Latest news with #RECSilicon
Yahoo
16 hours ago
- Business
- Yahoo
Water Street Capital Comments on Results of REC Silicon Annual General Meeting
JACKSONVILLE, Fla., June 25, 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") as the Company's second largest shareholder, today commented on the results of the Company's Annual General Meeting, which included the appointment of John Adams, Karina Fossmark, Jane Power, Jens Ulltveit-Moe, and Mike Kerschen to the Company's reconstituted Board of Directors. Additionally, REC Silicon has launched an investigation into 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. Water Street Capital issued the following statement: "Water Street Capital would like to thank the thousands of investors who joined us in our efforts to ensure that the top priority of REC Silicon's Board of Directors remains maximizing the value of the company. The recent threats by the Company's largest shareholder, Hanwha Solutions Corporation ("Hanwha"), to reassess its funding of the Company's operations should it lose control of the Board are unfortunate. Going forward, we hope that Hanwha will work with us constructively for the benefit of all shareholders. Water Street Capital's objectives are 100% aligned with our fellow shareholders. We do not believe that shareholders were given proper information regarding the value of the company and its assets when asked to vote in favor of the drastically undervalued NOK2.20 offer from Anchor AS. REC Silicon's new Board of Directors will be solely focused on maximizing value for all Company shareholders going forward. 'Life shrinks or expands in proportion to one's courage.' – Anais Nin" Signed,Gilchrist BergFounder and Principal, Water Street Capital Media ContactJonathan Gasthalter/Brandon LinGasthalter & (212) 257-4170jg@ View original content to download multimedia: SOURCE Water Street Capital, Inc.
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
