Announcement of offer price.
06 Giugno 2007 - 9:09AM
UK Regulatory
RNS Number:8504X
PV Crystalox Solar PLC
06 June 2007
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA, JAPAN.
This document is not a prospectus but an advertisement. Investors should not
subscribe for or purchase any transferable securities referred to in this
announcement except on the basis of information in the prospectus expected to be
published by PV Crystalox Solar PLC today in connection with the admission of
the ordinary shares in the capital of the Company to the Official List of the
Financial Services Authority and to trading on the London Stock Exchange plc's
(the "London Stock Exchange") main market for listed securities (the
"Prospectus" and "Admission", respectively). Copies of the Prospectus will be
available from the offices of Norton Rose, 3 More London Riverside, London SE1
2AQ.
6 June 2007
PV CRYSTALOX SOLAR PLC
ANNOUNCEMENT OF OFFER PRICE AND LISTING ON THE
LONDON STOCK EXCHANGE
PV Crystalox Solar PLC ("PV Crystalox Solar", the "Company" or "the Group"),
one of the world's leading independent developers and producers of solar-grade
silicon products for solar electricity generation systems, today announces the
offer price of its initial public offering of ordinary shares (the "Shares") to
certain institutional investors in the United Kingdom and elsewhere outside the
United States (the "Global Offer") and its application for the Shares to be
admitted to listing on the Official List of the UK Financial Services Authority
and to trading on the London Stock Exchange's main market for listed securities.
Highlights of the offer
*Offer price of 130 pence per ordinary share.
*At the offer price of 130 pence, the market capitalisation of PV
Crystalox Solar at the commencement of dealings will be approximately #542
million.
*The Global Offer comprises 41,725,235 new ordinary shares and 127,266,656
existing ordinary shares (excluding any exercise of the over-allotment
arrangement), which represents in aggregate approximately 41 per cent of the
Company's enlarged issued ordinary share capital and a total offer size of
approximately #220 million.
*The net proceeds of the Global Offer to be received by PV Crystalox Solar
from the issue of new ordinary shares are approximately #49.5 million. The
Company intends to use the proceeds from the offer to fund the construction
and development of its own polysilicon production facility in Bitterfeld,
Germany which will provide greater flexibility in sourcing its silicon
feedstock, as well as the expansion of the Group's existing business.
*An over-allotment option of up to 19,089,995 million ordinary shares, has
been granted to JPMorgan Cazenove, exercisable for a period of up to 30 days
from commencement of conditional dealings in the ordinary shares, consisting
entirely of existing Ordinary Shares.
*Conditional dealings are expected to commence on the London Stock Exchange
at 8.00am BST today under the ticker symbol PVCS. Admission to the Official
List of the Financial Services Authority and commencement of unconditional
dealings is expected to take place at 8.00am BST on 11 June 2007.
JPMorgan Cazenove is acting as sponsor, financial adviser and sole bookrunner in
connection with the Global Offer. Jefferies is acting as co-lead manager for the
Global Offer.
Any allocations under the Offer will be conditional on Admission. All dealings
on the London Stock Exchange between commencement of conditional dealings and
the commencement of unconditional dealings will be on a 'when issued' basis.
If the Offer does not become unconditional, all such dealings will be of no
effect and any such dealings will be at the sole risk of the parties concerned.
Commenting on the Global Offer, Iain Dorrity, Chief Executive PV Crystalox Solar
PLC, said: "We are delighted with the success of our IPO. The enthusiasm shown
by our investors reflects well on the prospects for the business. PV Crystalox
Solar has a strong track record in a sector which is experiencing strong growth,
and the IPO will give us the ability to take advantage of the opportunities
available in our markets."
For further information contact:
PV Crystalox Solar PLC Tel: +44 (0)1235 770 044
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Dr Hubert Aulich, Executive Director, German Operations Tel: +49 (0)361 600 8512
JPMorgan Cazenove Tel: +44 (0)20 7588 2828
Nick Garrett
Alex Yule-Smith
Gavin Anderson & Company Tel: +44 (0)20 7554 1400
Kate Hill
Robert Speed
Notes to Editors
PV Crystalox Solar, initially established in the UK in 1982, is a highly
specialised supplier to the world's 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.
The Group 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 its output is
processed into wafers for European customers at the Group's facilities in
Erfurt, Germany.
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. The Group has an established record of delivering strong financial
performance. The Group recorded revenues of Euro242 million and pre-tax profits of
Euro49 million for the year, an increase of 32% and 56% respectively on the
previous year. The Group has been consistently profitable over the last five
years, and has trebled its sales over that period.
PV Crystalox Solar intends to use the proceeds from the listing to help fund the
construction and development of its own polysilicon production facility in
Bitterfeld, Germany to provide greater flexibility in sourcing its silicon
feedstock, as well as the expansion of the Group's existing business. The
facility, which will require fixed capital investment of approximately Euro80
million, is expected to commence operation in 2009 and be producing 1,800 metric
tonnes of polysilicon in 2011. Subject to fulfilling certain conditions, the
Group is eligible for government grants of Euro20 million.
This announcement and the information contained herein is not for publication,
distribution or release in, or into, directly or indirectly, the United States,
Canada, Australia, Japan or to US persons. The information contained herein does
not constitute an offer of securities for sale in any jurisdiction, including in
the United States, Australia, Canada, Japan.
This announcement, for which PV Crystalox Solar and its directors are solely
responsible, has been approved by JPMorgan Cazenove solely for the purpose of
section 21 of the Financial Services and Markets Act 2000.
JPMorgan Cazenove, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting for PV Crystalox Solar and no one
else in connection with the proposed offering referred to in this announcement
(the "Offering") and will not be responsible to any other person for providing
the protections afforded to their respective clients or for providing advice in
relation to the Offering.
This announcement does not constitute a recommendation concerning the Offering.
The value of securities can go down as well as up. Past performance is not a
guide to future performance. Potential investors should consult a professional
adviser as to the suitability of any Offering for the individual concerned.
The securities under the Offering are not being registered under the United
State Securities Act of 1933, as amended and may not be offered or sold in the
United States or to or for the account or benefit of US persons (as such terms
are defined in Regulation S under such Act) absent registration or an exemption
from registration.
Stabilization/FSA
This information is provided by RNS
The company news service from the London Stock Exchange
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