http://www.crystalox.com/

With 25 years in solar technology development, PV Crystalox Solar is a leading manufacturer of multicrystalline silicon ingots and wafers, the key component in solar power systems.

Its customers, the world's leading solar cell producers, combine these wafers into solar modules to harness the clean, silent and renewable power from the sun.

PV Crystalox Solar is playing a central role in making solar cost competitive with conventional hydrocarbon power generation, and as such continues to seek to drive down the cost of production whilst increasing solar cell efficiency. The gap between the cost of solar power production and utility energy is decreasing year on year.

With a long history of production with high growth and profitability, PV Crystalox Solar is well placed to benefit greatly from the rapid growth in the solar energy market

London, United Kingdom: PV Crystalox Solar Plans Listing on London Stock Exchange

PV Crystalox Solar, a producer of solar-grade silicon products for solar electricity generation systems, today announced its intention to proceed with an initial public offering of its ordinary shares, which are intended to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.

JPMorgan Cazenove has been appointed as sponsor to the Company and global coordinator and sole Bookrunner in relation to the offer. Jefferies International Limited has been appointed as co-lead manager.

PV Crystalox Solar, initially established in the UK in 1982, is a highly specialised supplier to the worlds leading solar cell manufacturers, producing multicrystalline silicon ingots and wafers for use in solar electricity generation systems. The Group was one of the first to develop multicrystalline technology on an industrial scale, setting the industry standard for ingot production.

PV Crystalox Solar manufactures silicon ingots in Oxfordshire, United Kingdom, with the majority of its output shipped to Japan, where it is sold either as ingots or as wafers after processing by a sub-contractor. The balance of the Groups ingots are processed into wafers for European customers at the Groups facilities in Erfurt, Germany. The German operation is constantly developing the Groups wire saw technology for the production of thinner wafers.

PV Crystalox Solar has strong, long-established relationships with major solar cell manufacturers, including Sharp and Schott Solar. The Group does not compete with its customers and is therefore able to work closely with them to improve wafer quality and minimize costs.

By focusing purely on the production of solar-grade silicon products, the Group benefits from the higher margins available to companies in the upstream of the photovoltaic value chain, where there are fewer competing manufacturers and higher barriers to entry.

PV Crystalox Solar has an established record of delivering strong financial performance. The Group recorded revenues of 242m for the year ended 31 December 2006, an increase of 32% (31 December 2005: 183m) and a 56% increase in Group pre-tax profits to 49m (31 December 2005: 31.3m)

In 2006 the Group produced silicon wafers and ingots corresponding to a solar electricity generation capacity of 215 MWp. As at the end of 2006 the Group had available production capacity equivalent to 288 MWp and employed around 200 staff.

Iain Dorrity, Chief Executive Officer, PV Crystalox Solar said PV Crystalox Solar has a long and successful history as one of the worlds leading manufacturers of solar-grade silicon products. Over the last five years we have been consistently profitable, trebling our sales and continuing to grow our margins. We look forward to listing on the London Stock Exchange, which we believe will further enhance our ability to grow the business.

The Group is proposing to build its own polysilicon production facility in Germany to secure an additional source of feedstock. The Directors believe that in-house polysilicon production will provide greater flexibility in sourcing its silicon feedstock. PV Crystalox Solar expects the facility to commence operation in 2009 with an initial planned production volume of 900 metric tonnes in that year, rising to 1,800 metric tonnes in 2011
http://www.solarbuzz.com/news/NewsEUCO396.htm

I'm probably not going to explain this very articulately, however my understanding is that on a float they can issue more shares should the main broker choose to, effectively to stabilise the price. I recall there being some 6 week time frame in being able to do this or something?? Ultimately I see the effect being as increasing supply as a means of holding back the share price. Hope that helps.

I've taken another tranche here.

Thinking of adding some more myself.

I added yesterday @155 but got worried in the evening as I was confused by the RNS. All looking good this morning.

green shoe Definition

A provision in an underwriting agreement which allows members of the underwriting syndicate to purchase additional shares at the original. This is a useful provision for underwriters in the event of exceptional public demand. The name comes from the fact that Green Shoe Company was the first to grant such an option to underwriters. also called overallotment provision.

This would also go some way in explaining why in the initial days of the float the price didn't run away and we had the ability to get in as near as damn it at 130p

exceptional public demand--I like the sound of that!! patience needed.

if there is "exceptional public demand" then sp should be doing (even) better ...... do wish "the public" would get their buying boots on, especially if they are potential ex-holders of SOLA!

Well I couldn't agree more cynic being long here and short Sola!

You guys had a glimps at JETION (JHL) just floated today. Also in the business as SOLA and PVCS.

JHL shows dead flat with little interest and no premium.

PVCS - out of curiosity, what is market cap and how much is free float? ...... not immediately apparent anywhere

i lied yet again ... lol!

Following the exercise of the over-allotment option, 188,081,886 ordinary shares
will be held in public hands, representing a free float of approximately 45.1
per cent of the issued share capital of the Company.


being a thicko, i guess that means cap is now 188m x 1.60 = approx 300m
who are the major shareholders?

No, mkt cap currently 662.59m, 416.73m on float I believe.

Sorry, 416.73 was number of shares

duh! ..... of course; 188m shares = 45.1%
therefore 100% = approx 417m shares @1.60 (today) = 667m cap

Well you did say you were feeling a bit "thicko" today ;). So the company is not so small, at some point entry into FTSE250?

don't disagree with anything there, but am quite surprised that such relatively small traffic.

any idea who are the major shareholders?
is this actually a UK-controlled company, or are the major shareholders chinese or similar? ...... does that matter? ..... well to me it does!

Not sure, will have to investigate. It's a UK company been in existence for approx 25 years with manufacturing in Germany. Later this year should see the start of building a polysilicon plant to obtain raw materials at cost. Currently approx 25% of ingots are sawed (or should that be sawn?!) in Germany but obviously the margin to sell high margin wafers would be a lot more profitable. They have the technology and hopefully will start ramping up wafer cutting in Germany - only my surmising.

well didn't have any Sola to sell, but just took a long position here...

welcome BigTed!

Again today (at least for the moment) the divergence between PVCS and Sola continues. PV up 1.9%, Sola down 1.9%.

Just out of interest this is rebasing PVCS and SOLA as a comparison. Of course it may not always look like this but for me emphasises that at the moment the "trend is your friend"