performance. Potential investors should consult a professionaladviser as to the suitability of any Offering for the individual concerned. The securities under the Offering are not being registered under the UnitedState Securities Act of 1933, as amended and may not be offered or sold in theUnited States or to or for the account or benefit of US persons (as such termsare defined in Regulation S under such Act) absent registration or an exemptionfrom registration. Stabilisation/FSA This information is provided by RNS The company news service from the London Stock Exchange