PV Crystalox Solar PLC Termination of polysilicon L/T purchase contract (0738L)
28 September 2016 - 7:48PM
UK Regulatory
TIDMPVCS
RNS Number : 0738L
PV Crystalox Solar PLC
28 September 2016
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTGCGDCRSDBGLI
(END) Dow Jones Newswires
September 28, 2016 05:48 ET (09:48 GMT)
Pv Crystalox Solar (LSE:PVCS)
Historical Stock Chart
From Apr 2024 to May 2024
Pv Crystalox Solar (LSE:PVCS)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Pv Crystalox Solar Plc (London Stock Exchange): 0 recent articles
More PV Crystalox News Articles