Latest news with #BrandonLinGasthalter
Malaysian Reserve
08-07-2025
- Business
- Malaysian Reserve
Water Street Capital Comments On Latest Update From REC Silicon Board of Directors
Board Confirms Hanwha's NOK 2.20 Offer Significantly Undervalues REC Silicon's Assets and Intellectual Property Water Street Condemns Behavior of Hanwha Which is Preventing REC Silicon from Pursuing Alternative Financing and Strategic Options JACKSONVILLE, Fla., July 8, 2025 /PRNewswire/ — Water Street Capital, Inc. ('Water Street'), a long-term, value-oriented private investment firm which, together with its affiliates, collectively owns 8.26% of the outstanding common stock of REC Silicon ASA (OSL: ('REC Silicon' or the 'Company'), today issued the following statement in response to the July 7, 2025 update from the Company's Board of Directors (the 'Board'): 'Yesterday's announcement by the Board of REC Silicon, elected by the majority of shareholders at the Company's recent Annual General Meeting, confirms what Water Street has believed since the release of its shareholder letter on May 23, 2025: Hanwha Solutions Corporation's ('Hanwha') NOK 2.20 offer significantly undervalues REC Silicon's assets and intellectual property. However, due to the onerous restrictions outlined in Hanwha's one-sided Transaction Agreement ('TA') and its subsequent endorsement by the Company's previous Board, the new Board of REC Silicon is not given the opportunity to maximize shareholder value. The Board clearly states that 'The Transaction Agreement entered into on 24 April 2025 between the Company and Anchor, under Norwegian statutory law, further restricts the Board's ability to pursue alternative financing and strategic options in the current situation. Hanwha has not taken any steps to release the Board from these restrictions, but instead approached the Board and reserved the right to initiate legal action against each individual board member for failure to comply with its alleged duties.' We find it difficult for a board to fulfill its duty to maximize shareholder value when threatened by the very shareholder responsible for placing the company into this perilous situation. That same shareholder agreed to fund the Company in the TA, only to retract that pledge when it lost control of the Board. Water Street believes that this act is a material breach of the TA under United States law. Given the opportunity to bring the assets of REC Silicon to market, Water Street remains confident that the proper value of the Company's Polysilicon and Silane gas businesses will be ascribed. We commend the current Board members for their efforts in light of the burdensome restrictions put in place prior to their recent election.' Logo – Media ContactJonathan Gasthalter/Brandon LinGasthalter & Co.+1 (212) 257-4170jg@ View original content:
Yahoo
23-05-2025
- Business
- Yahoo
Water Street Capital Issues Open Letter to Shareholders of REC Silicon
Believes Hanwha's Plan to Purchase All Shares of REC Silicon Drastically Undervalues Company's Assets and Intellectual Property Calls for Extraordinary General Meeting to Investigate Hanwha's Termination of its December 2024 Long-Term Purchase Agreement with REC Silicon Intends to Nominate New Directors to REC Silicon Board at Upcoming Annual General Meeting to Preserve Company Independence and Value JACKSONVILLE, Fla., May 23, 2025 /PRNewswire/ -- Water Street Capital, Inc. ("Water Street"), a long-term, value-oriented private investment firm which, together with its affiliates, collectively owns 8.26% of the outstanding common stock of REC Silicon ASA (OSL: ("REC Silicon" or the "Company"), today sent a letter to the Company's shareholders announcing its intention to vote against what it believes to be a significantly undervalued proposal from Hanwha Solutions Corporation ("Hanwha"), REC Silicon's largest shareholder, to purchase all shares of the Company. In its letter, Water Street stated its intention to call an Extraordinary General Meeting ("EGM") to investigate the circumstances that led to the termination of Hanwha's 10-year purchase contract with the Company in December 2024 to acquire all polysilicon from its Moses Lake facility. Further, Water Street announced its plan to nominate new directors to the Company's Board at its upcoming Annual General Meeting ("AGM"). The full text of the letter is attached. Media ContactJonathan Gasthalter/Brandon LinGasthalter & (212) 257-4170jg@ View original content to download multimedia: SOURCE Water Street Capital, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
