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PV Crystalox Solar eyes year-end deadline as it considers shareholder payout or acquisitions

The company is wrapping up its solar business and at the end of June had €39.6mln of cash.
solar panel and sunlight - renewable energy
“The board expects to make final decisions before the end of the year.”

PV Crystalox Solar PLC (LON:PVCS) today released interim results, amid a period of existential deliberation, highlighting a net cash balance of €39.6mln at the end of June.

The company has set an end-of-year deadline for a decision over its future.

In its outlook statement, the solar-power technology firm said it is evaluating the future viability of the remaining small-scale operations in Germany, to determine whether there’s any realistic potential for growth and profitability. 

Some form of exit (via a ‘transfer of the business’ to its management) is a possibility being discussed, also a total shutdown is another possibility.

Options are also being considered for the cash pile (which will be further boosted in November when a final €14.3mln settlement is due).

READ: Sirius Minerals agrees US$250mln royalty deal to bridge funding gap

“In view of the group's substantial cash position following receipt of the arbitration settlement, the board is continuing to explore options for the future of the group in order to maximise shareholder return.  Options include a return of cash to the shareholders, the acquisition of an existing business or a combination of the alternatives. 

“The board expects to make final decisions before the end of the year.”

In terms of financial results, PVCS reported €6.2mln of revenue down from €12.6mln, and, there was no polysilicon trading in 2018 and silicon wafer production ceased in April (remaining operations in Germany involve glass and quartz cutting).

It reported a €2.7mln profit for the period, albeit that included a €8.2mln settlement payment which was designated as ‘other income’.

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PV Crystalox Solar PLC Timeline

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