15 Aug 2014 12:41
PV Crystalox Solar plc
Settlement with customer
As mentioned in the Annual Report and Accounts for the year ended 31 December 2013, PV Crystalox Solar plc ("the Group") has been looking to conclude settlements with the administrators of two long term contract customers who had entered insolvency proceedings.
The Group is pleased to announce that a settlement has been concluded with one of those customers. This is expected to result in a cash payment of approximately €8.7 million which the Group expects to receive within 30 days and which will be recognised as income during H2 2014.
A settlement with the other customer in insolvency is expected within the next six to twelve months, however it is anticipated that the magnitude of any cash payment will be significantly lower.
A full update on the activities of the Group will be included in the Interim Results which will be released on 21 August 2014.
Enquiries:
PV Crystalox Solar plc +44 (0) 1235 437160
Iain Dorrity, Chief Executive Officer
Matthew Wethey, Chief Financial Officer and Group Secretary