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

Interim management Statement

This announcement is provided in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2013 to the date hereof.

PV market conditions remain very difficult but spot market price declines appear to have halted and there has been some modest recovery in prices across the value chain since the beginning of the year. Wafer prices, however, remain below industry production costs.

In view of the challenging environment the Group continues to operate in cash conservation mode with reduced wafer production volumes, a continued focus on cost control and inventory management, including trading of excess polysilicon as opportunities arise.

Wafer shipments in H1 are expected to exceed production volumes and to be in the range 75-85MW, which is above the 61MW reported for the same period last year. We have successfully traded surplus polysilicon during 2013 and, as a result, our inventory levels of both wafers and polysilicon have been reduced since the year end. As referred to in the announcement of our 2012 annual results, released on 21 March 2013, production costs have been lowered as a result of the more favourable pricing and volume that has been negotiated to date with our wafering subcontractor and polysilicon suppliers.

Preparations for the deconstruction and site clearance of the Group's polysilicon facility at Bitterfeld and negotiations with employees regarding redundancy terms are both close to conclusion. However, these have been temporarily suspended as the Group has received an offer from local management to take over the facility and the associated obligations, including those relating to grants and subsidies, in return for a cash payment from the Group. The Board believes that this transaction would be preferable to the shut down scenario as it reduces cash outflows, gives certainty over their timing and can be completed in a much shorter timescale. We have received approval from the local grant awarding authorities for such a transfer and accordingly we are pursuing this potential transaction.

The Board has reached a decision on the amount of cash to be returned to shareholders and agreed a level of 7.25p per share subject to finalisation of the process of the cash return. The Board is not yet able to confirm the timing and mechanism of the return but expects to make a further announcement on these matters shortly.

As has been widely reported, the EU is expected to announce on 6 June that provisional anti-dumping duties averaging 47% are to be levied on solar products imported from China. Such a decision should benefit non-Chinese producers and contribute towards a more favourable market environment within the EU during the second half of the year.

Disposal

1 July 2013

PV Crystalox Solar plc ("PVCS") announces the disposal of its polysilicon operations in Bitterfeld (Germany) ("the Plant").



PVCS is pleased to announce that it has agreed the disposal of its polysilicon operations in Bitterfeld Germany to a management buy-in team. The team will acquire the Plant through Silicon Products Research Engineering Production GmbH ("Silicon Products").

No consideration is being received for this transaction but Silicon Products will take over the Plant and the staff together with the associated obligations and liabilities, including those relating to the repayment of grants and subsidies of approximately €18.4 million. PVCS will contribute €12.3 million to Silicon Products. This transaction is expected to result in a lower net cost than the alternative option of the closure and break-up of the Plant. Excluding the €12.3 million cash payment, the gross assets of the Plant are €8 million, representing the book value of the plant and equipment.

Polysilicon production at the Plant was suspended in November 2011, from which time the Plant operated in idle mode, and a decision to permanently discontinue operations at the Plant was taken at the end of 2012. Pre tax losses of €78 million were recorded in relation to the Plant for the year ended 31 December 2012 due largely to the decision to write down the value of the Plant.

Iain Dorrity, CEO of PVCS commented:

"The Board believes that this transaction is preferable to the shut down scenario as not only does it result in lower cash outflows for the Group but also gives certainty over their timing. In addition, it enables some jobs to be maintained at the Bitterfeld facility under the new management."

China solar panel exports to ease on EU curbs

BANGALORE/HONG KONG | Fri Aug 9, 2013 5:50am BST
(Reuters) - Major Chinese solar panel makers such as Canadian Solar Inc (CSIQ.O) recorded buoyant shipments in the April-June period as they raced to rev up sales ahead of EU restrictions on Chinese exports, but sales have eased in the current quarter.

Canadian Solar said late on Thursday that it expects to ship between 410 megawatts (MW) and 430 MW of solar panels in the third quarter, lower than the 455 MW it shipped in the second but still much higher than first quarter shipment of 340 MW. In the second quarter of 2012, the firm shipped 412 MW.

