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

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."

Interim Management Statement

A bit of life?

This long-running solar was mentioned Sat. in the Mail (DYOR), as potential, I recall. Nothing more, yet MMs have pushed SP to 18p. ( +A few days ago this was 12p and unattractive then, IMHO. )
In 2012 sp was 4p - and Markets have only got worse - the whole thing dependent on Tax advantages. Householders who pay for Solar are taking a huge risk - and ignoring potential failure of the panels, even before they break-even....IMHO.
EDIT (30Sept2016)- seems they've wriggled out of a contract (mutually), to buy silicon above Market prices ( What!)....so sp has fallen to