Make REC Great Again!

Yesterday, we dominated the general meeting, successfully replacing the board and securing a decision to initiate an investigation. This is something few believed was possible – and we likely wrote a piece of stock market history. The upcoming period may feel turbulent — we expect hard, even foul, tackles from Korea, the first came today — but also good news via stock exchange announcements

The background for the initiative

The initiative was launched late in the evening on December 20. Two of us were furious – over Chinese test shipments, secrecy, and the abrupt termination of a ten-year contract with our largest customer. We’d suffered significant losses, watched Hanwha take control of the board, management, and nomination committee – and as REC shareholders, we were completely ignored when we asked questions.

A WhatsApp group was created, a top-100 shareholder list was compiled, phones were ringing day and night, and the initiative was born – initially with around ten people. In parallel, we contacted international funds and discovered shared interests and frustrations.

We behind the initiative are ordinary shareholders – workers, retirees, and small business owners. For now, we have chosen to remain anonymous publicly, but we have always signed communications with our full names when addressing REC, partners, and in some cases, the media.

Ignored by management

Early this winter, we contacted the chair of REC’s board to request a meeting and answers. The response from Mr. Levens was empty and arrogant, even though we documented ownership of more than 4% of the company’s stock. The board’s decision to ignore us ultimately led to them losing their seats yesterday.

We also reached out to the Financial Supervisory Authority of Norway with extensive documentation. As far as we know, little has happened so far.

Karina and the eager volunteers

During the mobilization phase, we reached out to Karina Fossmark, who accepted the role of proxy holder – and is now elected to the board. She has done an outstanding job – thank you, Karina.

Just as important: 10–15 passionate volunteers spent countless hours contacting thousands of shareholders. More than 5,000 people were reached through text messages, phone calls, and direct conversations. You know who you are – and we know that without you, none of this would have been possible.

Sabotage, court documents and media pressure

Last week, we obtained access to U.S. court documents. What they contain goes beyond what you’d see in a movie – including witness statements describing attempted sabotage of ultra-pure polysilicon production. Instead of publishing the material ourselves, we shared it with E24, Dagens Næringsliv (DN), and Finansavisen. We also sent it to the Financial Supervisory Authority and the Oslo Stock Exchange’s market surveillance. It should have been REC that published this via a stock exchange notice. Their failure to do so is alarming – and possibly a violation of the principles of shareholder equality.

A laughable offer

The NOK 2.20 offer is, in our view – and in the view of many others – far below real value.

Hanwha is unlikely to acquire many shares. Perhaps they should instead consider selling, as the share price now exceeds their own valuation. Their first purchases were made at NOK 20 – and one does not lend hundreds of millions unless one believes in the value of Moses Lake.

The road ahead

We look forward to the investigation commencing. We expect the new board to quickly organize itself and begin the necessary clean-up work. We will respect that the board must act neutrally and represent all shareholders, and we firmly believe they possess both the integrity and competence to succeed. We wish them the best of luck. The initiative will now take a few well-earned days off for summer break. And when needed, we will mobilize again.

Thank you for your efforts – and enjoy the summer!

To all REC shareholders: Thank you for your commitment and support. What we achieved yesterday was something very few believed could be done.