Make REC Great Again!

In the latest shareholding notification around 10:00 AM on Monday, it was reported that 26.45% of shares – equivalent to 111 million shares – have been granted as proxy to Karina Fossmark. One of Water Street’s attorneys also filed a flagging notice, though without revealing all their cards. However, it doesn’t take a sophisticated calculator to understand that, together with Water Street, we have now passed the 35% threshold.

A huge thank you to an incredible group of dedicated supporters who have shown extraordinary commitment and engaged in dialogue with thousands of shareholders to secure proxy authorizations for Karina Fossmark.

We hope the momentum continues, and that the few remaining shareholders who have not yet submitted a proxy take the opportunity to vote at the general meeting tomorrow at 13:00. It promises to be both exciting – and likely entertaining.

As for financial media such as E24, Dagens Næringsliv and Finansavisen, we are not impressed. They have access to official, legal documents from the U.S. that would be front-page news in any responsible newspaper. We hope the media soon steps up and does its job, so that all shareholders – including those voting tomorrow – are informed of what has taken place in Moses Lake. Many will choke on their coffee. It’s only a matter of time.

The Financial Supervisory Authority (Finanstilsynet) has access to the same documentation. They have also received hundreds of inquiries from retail shareholders who feel misled or ignored by the company. It should also be noted that Hanwha appears to be using REC’s stock exchange announcement system as a marketing and intimidation platform. Perhaps there will be a reaction someday.

The best possible outcome would be for Hanwha to sell its shares at NOK 2.20 and focus on their plant in Cartersville and Malaysian polysilicon. Best of luck.

Right now, we are looking forward to tomorrow at 13:00 – when we hope a new board will be elected. A board that will safeguard our common interests and restore order to both the debt situation and the future of Moses Lake.