28 Sep 2016 10:48
PV Crystalox Solar PLC
Termination of polysilicon long-term purchase contract
28 September 2016
In common with most PV companies and as previously disclosed, PV Crystalox Solar plc and its subsidiaries ("the Group") has been burdened by long-term polysilicon purchase contracts with prices considerably in excess of market prices. The Group has one outstanding purchase contract and previously enjoyed good support from its supplier through adjustments to contract pricing and timing of deliveries. Annual contracted volumes were consistent with current production volumes and shipments were scheduled to continue until late 2018.
The Group has been in discussions with its supplier in relation to this contract and is pleased to announce that both parties have mutually agreed to end the polysilicon contract with immediate effect. The obligations of the parties to buy and sell polysilicon under the terms of the agreement have ceased. The Group will forfeit a significant portion of the pre-payment outstanding at 31 December 2015 and will receive the remainder in cash.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437160
Iain Dorrity, Chief Executive Officer
Matthew Wethey, Chief Financial Officer and Group Secretary
PVCS.L (PVCS)