8 Nov 2017 10:58
PV Crystalox Solar PLC
Arbitration Award
08 November 2017
PV Crystalox Solar plc (the "Group") has received notification of the final award rendered by the International Court of Arbitration of the International Chamber of Commerce in the matter filed by the Group in March 2015 and arising from an outstanding long term wafer supply contract with one of the world's leading PV companies as mentioned in our interim results. The award requires the customer, who has failed to purchase wafers in line with its contractual obligations, to pay the amount of around €34 million including interest to the Group. The obligation to pay is not conditioned upon the delivery of 22.9 million wafers, outstanding under the contract, although the customer's right to seek such delivery is not precluded by the award.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437160
Iain Dorrity, Chief Executive Officer
Matthew Wethey, Chief Financial Officer and Group Secretary