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Note: this entry is translated from Norwegian using AI. We take no responsibility for inaccuracies as a result of this translation

The minority shareholders’ shares in REC Silicon ASA have been compulsorily transferred to Anchor. A shareholder who owns at least 90 percent of the shares and a corresponding proportion of the votes has, pursuant to Section 4-25 of the Public Limited Liability Companies Act, the right to acquire the remaining shares.

Individual former shareholders may nevertheless dispute the offered redemption price. This is further explained in Anchor’s notice of June 16, 2026.

Below is a short Q&A on how an objection is submitted, and how MRGA currently assesses the way forward.

The Q&A reflects MRGA’s assessments of available information and current regulations, and is intended for informational purposes only. It is not legal advice or a recommendation. Each shareholder must assess their own situation and, if necessary, seek independent advice.

What must I do if I do not accept NOK 0.240 per share?

You (or a proxy with explicit authorization) must send a written objection to Wiersholm. The objection must be received no later than August 18, 2026, at 23:59.

The objection is sent to:

Advokatfirmaet Wiersholm AS

Att: Karl Magnus Ulstein-Rygnestad

PO Box 1400 Vika

0115 Oslo

Email: kmur@wiersholm.no

State your name and the number of compulsorily acquired shares, and request written confirmation that the objection has been received.

The law does not set any further requirements for the remaining content; the most important thing is that the objection is sent in writing within the deadline, and that it clearly states that the offer is not accepted.

An example:

I refer to the “Notice of compulsory transfer of shares in REC Silicon ASA” of June 16, 2026.

Pursuant to the Public Limited Liability Companies Act Section 4-25, third paragraph, I submit an objection to the redemption price. I do not accept the offer of NOK 0.240 per share as full and final settlement for my compulsorily acquired shares in REC Silicon ASA, because the offer, in my opinion, does not correspond to the true value of the shares.

Do I have to state what I think the share is worth?

No. To preserve your rights, the most important thing is to submit a clear and timely objection to the redemption price.

Can the shareholder group send the objection for me?

No. MRGA will not send the objection on behalf of others.

What happens after the objection?

Then you are considered not to have accepted NOK 0.240 per share as full and final settlement.

Anchor and the shareholder may attempt to agree on the redemption price. If the parties do not reach an agreement, both Anchor and the individual shareholder can demand that the redemption price be determined by judicial assessment pursuant to Section 4-25 of the Public Limited Liability Companies Act.

MRGA is evaluating how interested shareholders can best coordinate legal and financial assistance in a potential judicial assessment.

Who pays for a judicial assessment?

The main rule pursuant to Section 4-25, second paragraph, of the Public Limited Liability Companies Act is that the assessment is held at Anchor’s expense.

Necessary and reasonable expenses for your own lawyer and expert in connection with the assessment can be claimed to be covered by Anchor. The shareholder may nevertheless have to pay the expenses first, and the court decides which expenses were necessary and reasonable.

When “special grounds” exist, the court may order the shareholder to cover the costs in whole or in part. The cost risk associated with a superior assessment or further appeal must be evaluated separately.