Completes return to strategy before the Adjusted Business Plan
(Deutsch) announcing an increase of share capital by 210,000 shares, Solarvalue AG (XETRA:SV7) subsidiary Solarvalue Proizvodnja d.d. has purchased a significant portion of the TDR factory in Ruše, Slovenia, larger than the previous lease back arrangement. Solarvalue also took on over sixty (60) TDR employees. See the press release Solarvalue Buys Production Plant in Slovenia (Deutsch) for the official announcement. Solarvalue AG holds 60% of the Solarvalue Proizvodnja d.d. shares, and Moser Baer Photo Voltaic Limited (MBPV) holds the balance of 40%.
Although the TDR press release talks about a blast furnace, I confirmed with John Mott this should have said submerged arc furnace. There isn’t even a blast furnace at the TDR Facility! With the purchase, Solarvalue will be able to consolidate operations in the Ferrochrome and the M1 furnace buildings shortening material transfers for raw materials and molten silicon metal. This development also opens up avenues of previous speculation mentioned in this Blog.
Per the decision at the Annual General Meeting, Solarvalue will issue 210,000 new shares by no later than August 2007. Existing shareholders have a right of first refusal to purchase one (1) new share for each four (4) shares they own now. Another 365,700 shares have been authorized for issue. In addition, convertible or warrant linked bonds or both have been authorized for issue up to €15 million.
And John Mott has a new Blog entry, Silicon – the Second Most Abundant Element on Earth since I noted the prior inactivity in Solar Light Flashes: June 11, 2007.