Water Street Capital Comments on Results of REC Silicon Annual General Meeting
Water Street Capital (8.26% stakeholder) has commented on REC Silicon's (OSL: RECSI) Annual General Meeting results, highlighting the appointment of five new board members and an investigation into Hanwha's terminated purchase contract.
The company's second-largest shareholder expressed concerns about Hanwha Solutions Corporation's threats to reassess operational funding if board control was lost. Water Street criticized the NOK2.20 offer from Anchor AS as significantly undervalued, stating shareholders weren't properly informed about the company's true value.
The newly appointed board will focus on maximizing value for all shareholders, with Water Street emphasizing its alignment with other investors' interests.
Water Street Capital (azionista con l'8,26%) ha commentato i risultati dell'Assemblea Generale Annuale di REC Silicon (OSL: RECSI), sottolineando la nomina di cinque nuovi membri del consiglio e l'avvio di un'indagine sul contratto di acquisto terminato con Hanwha.
Il secondo azionista pi霉 grande della societ脿 ha espresso preoccupazioni riguardo alle minacce di Hanwha Solutions Corporation di rivedere i finanziamenti operativi in caso di perdita del controllo del consiglio. Water Street ha criticato l'offerta di 2,20 NOK da parte di Anchor AS definendola significativamente sottovalutata, affermando che gli azionisti non sono stati adeguatamente informati sul reale valore dell'azienda.
Il nuovo consiglio nominato si concentrer脿 su massimizzare il valore per tutti gli azionisti, con Water Street che sottolinea la sua convergenza di interessi con gli altri investitori.
Water Street Capital (accionista con un 8,26%) ha comentado los resultados de la Junta General Anual de REC Silicon (OSL: RECSI), destacando el nombramiento de cinco nuevos miembros del consejo y la investigaci贸n sobre el contrato de compra rescindido con Hanwha.
El segundo mayor accionista de la compa帽铆a expres贸 preocupaciones sobre las amenazas de Hanwha Solutions Corporation de reconsiderar la financiaci贸n operativa si se perdiera el control del consejo. Water Street critic贸 la oferta de 2,20 NOK de Anchor AS como significativamente infravalorada, afirmando que los accionistas no fueron debidamente informados sobre el verdadero valor de la empresa.
El nuevo consejo nombrado se centrar谩 en maximizar el valor para todos los accionistas, con Water Street enfatizando su alineaci贸n con los intereses de otros inversores.
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須岇偓鞚� 霊� 氩堨Ц搿� 韥� 欤检＜電� 頃滍檾靻旊（靺橃潣 鞚挫偓須� 韱奠牅甓� 靸侅嫟 鞁� 鞖挫榿 鞛愱笀 鞛瞼韱� 鞙勴槕鞐� 雽�頃� 鞖半牑毳� 響滊獏頄堨姷雼堧嫟. Water Street電� Anchor AS鞚� 2.20 NOK 鞝滌晥鞚� 順勳爛頌� 鞝�韽夑皜霅橃棃雼る┌, 欤检＜霌れ澊 須岇偓鞚� 鞁れ牅 臧�旃橂ゼ 鞝滊寑搿� 鞎岇 氇豁枅雼り碃 牍勴寪頄堨姷雼堧嫟.
鞁犾瀯 鞚挫偓須岆姅 氇摖 欤检＜鞚� 臧�旃橂ゼ 攴闺寑頇旐晿電� 雿� 歆戩頃� 瓴冹澊氅�, Water Street電� 雼るジ 韴瀽鞛愲摛瓿检潣 鞚错暣甏�瓿� 鞚检箻毳� 臧曥“頄堨姷雼堧嫟.
Water Street Capital (d茅tenteur de 8,26%) a comment茅 les r茅sultats de l'Assembl茅e g茅n茅rale annuelle de REC Silicon (OSL : RECSI), mettant en avant la nomination de cinq nouveaux membres du conseil d'administration et une enqu锚te sur le contrat d'achat r茅sili茅 avec Hanwha.
Le deuxi猫me plus grand actionnaire de la soci茅t茅 a exprim茅 ses inqui茅tudes concernant les menaces de Hanwha Solutions Corporation de r茅茅valuer le financement op茅rationnel en cas de perte du contr么le du conseil. Water Street a critiqu茅 l'offre de 2,20 NOK d'Anchor AS comme 茅tant largement sous-茅valu茅e, affirmant que les actionnaires n'avaient pas 茅t茅 correctement inform茅s de la v茅ritable valeur de l'entreprise.
Le nouveau conseil d'administration nomm茅 se concentrera sur la maximisation de la valeur pour tous les actionnaires, Water Street soulignant son alignement avec les int茅r锚ts des autres investisseurs.
Water Street Capital (8,26% Anteilseigner) hat die Ergebnisse der Hauptversammlung von REC Silicon (OSL: RECSI) kommentiert und dabei die Ernennung von f眉nf neuen Vorstandsmitgliedern sowie eine Untersuchung des gek眉ndigten Kaufvertrags mit Hanwha hervorgehoben.
Der zweitgr枚脽te Aktion盲r des Unternehmens 盲u脽erte Bedenken bez眉glich der Drohungen von Hanwha Solutions Corporation, die operative Finanzierung neu zu bewerten, falls die Kontrolle 眉ber den Vorstand verloren geht. Water Street kritisierte das Angebot von Anchor AS in H枚he von 2,20 NOK als deutlich unterbewertet und erkl盲rte, die Aktion盲re seien nicht ausreichend 眉ber den tats盲chlichen Wert des Unternehmens informiert worden.
Der neu ernannte Vorstand wird sich darauf konzentrieren, den Wert f眉r alle Aktion盲re zu maximieren, wobei Water Street die 脺bereinstimmung mit den Interessen anderer Investoren betont.
- Appointment of new board members focused on maximizing shareholder value
- Launch of investigation into Hanwha's contract termination circumstances
- Strong 8.26% ownership stake by Water Street Capital as second-largest shareholder
- Termination of Hanwha's 10-year purchase contract for Moses Lake facility polysilicon
- Threats from largest shareholder Hanwha to reassess operational funding
- Concerns over undervalued NOK2.20 offer from Anchor AS
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.聽
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.聽
Water Street Capital's objectives are
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.' 鈥� Anais Nin"
Signed,
Gilchrist Berg
Founder and Principal, Water Street Capital
Media Contact
Jonathan Gasthalter/Brandon Lin
Gasthalter & Co.
Tel: (212) 257-4170
[email protected]
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SOURCE Water Street Capital, Inc.
FAQ
What changes were announced at REC Silicon's (RNWEY) Annual General Meeting?
Why is Water Street Capital concerned about REC Silicon's (RNWEY) current situation?
What percentage of REC Silicon (RNWEY) does Water Street Capital own?
What happened to Hanwha's purchase contract with REC Silicon (RNWEY)?
