Water Street Capital Issues Open Letter to Shareholders of REC Silicon
Water Street Capital, owning 8.26% of REC Silicon (RNWEY), has announced its opposition to Hanwha Solutions Corporation's proposal to acquire all shares of REC Silicon. Water Street believes the offer significantly undervalues the company's assets and intellectual property. The investment firm plans to call an Extraordinary General Meeting (EGM) to investigate Hanwha's termination of its December 2024 10-year purchase agreement for polysilicon from REC Silicon's Moses Lake facility. Additionally, Water Street intends to nominate new directors at the upcoming Annual General Meeting to maintain the company's independence and protect shareholder value.
[ "Water Street Capital (8.26% stakeholder) is actively working to protect shareholder value", "Potential for higher valuation and better deal terms for shareholders", "Planned nomination of new directors could improve corporate governance" ]Water Street Capital, che detiene l'8,26% di REC Silicon (RNWEY), ha espresso la sua opposizione alla proposta di acquisizione di tutte le azioni di REC Silicon da parte di Hanwha Solutions Corporation. Water Street ritiene che l'offerta sottovaluti significativamente gli asset e la propriet脿 intellettuale dell'azienda. La societ脿 di investimento ha in programma di convocare un Assemblea Straordinaria (EGM) per esaminare la decisione di Hanwha di terminare l'accordo decennale di acquisto di polisilicio da REC Silicon presso l'impianto di Moses Lake, previsto per dicembre 2024. Inoltre, Water Street intende proporre la nomina di nuovi consiglieri durante la prossima Assemblea Annuale per preservare l'indipendenza dell'azienda e tutelare il valore per gli azionisti.
Water Street Capital, que posee el 8,26% de REC Silicon (RNWEY), ha anunciado su oposici贸n a la propuesta de Hanwha Solutions Corporation para adquirir todas las acciones de REC Silicon. Water Street considera que la oferta subvalora significativamente los activos y la propiedad intelectual de la compa帽铆a. La firma de inversi贸n planea convocar una Junta General Extraordinaria (EGM) para investigar la terminaci贸n por parte de Hanwha del acuerdo de compra de polisilicio a 10 a帽os, vigente hasta diciembre de 2024, con la planta Moses Lake de REC Silicon. Adem谩s, Water Street tiene la intenci贸n de nominar nuevos directores en la pr贸xima Junta Anual para mantener la independencia de la empresa y proteger el valor para los accionistas.
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Water Street Capital, qui d茅tient 8,26 % de REC Silicon (RNWEY), a annonc茅 son opposition 脿 la proposition de Hanwha Solutions Corporation visant 脿 acqu茅rir toutes les actions de REC Silicon. Water Street estime que l'offre sous-茅value consid茅rablement les actifs et la propri茅t茅 intellectuelle de l'entreprise. La soci茅t茅 d'investissement pr茅voit de convoquer une Assembl茅e G茅n茅rale Extraordinaire (AGE) afin d'examiner la r茅siliation par Hanwha du contrat d'achat de polysilicium de 10 ans, valable jusqu'en d茅cembre 2024, concernant l'usine Moses Lake de REC Silicon. De plus, Water Street envisage de proposer la nomination de nouveaux administrateurs lors de la prochaine Assembl茅e G茅n茅rale Annuelle pour pr茅server l'ind茅pendance de la soci茅t茅 et prot茅ger la valeur des actionnaires.
Water Street Capital, mit einem Anteil von 8,26 % an REC Silicon (RNWEY), hat seine Ablehnung des 脺bernahmeangebots von Hanwha Solutions Corporation f眉r alle Aktien von REC Silicon bekanntgegeben. Water Street ist der Ansicht, dass das Angebot die Verm枚genswerte und das geistige Eigentum des Unternehmens erheblich unterbewertet. Die Investmentfirma plant, eine Au脽erordentliche Hauptversammlung (EGM) einzuberufen, um Hanwhas K眉ndigung des zehnj盲hrigen Kaufvertrags f眉r Polysilizium vom Moses Lake-Werk von REC Silicon, g眉ltig bis Dezember 2024, zu untersuchen. Zudem beabsichtigt Water Street, bei der n盲chsten Hauptversammlung neue Direktoren vorzuschlagen, um die Unabh盲ngigkeit des Unternehmens zu wahren und den Aktion盲rswert zu sch眉tzen.
- None.
- Termination of Hanwha's 10-year purchase agreement for Moses Lake facility polysilicon
- Potential conflict between major shareholders could impact company operations
- Uncertainty surrounding the company's future ownership and direction
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聽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
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.
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SOURCE Water Street Capital, Inc.
FAQ
What is Water Street Capital's stake in REC Silicon (RNWEY)?
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