Make REC Great Again!

Dear minority shareholder,

This initiative was launched with a clear purpose: to initiate an investigation into key events at REC Silicon and to ensure the election of board members who genuinely represent the interests of all shareholders.

We now clearly see that there should be sufficient support among shareholders to reject the sham offer, and that the General Meeting on 25 June will adopt a resolution for an investigation.

Water Street’s Board Proposal

Together with Water Street, we support a group of board candidates who, in our view, possess significantly stronger qualifications than the current board. WS’ nominated board
The current Hanwha-controlled board has, in practice, destroyed shareholder value and undermined trust in the company.
The candidates we support have solid legal, financial and industrial expertise, and are, in our opinion, critical to securing REC’s future.

A Shareholder-Hostile Nomination Committee

Last night’s stock exchange announcement and the nomination committee’s recommendation are directly destructive. In practice, Hanwha appoints its own employees to REC’s nomination committee and blocks a democratic board election. This is not the final word. Let’s hope the media or authorities step in.

We Need Your Help

We are currently working to establish a proxy holder in VPS – subject to approval by REC. We fear they might not act swiftly…

We urge you to vote – and to mobilize other shareholders to do the same. Please also contact the media and relevant authorities to express your views.

Had we voted today, this would have been the natural choice:

(The date in the table is an error from REC)

It remains to be seen what item 12 and the final board election will look like when the General Meeting is held, but based on last night’s announcement, there is reason to fear that this may actually represent the final agenda/ballot. Our central goals are then:

1. Vote against the candidates proposed by the nomination committee
2. Vote in favor of conducting an investigation

Since things may change, the best option for now is to attend the meeting if possible, or alternatively to assign a proxy. We also need your help to spread the message.
Encourage friends and acquaintances who own shares in REC to vote – and preferably join the initiative using this form.
We will contribute as best we can – and more is coming.