15th Aug 2014 12:10
LONDON (Alliance News) - Shares in PV Crystalox Solar PLC jumped Friday after it said it has concluded a settlement with the administrators of one of its two long-term contract customers in insolvency, and expects to receive a cash payment of approximately EUR8.7 million within the next 30 days.
The company supplies photovoltaic silicon wafers for use in solar electricity generation systems.
PV Crystalox Solar has been trying to conclude settlements with the administrators of two long-term contract customers who had entered insolvency proceedings, causing shipments to stop.
In a statement Friday, the company said that a settlement has now been concluded with one of those customers, and it will soon receive a cash payment of around EUR8.7 million, which it said will be recognised as an income gain during the second-half of the year.
It said the settlement with the other customer is yet to be concluded.
"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," the company said.
PV Crystalox Solar said it will release its interim results on August 21.
Shares in the company were trading 9.8% higher Friday afternoon at 18.67 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PVCS.L