I suppose compared with their recent "Lows" sp is gaining a boost from a whispered payback and that German plant being off-loaded for next to nothing "Phew!". Meanwhile the LT shareholders must be looking skyward for more Solar activity as the sp is never likely to regain c.£2 - now that many wealthy folks have ruined their homes with non-architect approved roof changes.
Of course they are showing a "Profit" on their investment, but paid for by the many poorer folks who rely on fossil fuels . . . which we all do since that's what makes the World go round (Commercially).

Those that dipped-in at c.4p can have a free ride, but it's still basically unsound IMHO as there is no logic in going solar at the current (Ho-Ho!), price the panels.
When prices fall to a tenth, then maybe - but this Co will have to shift a lot of panels to make any profit.

- I can't help thinking a spray-on Nanoparticle solution wouldn't be a far better Tech...then you connect to the roof using stainless steel collectors top and bottom . . . so little that you probably can't see them. It would be "Solar" in the full sense, but maybe not photovoltaic - but would that matter, since the PV-tech is pretty much understood and hasn't got further (in efficiency) despite the millions spent on research.

Solar Panel Tarrif (...presumably to give the mothballed German plant some customers)...
The Chinese may counter-attack with a Tax on Magnets - that would affect the EU "Green Motor" policy ((Sadly another mad-Bad idea IMHO, although it's nice to see there are folks with money to burn)).

. . . . . . . Now, if tiny-cars were classed as Town-cars (neatly avoiding City usage!!), then supermarkets would put in charging-points and local busses and tiny-cars could get "free fuel" - if that was g'teed for 10-years (the life of the batteries- some hope), then many folks might start to buy. IMHO, you only need a CAR for those longer journeys where you have to lug children/toys/passengers /suitcases/etc about .... and the longer it stays in the gge the better for pollution.

Half Yearly Report

Market overview

· Industry oversupply continues to maintain pressure on pricing across the value chain
· Spot wafer prices remain significantly below industry production costs
· 2013 global PV module installations expected to increase 21% over 2012 as market transitions from a European dominated environment to a global market
· Previously announced EU antidumping duties on Chinese PV products now replaced by minimum import price and annual import quota


Operational activity

· Cash conservation strategy continues
· Radical restructuring completed while retaining core production capabilities
· Disposal of Group's polysilicon production facility at Bitterfeld to management team
· Recommending shareholder approval for change to listing category and a cash return of 7.25pence per share during H2 2013


Overview of results

· Wafer shipments 79MW (H1 2012: 61MW)
· Revenues €28.6 million (H1 2012: €32.6 million)
· Loss before tax of €0.9 million (H1 2012: loss of €11.9 million)
· Net cash of €64.0 million at the period end (end 2012: €89.4 million) after contribution of €12.3 million to the buyer of the Bitterfeld production facility and other restructuring costs

NOTICE OF GENERAL MEETING

As announced in its half yearly report, released on 15 August 2013, PV Crystalox Solar PLC ("the Company") intends to transfer the listing category of its ordinary sharesout of the category of a "premium listing (commercial company)'' on the Official List and into the category of a "standard listing'' on the Official List. In order to implement the proposed transfer, the Company confirms that it has today posted a circular to Shareholders (the "Circular") convening a General Meeting, to be held at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ at 10.00 a.m. on 11 September 2013 at which the Company's Shareholders will consider whether to approve the transfer of listing category on the Official List from premium to standard.

Result of General Meeting

PV Crystalox Solar PLC (the "Company") is pleased to announce that, at the General Meeting held earlier today, the Resolution set out in the Notice of General Meeting dated 19 August 2013 to approve the proposed transfer of the Company's ordinary shares out of the category "Premium listing (commercial company)" on the Official List and into the category "Standard listing" on the Official List (the "Proposed Transfer") was duly passed on a poll. The Proposed Transfer is expected to take place on or around 10 October 2013.

Well if ever there was the archetypal Flat Pack.

Schroders 15% -->16%

Some interest here today.

In auction. +10.6%.

Interim Management Statement

PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 June 2013 to the date of this announcement.

PV market demand remains strong with industry analysts NPD Solarbuzz forecasting global PV installations to grow by over 20% to 35GW in 2013. However continuing overcapacity across the value chain is keeping prices below industry production costs. Pricing has been relatively stable during the period although spot wafer prices have seen very modest increases in recent weeks.

