GREATCELL SOLAR LIMITED (ASX.GSL)

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued - in this case 2019/20

delisted from the close of trading on Wednesday, 28 August 2019 pursuant to Listing rule 17.15.

we understand this company failed to pay its annual listing fee on due date and ASX has accordingly removed it from the official list

The company has not paid their annual listing fees in respect of the year ending 30 June 2020 but the securities are already suspended from official quotation.

Peter Krejci and Andrew Cummins of BRI Ferrier appointed liquidators

The company's directors regretfully advise that the decision was taken yesterday to appoint administrators to the Greatcell Solar group of companies following sustained, but ultimately unsuccessful, attempts to secure re-financing for its activities. Greatcell Solar Limited, Greatcell Solar Industries Pty Ltd and Greatcell Solar Australia Pty Ltd were placed into voluntary administration. The decision follows a series of unfortunate and unwelcome developments in recent weeks, including the untimely death of Chief Scientist, Dr Hans Desilvestro in a mountaineering accident on 10 November. With the appointment of Administrators, BRI Ferrier, the outlook for shareholders is uncertain at best.

Peter Krejci and Andrew Cummins of BRI Ferrier appointed administrators

Agreement has been reached with the Australian Renewable Energy Agency on variations to the funding agreement entered into on 11 December 2017, which will result in a payment of $425,000 to Greatcell in the next week. This milestone-based payment increases the grant payments made by ARENA to date to approximately $575,000, with a further $5.425 million remaining payable as the Project advances. New Moonie Petroleum Pty Ltd has agreed to acquire the $2.4 million convertible note entered into in late 2017 by Shairco and will shortly make the first of 4 equal payments of $600,000 to occur over the next 12 months. In relation to the sale of the Company's material production assets, the second tranche of $200,000 was paid in October 2018, and the new company is uninterrupted in its operation with pleasing sales growth. GSL has retained a 50% ownership interest. Due to the late preparation of its FY2018 accounts and the mandatory audit, the Greatcell Solar Limited AGM is now expected to occur in February 2019.

The board of directors does not intend to lodge with ASX unaudited full year accounts for FY2018 which are due today. The Company now intends to lodge audited full year accounts for FY2018 subsequent to its refinancing and prior to seeking ASX relisting. Greatcell Solar is currently negotiating refinancing options as previously advised and remains positive about its prospects. Regular updates will be provided to its shareholders no later than on a fortnightly basis.

Today, GSL has agreed to sell 50 per cent of its materials production assets to Dr Yanek Hebting, the current GSL production manager who has served in that role for over ten years. The deal anticipates a future 100 per cent transfer of the production assets upon the completion of a set of cash payments totalling A$1 million by 30 September 2019 and additional payments for FY2020 and FY2021 based on future earnings. The agreed payment schedule is: $300,000 (27/8/18), $200,000 (30/9/18), $500,000 (30/9/19), 1/3 EBITDA FY2020 (30/9/20), 1/3 EBITDA FY2021 (30/9/21).

The Company has activated its contingency plans and withdrawn from negotiations with the CER Grup in Turkey because they have failed to reach agreement on critical terms for investment in an acceptable timeframe. New Moonie Petroleum is one of the potential investment counterparties. There is in-principle agreement to invest up to $US10 million. The company also had new investment enquiries from China, India and Thailand, and they are pursuing them with vigour.

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

The company lodges its June 2018 Quarterly Report and Appendix 4C.

CER Grup has informed Greatcell Solar that the only remaining impediment to completion of the formal subscription to 10% of the Company's shares and related transactions is Turkish government approval of the US$8 million funds transfer.

Progress has continued on the refinancing efforts although none have reached completion. The delays are largely attributable to regulatory requirements, both in Australia and internationally. The transactions are being facilitated by international law firm, Herbert Smith Freehills. Finalisation should occur in the near future. Greatcell Solar continues to operate as usual in the successful execution of its commercialisation plans for its world-class 3rd generation PV technology.

The company is nearing completion of the financing of its continuing operations, including the establishment of a world-class prototype facility, and expects to complete a US$8 million capital raising and associated equipment supply and technology transfer agreement in the next 10 to 15 business days. Critical to the Company's business plan is the intention to form a commercialisation joint-venture in Turkey with local industry to service the country's burgeoning demand for renewable energy generation. The commercialisation rights will involve a significant share of the global market place. The Turkish government has been apprised of the proposal and has indicated its strong interest to offer considerable financial assistance to the local operating entity, conditional upon meeting technology scale-up milestones.

The company lodges its March 2018 Quarterly Report and Appendix 4C.

The company releases an Investor Presentation - April 2018.

The company has been awarded €500,000 in a European Union Horizon 2020 project known as H2020-SGA-FET-GRAPHENE. The successful grant to Greatcell's application has occurred through its 100% Italian subsidiary, Greatcell Solar Italy, located in Rome.

The company issues a response to ASX Query.

Greatcell is currently continuing to evaluate various funding options in close consultation with a number of government agencies, in Australia and overseas, as well as its key stakeholders. The principal purpose for the funding will be to finance the operating and capital expenditure associated with the establishment and operation of a Major Area Demonstration Prototype facility co-located at CSIRO in Clayton, Victoria. While funding discussions are progressing, they remain incomplete and are ongoing. Greatcell wishes to raise the requisite capital as promptly as is practicable. It is likely to take up to 4 weeks for negotiations to be completed and documentation finalised.

The securities of Greatcell Solar Limited will be suspended from official quotation immediately, at the request of the Company pursuant to listing rule 17.2, pending the release of an announcement regarding its financial position and fund raising negotiations.

name changed from Dyesol Ltd