PVCS Pv Crystalox Solar Plc

TIDMPVCS

RNS Number : 4140N

PV Crystalox Solar PLC

09 May 2018

PV Crystalox Solar PLC

Receipt of Part Payment of Arbitration Award

08 May 2018

PV Crystalox Solar plc (the "Group") has now received from its customer an initial payment of EUR14,500,000 relating to its arbitration award. On 8 November 2017 the Group announced that it had received notification of the final award rendered by the International Court of Arbitration of the International Chamber of Commerce in the matter filed by the Group in March 2015 and arising from an outstanding long-term wafer supply contract with one of the world's leading PV companies. The award requires the customer, who has failed to purchase wafers in line with its contractual obligations, to pay the amount of around EUR36.5 million including interest to the Group as at 1 May 2018.

The obligation to pay is not conditioned upon the Group's delivery of 22.9 million wafers, outstanding under the contract, although the customer's right to seek such delivery is not precluded by the award.

Discussions continue with the customer, to agree a payment schedule for the outstanding amount. Both parties are also exploring a possible agreement where the wafer deliveries could be eliminated together with a corresponding reduction in the payment.

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

TSTFKFDQPBKDOPK

(END) Dow Jones Newswires

May 09, 2018 02:01 ET (06:01 GMT)

Grafico Azioni Pv Crystalox Solar (LSE:PVCS)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Pv Crystalox Solar (LSE:PVCS)
Storico
Da Lug 2023 a Lug 2024