|16:24 17/05/2013||Re: Most undervalued company on Aim|
| Well i have to disagree but only because its not listed on AIM ,it has a main market listing, but yes it's certainly undervalued.
Heavyish volume but seems stuck fast at this level, more likely to rise, over next few months, than fall is my guess. By northumbrian-piper
|14:02 17/05/2013||Most undervalued company on Aim|
| Surely this has to be one of the most undervalued companies on Aim. Bought in today and holding out for the Rerating which will come. Good luck By TopTrader2009
|12:29 17/05/2013||Update and cash return|
| Generally positive update, with some further options for facilities now on table, anti-dumping duties to help and 7.25p per share cash retrun agreed:
"The Board has reached a decision on the amount of cash to be returned to shareholders and agreed a level of 7.25p per share subject to finalisation of the process of the cash return. The Board is not yet able to confirm the timing and mechanism of the return but expects to make a further announcement on these matters shortly."
nk By nk1999
|11:54 13/05/2013||ready to rebound ?|
| nice 4 month uptrend channel - just holding support here. Decent solar stocks performance & newsflow. Cash return news "soon" - likely to make for a reality check for the SP...if cash return is that significant, we'll be left with a small leveraged stub on any continued solar recovery - so in theory whatever u buy now - perhaps u get 5-7p back or 50-70% of your current purchase...JPM drops coverage too...leaving as the party's about to start ?!?
I have been adding over the last few days DYOR etc By JTee444
|17:09 08/05/2013||EU to impose sanctions on Chinese imports|
still a way off but may allow PVCS to plan ahead. By swarfega man
|18:53 01/05/2013||Re: return of cash to shareholders|
| They each own many millions of PVCS : what's another few thousand? By ShipTap
|13:38 01/05/2013||return of cash to shareholders|
| Now we see what the delay was in announcing details. The directors were just waiting until their 2009 share awards had vested. Dorrity gains another 22,929 shares, Finnegan and Aulich another 19,108, and all at no cost. Methinks if these directors had any morals or scruples they'd actually have foregone the awards because of the destruction in shareholder value they've presided over. Instead they delay returning cash to shareholders so that they can maximise their own gains.
Expect an announcement soon.
|10:08 17/04/2013||Bloomberg article|
| LDK Delinquency Flags Chance of Another China Solar Bust
By Ehren Goossens - Apr 17, 2013 3:46 AM GMT
LDK Solar Ltd.'s failure to fully pay notes this week has raised the prospect of Chinas second solar-industry failure this year as the company needs to repay a loan 10 times larger by June. The worlds second-biggest maker of wafers that convert sunlight into power couldnt repay all of the $23.8 million of dollar-denominated convertible bonds that matured on April 15, according to a company statement yesterday. Before the delinquency, its 2014 yuan notes dropped below 50 yuan per 100 yuan face value, according to data compiled by Bloomberg. The yield reached a six-month high of 125 percent last week, compared with the 79 percent for Bonn-based Solarworld AG.
LDK, which will probably report a second year of losses tomorrow, must repay a $240 million loan unless it spins off its polysilicon unit by June 3, according to regulatory filings. Suntech Power Holdings Co., once the worlds largest panel maker, was dragged into insolvency days after it defaulted on a $541 million bond repayment on March 15. LDK failed to repay about $7 million of bonds for which it could not reach a settlement, and may receive a notice of default, said Edward Guinness, a fund manager at Guinness Atkinson Funds in London who oversees about $800 million, including a tiny position in LDK. Its out of LDKs hands, he said in an interview yesterday. The lenders can choose to give them an extension. Its up to them to push LDK into bankruptcy. LDK wasnt expected to miss the bond payment, said Amit Jain, a Bangalore-based analyst at SJS Markets Ltd. Everyone knows that cash flows are stressed but there was a feeling that the company would be able to manage this one, he said.
LDK officials in San Francisco and at its headquarters in Xinyu, China, couldnt be reached for comment. Chief Financial Officer Jack Lai wasnt available, and phone calls and e-mails to his office went unreturned. Two calls and an e-mail seeking comments from Li Longji, a company spokesman in Xinyu, werent answered. LDK, which had net debt of $3.13 billion at the end of September, was unable to fully pay the bonds due April 15 because of a temporary cash-flow shortage, according to the statement. The company has reached a settlement with two convertible notes holders on the partial payment of a principal amount of $16.55 million to postpone the repayment of remaining debt. The manufacturer is ready and willing to discuss settlement for the remaining notes, it said. Flush with credit from state lenders, Chinese solar companies more than tripled production between 2008 and 2011. That helped drive a 17 percent decline in the cost of panels in the past year as demand slowed, according to data compiled by Bloomberg. Mounting losses are making it harder for Chinas five biggest solar makers to repay more than $1.7 billion in outstanding bonds.
