Make REC Great Again!

Maximum Effort Until Monday 4:00 PM – Then We Take Control of REC at the General Meeting on Wednesday at 1:00 PM

This initiative was launched to safeguard all shareholders’ value and rights, as we believe neither the board nor the management of REC is doing so.

We are now approaching a goal that few believed was possible. We may dominate the general meeting, take full control of decisions, and secure both an investigation and the appointment of a new board. Most importantly, as shareholders, we may finally get answers to the thousands of inquiries sent to REC that were never answered.

We Have Over 30% – Keep Going, We Need More!

The latest shareholding notification on Friday morning shows support from more than 86.5 million shares, equivalent to 20.57%. Our friends at Water Street have reported holdings of  8.26%, and we know additional proxies were received before the Oslo Stock Exchange closed – so we are now above 30%.
This has been, and continues to be, a collective effort where many volunteers dedicate their spare time with incredible commitment and creativity to inform other shareholders about what has happened and to help us gain support and proxies. A huge THANK YOU for your contribution! We hope you continue the effort right up until Monday at 4:00 PM CET.

The announcement REC published on Friday afternoon had attached a FAQ. In this document, specifically question 12, it is stated that all shareholders can vote – or give a proxy – for their shares even if they accepted the lowball offer. This also means Hanwha cannot vote for these shares at the general meeting. Hanwha holds 33.33%, and may have added one or two allies. We have many more – in fact, thousands of shareholders, many of whom have suffered significant losses and are now highly engaged.

Give Your Proxy to Karina Fossmark

We hope you assign your proxy to Karina Fossmark and encourage others to do the same. While we have strong support in terms of total shares, less than 10% of shareholders have given their proxies so far – there’s more to gain.

Conflict of Interest and a Pathetic Stock Exchange Notice?

Several of us received unsolicited calls and text messages from DNB Carnegie encouraging us to accept the lowball offer. Whether they act as vote registrar for the general meeting or as advisor to the bidder, Anchor AS (Hanwha), we’ll leave unsaid – but it seems just as pathetic as REC issuing a stock exchange notice claiming they’ve investigated themselves and found nothing wrong. The same notice states the company needs capital – an issue the board should have addressed long ago.

Where Is the Media?

We have reason to believe several Norwegian media outlets possess concrete information about events at Moses Lake that justify an investigation. We hope journalists bring this to light for all shareholders, with proper fact-checking and, most importantly, the right of reply for those involved.

We also believe the board of REC has the same information but have not announced this to the market during a period of an active takeover bid. This is a matter that warrants the involvement of the Financial Supervisory Authority (Finanstilsynet).

Let’s Stop the highway robbery and appoint a competent Board

We hope to make history and succeed in what many thought impossible:
To stop the corporate hijack, shed light on events that require accountability, and, most importantly, safeguard the value of our shares by electing a competent, independent board.

We are fighting for shareholder rights

This uprising is not only about financial value, but also about fundamental democratic principles: equal treatment, transparency, trust, and confidence in our institutions.

This will go down to the wire – keep fighting and help us collect more proxies. Together, we will succeed.