PV Crystalox Solar PLC Customer settlement (2881P)
August 15 2014 - 7:41AM
UK Regulatory
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RNS Number : 2881P
PV Crystalox Solar PLC
15 August 2014
PV Crystalox Solar plc
Settlement with customer
As mentioned in the Annual Report and Accounts for the year
ended 31 December 2013, PV Crystalox Solar plc ("the Group") has
been looking to conclude settlements with the administrators of two
long term contract customers who had entered insolvency
proceedings.
The Group is pleased to announce that a settlement has been
concluded with one of those customers. This is expected to result
in a cash payment of approximately EUR8.7 million which the Group
expects to receive within 30 days and which will be recognised as
income during H2 2014.
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.
A full update on the activities of the Group will be included in
the Interim Results which will be released on 21 August 2014.
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
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