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.
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.
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