Greatcell Solar Provides Refinancing Update: What You Need To Know

November 09, 2018 04:13 AM AEDT | By Team Kalkine Media
 Greatcell Solar Provides Refinancing Update: What You Need To Know

On November 9, 2018, Greatcell Solar Limited (ASX:GSL), which is regarded as the “global leaders in hi-tech solar”, came forward and released a press release which focuses on the update on the matters which are related to the present financial position. As per the management of the company, significant progress was witnessed by the company lately. It has reached an agreement with ARENA or Australian Renewable Energy Agency in regard to the variations with respect to the funding agreement which was entered into in 11 December 2017, and this will result $425,000 payment to the company in next week. This milestone-based payment has resulted in an increase in the grant payments to circa $575,000 to date which has been made by Australian Renewable Energy Agency. Further, $5.425 million is still yet to be paid as the project moves forward.Â

In regard to the unloading of the Greatcell’s material production assets, the second tranche which amounted to $200,000 has been paid in the month of October 2018. A new company named Greatcell Solar Materials has been left uninterrupted with respect to its operations with strong growth in sales. Greatcell Solar Limited holds a 50% ownership interest.

New Moonie Petroleum Pty Ltd has shown the interest and, therefore, would be acquiring $2.4 million of the convertible note which was entered during the period of late 2017 by the Shairco (an associate of Tasnee). New Moonie would soon be releasing the first of the total four equal payments amounting to $600,000 over the next 12 months.

Greatcell Solar Limited has also stated that the company’s AGM would now take place in February 2019 because there has been a delay in the preparation of the FY 2018 accounts as well as because of the mandatory audit.

In August 2018, Greatcell Solar Limited decided to unload 50% of the materials production assets. This sale has been made to Dr. Yanek Hebting. The aforesaid agreement expects a future 100% transfer of the production assets upon the completion of a set of cash payments totaling around $1 Mn by 30 September 2019 and additional payment for FY20 and FY21 based on future earnings.

Greatcell Solar Limited is under voluntary suspension since March 2018 on ASX as the funding discussion is in progress which remains incomplete and is on ongoing stage.

GSL’s shares last traded at $0.170 with a market capitalization of circa $66.14 million as on 28 February 2018.


Disclaimer

The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Â


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.