Make REC Great Again!

We have seen your latest press release. It is so misleading and detached from reality that we will not even consider sharing it.

That said:

We, the majority of shareholders represented at the AGM, voted to remove your board members, nominated by the Hanwha controlled election committee.

The majority of shareholders have also rejected your insulting offer of NOK 2.20 per share. Yesterday and today, the market delivered its own verdict. The REC share closed well above your bid. The message is clear: No, thank you.

When you entered REC a few years ago, long after many of us, you paid NOK 20 per share and promised to restart Moses Lake. That promise was never fulfilled. It was all talk. You have spent hundreds of millions of USD of shareholder equity. Moses Lake is still not producing. Worse, you also terminated the agreement that was supposed to enable it.

REC now carries significant debt, a problem that both management and your board failed to address.

When we asked for information about test samples sent to China, silence. When we raised questions about the termination of the offtake contract with Hanwha, which included a minimum price per kilo of polysilicon, again no response. Neither from you nor from REC management.  How is that for transparency?

We can also confirm that many of us, as shareholders, are or have been in contact with Finanstilsynet. That dialogue will continue.

We look forward to the release of U.S. legal documents that will shed light on what happened at Moses Lake under your watch. We also remind you that the majority of shareholders voted for an investigation at the AGM, which clearly indicates we are not satisfied with your so-called transparency.

From our point of view, there is even doubt as to whether your bid is valid and legally binding for those that have accepted, as information about the court case in Washington Eastern District Court  have not been shared with all shareholders.

And if you truly believe NOK 2.20 reflects the fair value of REC, perhaps you should consider selling your shares.

We fully support the newly elected Board of Directors and wish them success in restoring transparency, decisive leadership, and long term value in REC Silicon.