PV Crystalox Solar PLC Arbitration Award (9160V)
November 08 2017 - 4:58AM
UK Regulatory
TIDMPVCS
RNS Number : 9160V
PV Crystalox Solar PLC
08 November 2017
PV Crystalox Solar PLC
Arbitration Award
08 November 2017
PV Crystalox Solar plc (the "Group") has 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 as mentioned in our interim results. The award requires
the customer, who has failed to purchase wafers in line with its
contractual obligations, to pay the amount of around EUR34 million
including interest to the Group. The obligation to pay is not
conditioned upon the 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.
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
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