At LDK, the loss for 2012 may reach $669 million, according to estimates from China International Capital Corp., the countrys biggest investment bank. That would be more than the loss of $655.5 million in net income available to common shareholders in 2011, according to data compiled by Bloomberg. LDK received its $240 million loan in June 2011 in the form of convertible preferred shares, according to a May 15 filing to the U.S. Securities and Exchange Commission. China Development Bank Corp., China Construction Bank Corp., Bank of China Ltd. and their affiliates bought the shares, which are convertible into a stake of LDK Silicon & Chemical Technology Co., a unit that makes polysilicon, the raw material used in most solar panels. The three state-backed lenders can force LDK to redeem the shares at the subscription price plus 23 percent interest if it hasnt spun off the polysilicon maker by June 3, according to the filing.
The chances of LDK spinning off the unit are slim, Shyam Mehta, an analyst at GTM Research in N By Artji
|8:19 03/04/2013||Re: Investors Chronicle view|
| Just got my letter concerning this. By Ripley94
|16:07 21/03/2013||Investors Chronicle view|
I'm hoping for 50% cash returned, that would be around 9p per share and i'd stay in the share at 1.5p residual cost each, as a punt on its survival.
Which is appears less than 50:50 By northumbrian-piper
|15:40 21/03/2013||Re: Good Luck To Those Still Holding|
| Same here, I sold up this morning as I have a feeling that management will try to keep the company afloat as long as possible, collecting thier nice salaries along the way. I wasn't a massive fan of this company when i bought in early last year (when the company was priced at just 20% of book value) and expected them to pack up shop by now if wafer prices had not returned to a level where firms can make a profit
After todays results the investment proposition is not nearly as enticing for me, with huge asset writedowns decimating the net asset value on the Balance Sheet. Good luck to those that remain invested - I hope that the directors do the decent thing and return money to shareholders before this company dies a slow and painful death, but am not willing to hang around to find out.
|11:11 21/03/2013||Good Luck To Those Still Holding|
| I could see nothing in the Prelims published this morning that gave any clues about the return of capital to long suffering shareholders like me. The news I've been reading about China is that their government will continue to bail out the bigger firms and let the small ones go bust - if for no other reason than to avoid having to acknowledge that they've f**ked up for once.
Meanwhile, for those watching PV for news of "gold in them thar hills" it's really has been like some Hollywood cowboy death scene.... The cowboy croaks just as he's about to tell us where to find the gold.
So, I have grasped the nettle and sold up, as I really cannot see any further value that isn't already reflected by the share price. I think the market has it right, and we're just being played by the board of this firm.
Anyway, for those that decide to hold and await some better news, I hope I'm wrong and you are right! By midcapper
|8:01 21/03/2013||Re: Ouch...|
| Ouch indeed. I'd missed the announcement re discontinuning polisilicon in bitterfeld in Dec. If I remember right, they only opened the place in 2009/10, having spent about 100m Eur on it. While it wasn't known the extent to which the market for wafers would suffer, spending 100m on a plant, only to close it 2 years later (presumably with next to no resale value) is pretty desperate.
For me all signs are pointing to the fact the company should be liquidated. I'm thinking that the share issue might be a kind of a step towards this by the directors; cash out and returned to shareholders for those who wish, just leaving the loss making business itself. I would not be too surprised if around this time next year there is no more PVCS. By dr fuzz
|7:52 21/03/2013||Re: Ouch...|
| From the remuneration report for 2011
Column amounts:Name,Basic salary,Total including bonus
Maarten Henderson 115,275 ,115,275
Hubert Aulich 228,536 7,548 ,236,084
Iain Dorrity 345,825 10,340 , 356,165
Peter Finnegan 298,562 1,014 , 299,576
Michael Parker 46,110 , 46,110
John Sleeman 57,638 ,57,638
Total executive remuneration for 2001 Euro 1,091,946
Hardly qualifies as your "multi millions" does it.
|7:21 21/03/2013||b shares this year c next tax year|
| why not this tax year By dunekiller