In view of the challenging market pricing the Group continues to operate in cash conservation mode; maintaining production at low levels while focusing on internal cost reduction, quality improvement programmes and inventory management. Trading of excess polysilicon is in line with expectations and full year wafer shipments are anticipated to be at the upper end of the 160-180MW range indicated at the time of our H1 results. As a result wafer and polysilicon inventories at the end of 2013 are expected to be significantly lower than a year earlier.

The Group has maintained its healthy net cash balance and will return cash at the previously announced level of 7.25p per share to shareholders on or shortly after 11 December 2013 subject to final approval at a General Meeting to be held later today.

Return of cash, consolidation and elections update

NOTICE OF SHARE CAPITAL CONSOLIDATION, RESULT OF ELECTIONS AND UPDATE ON RETURN OF CASH



PV Crystalox Solar PLC (the "Company") is pleased to provide, following approval by Shareholders of the Return of Cash and certain related matters at the General Meeting of the Company held on 19 November 2013, an update in respect of the Return of Cash by way of the B/C Share Scheme and in respect of the 5 for 13 Share Capital Consolidation (the "Share Capital Consolidation").



The Share Capital Consolidation and Admission of New Ordinary Shares

The Company announces that the Share Capital Consolidation approved at the General Meeting is expected to take effect from 8.00 a.m. today. Applications have been made to the UK Listing Authority for an amendment to the Official List, and to the London Stock Exchange for the amendment to trading to reflect the Share Capital Consolidation. Following the amendment, 160,278,975 New Ordinary Shares of 5.2 pence each in the capital of the Company will be admitted at 8.00 a.m. today to the standard segment of the Official List under ISIN GB00BFTDG626 and to trading on the London Stock Exchange's main market for listed securities.

With effect from Admission, share certificates in respect of Existing Ordinary Shares will cease to be valid. It is expected that by 11 December 2013, the Company will despatch share certificates in respect of New Ordinary Shares to those Shareholders who hold their Existing Ordinary Shares in certificated form and until such time Shareholders should retain any share certificate(s) they currently hold in respect of Existing Ordinary Shares. Shareholders who hold their Existing Ordinary Shares in CREST will have the New Ordinary Shares to which they are entitled automatically credited to their CREST accounts at approximately 8.00 a.m. today.

A fractional entitlement will arise as a result of the Share Capital Consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 13. For example, a Shareholder holding 14 Existing Ordinary Shares would be entitled to 5 New Ordinary Shares and a fractional entitlement of 0.385 of a New Ordinary Share after the Share Capital Consolidation. These fractional entitlements will be aggregated and sold in the market and, as the proceeds from the sale of any such fractional entitlement (net of any expenses) will be less than £5.00, Shareholders will have no entitlement or right to the proceeds of sale but instead any such proceeds will be retained by the Company.

Up 19% today.

Little by little the price is recovering.

Preliminary Results

PV Crystalox Solar PLC and its subsidiaries (the "Group"), a long established supplier of photovoltaic ('PV') silicon wafers, today announces preliminary results for the year ended 31 December 2013.

Highlights

· Cash conservation strategy continued throughout 2013
· Restructuring completed whilst retaining core ingot and wafering production capabilities
· Disposal of Group's polysilicon production facility at Bitterfeld to management buy-in team
· €36.3 million of cash returned to shareholders in December 2013
· Wafer shipments 211MW (2012: 115MW)

Overview of results

· Revenues €71.4m (2012: €46.3m)
· EBT on continuing operations of €6.6m (2012 restated: loss of €30.7m)
· Net cash from operating activities on continuing operations €4.4m (2012 restated: €77.3m)
· Net Cash €39.2m (2012:€89.4m)

John Sleeman, Chairman, commented
"The Board continues to believe that our cash conservation strategy is the necessary response to current market conditions, enabling us to protect shareholder value whilst preserving the Group's core production capabilities. The Board remains committed to the solar industry and believes that the medium term outlook for solar installations remains positive"

Iain Dorrity, Chief Executive Officer commented

"The Group will continue with its cash conservation strategy in 2014. At the same time our improved cost structure enables us to increase production output in order to consolidate existing and to develop new customer relationships."

