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21 Jun 2016 11:54
PV Crystalox Solar PLC
Update on arbitration
In its 2015 Annual Report PV Crystalox Solar plc reported that
"The Group has a significant outstanding long-term sales contract with one of the world's leading PV companies which has failed to purchase wafers in line with its obligations since 2013. The supply contract was signed in 2008 and related to wafer shipments over a seven-year period with prices which reflected market prices at that time and which are considerably above current levels. Despite extensive negotiations it has not been possible to reach a mutually acceptable agreement and a request for arbitration was filed in March 2015 with the International Court of Arbitration of the International Chamber of Commerce ("ICC")."
The evidentiary hearing of the arbitral tribunal was originally scheduled to take place in Frankfurt in July 2016. This hearing has now been postponed until November or December 2016.
PV Crystalox plc expects to release its interim results for the period ended 30 June 2016 on Thursday 23 August 2016.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437160
Iain Dorrity, Chief Executive Officer
Matthew Wethey, Chief Financial Officer and Group Secretary
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