Status - 66 mill. shares registered

On Saturday, January 4, we shared our thoughts and asked for support from other minority shareholders. The response has exceeded all expectations. Within 24 hours, we had received support representing over 50 million shares from several hundred shareholders. 

Forms have continued to flow in, and the number of registered shares now exceeds 66 million. Note that these are not verified figures, but it is nevertheless evident that those engaging with this initiative often hold more shares than the average shareholder.

As previously communicated, our initial ambition was to gather support corresponding to 5% and subsequently 10% of the shares. With a total of 420 million shares in REC Silicon, 10% represents 42 million shares. Based on the support we have now received, the initiative is capable of calling for an extraordinary general meeting and initiating an investigation.

We hope that the management, board and the largest shareholder are working towards a solution that takes care of all owners and that we will receive information about both the process and the solution soon, but until we see concrete indications of this, this initiative will continue with undiminished strength.

The Way Forward

The next goal is to elect one or more board members. This requires support from a majority of the votes at a general meeting. To achieve this, we likely need to secure support equivalent to at least a high thirty percent range of REC Silicon’s shares.

Clarifications

We have received questions and input from several engaged shareholders. Here are some key clarifications:

• Support from all shareholders:
  The initiative is open to all shareholders, whether you own a hundred shares or several million. This is a collective effort for the entire shareholder base.
• Scope of the investigation:
  Many have shared their thoughts on what an investigation should include. The investigation will be governed by Sections 5-25 to 5-27 of the Norwegian Public Limited Liability Companies Act. As shareholders, we aim for a thorough review of all relevant events, decisions made by the management and board, and an assessment of whether these have adhered to the principle of equal treatment of shareholders. Any behavior that may entail liability will also be a focus.

We Need Your Help and Expertise

To strengthen this initiative, we are seeking participants with specific qualifications and experience.

We promise that your contribution will come with a bit of lost free time, a lot of learning, engagement with passionate people, and the opportunity to be part of something bigger than yourself.

• Legal Expertise:
  Active attorney license and experience in transactions, capital markets, and corporate law. This engagement can start as pro bono work and may potentially develop into partially or fully paid work.
• Communicator:
  We are looking for a well-known public figure or someone with experience in media handling and visibility in channels such as Finansavisen, Dagens Næringsliv, E24, or relevant podcasts.
• Financial Expertise:
  Experience with capital markets, financing models, and asset sales.
• Board Candidates:
  If you have relevant experience or know someone qualified to serve as a board member in REC Silicon, we want to hear from you. We are looking for individuals with high integrity and solid boardroom experience. To date, REC has paid significant fees to its "independent" board members.

What Can You Do?

• Share Information:
  Spread the word and sign up for the initiative – with no obligations.
• Exercise Your Shareholder Rights:
  Support the initiative by actively participating as a shareholder.
• Contact Media and Authorities:
  Help increase awareness of the initiative by engaging relevant media outlets and authorities.
• Leverage Communication Platforms:
  Share information about the initiative on digital platforms to reach more shareholders.

Contact:  MakeRECGreatAgain@outlook.com