Retirement of CFO

Retirement and appointment of CFO

PV Crystalox Solar PLC ("PVCS" or the "Company" or the "Group") announces the retirement of Dr Peter Finnegan from the Board of the Company and from his role as Chief Financial Officer ("CFO"), and the appointment of a new CFO.

Peter has notified the Board of Directors that he will not stand for re-election at the Group's Annual General Meeting of Shareholders to be held on Thursday 22 May 2014 and that he will retire from office on 31 May 2014.

Peter first became involved in the Group in 1985 when he was the financial director of a group that had an interest in Crystalox Limited. Subsequently he became a key member of the team that built the PV Crystalox Solar Group and became CFO immediately prior to the IPO in 2007.

Notwithstanding his retirement, Peter will make himself available to the Company to ensure a smooth transition to the new CFO.

Appointment of new CFO:

The Board is pleased to advise that it has appointed Matthew Wethey as the new CFO in addition to his role as Group Secretary.

Matthew is a chartered accountant with 20 years' business experience and currently holds the position of Group Secretary. In this role his responsibilities have extended to liaising extensively with the current CFO on all investor and shareholder relations matters, and on the statutory reporting of the Group. He has also been instrumental in developing the corporate governance, human resources and administrative procedures of the Group since joining in January 2009. Matthew is not joining the Board of directors of the Company.

"I appreciate the opportunity to have served PV Crystalox Solar and its Shareholders over the past seven years as a Director," said Dr. Finnegan. "Now that the Board has steered the Group through the extremely challenging period in the past few years and the Group is now on a sound financial footing, I feel it is the appropriate time to stand down and pursue other interests. I wish the Group's entire team all the best in their continued efforts in the PV industry."

The Board expresses its gratitude to Peter for his contribution to the success of the Company and wishes him well for the future.

Interim Management Statement

PV Crystalox Solar PLC ("the Group") announces its Interim Management Statement, in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2014 to the date of this announcement.

PV market conditions remain challenging with pressure on pricing resuming in recent weeks following the modest recovery seen at the beginning of the year and during the latter part of 2013. Weaker internal demand in China has renewed the global oversupply of wafers and driven down pricing, reversing most of the gains seen earlier in the year. Pricing remains below industry production costs as polysilicon, the key raw material, has maintained most of this year's increase and currently trades well above its price at the end of 2013.

As previously indicated in our 2013 annual report, the Group has made progress in reducing internal production costs allowing the Group to increase production output in order to consolidate relationships with existing customers. During 2013 shipment volumes were boosted by sales from inventory and doubling production output during the first half of 2014 has enabled these volumes to be maintained. Wafer shipments during the first half of the year are expected to be in the range of 95-100MW (2013H1: 84MW) which is broadly in line with the increase in output.

The Group continues to negotiate with its polysilicon suppliers and has achieved adjustments to pricing and volumes under long term contracts. Polysilicon volumes, in excess of wafer production requirements, have been successfully traded in order to maintain inventory at appropriate levels.

An improved market environment with a reduction in oversupply and more favourable pricing is expected in the second half of the year as the rate of PV installations in China accelerates to meet the 14GW national target for 2014. The Group's financial position remains strong and the ongoing cash conservation strategy is expected to maintain the Group's healthy net cash position throughout the year.

Customer Settlement

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.

Interim Results

Market overview
· Intensively competitive PV industry environment continued in H1 2014
· Wafer prices have fallen back to mid-2013 levels
· Global PV installations lower than expected in H1 2014
· PV trade disputes resume in USA and China

Overview of results
· Cash conservation strategy continues
· Wafer shipments 99MW (H1 2013: 84MW)
· Revenues €30.1m (2013: €28.3m)
· Loss from continuing operations €6.9m (H1 2013: Profit €1.3m)
· Net cash of €35.4m on 30 June 2014 (31 December 2013: €39.2m)
· €8.7m to be received in customer settlement in September 2014

Iain Dorrity, Chief Executive Officer, commented:
"Despite the continuing challenging PV market conditions, we are pleased to report the Group has increased shipment volumes and strengthened customer relationships in Taiwan and Europe. The Group has a healthy net cash balance and maintains significant manufacturing operating capacity. The Board believes that its ongoing strategy will maximise shareholder value and position the Group to take advantage of an eventual return of a more rational business environment."