Soitec announced yesterday that, despite the signing of a definitive agreement on May 20th 2015 with Concensolar (a branch of SunCore Photovoltaic) to sell the solar assets, the negotiations have ended. The group expected to generate cash from this operation. The company will now support the restructuring costs and fixed costs over a longer period than previously anticipated. We update our model and our FV to EUR 0.70. We keep our Neutral recommendation.