24/10/2022 — LONDON — (BUSINESS WIRE)
Lodbrok Capital LLP recently sent the letter below to the Board of REC Silicon ASA, requesting they summon an EGM for the purpose of electing an additional board member.
REC Silicon ASA (“REC” or “the Company”)
PO Box 63
Attn: The Directors of the Board
EXTRAORDINARY GENERAL MEETING AND NOMINATION OF A NEW DIRECTOR
24 October 2022
Funds managed by Lodbrok Capital LLP (“Lodbrok”) and Water Street Capital, Inc. (“Water Street”) at the time of this letter together own more than 6% of the shares in REC. Lodbrok has been an investor in the Company since its inception in 2017, and Water Street first got involved with REC more than a decade ago. Both Lodbrok and Water Street share a belief that REC is significantly undervalued considering the strategic importance of its assets.
Lodbrok and Water Street are requesting the Board of Directors to summon an extraordinary general meeting (“EGM”) for the purpose of electing an additional board member, who will bring relevant industry knowledge and strong governance pedigree that can hopefully serve as a great asset to the Company. More details on the proposed candidate will be provided well in advance of the EGM.
In recent weeks, Lodbrok has been contacted by a wide array of investors in REC, ranging from large international institutions to a grassroot movement of passionate retail shareholders with a deep understanding of the value potential in REC, as well as the risks and challenges to unlocking this potential. Uniformly these investors have echoed Lodbrok’s view that there is scope to improve the governance dynamics in REC, which in the opinion of Lodbrok and Water Street is most easily addressed by the election of an experienced incremental director at the Board.
In the coming weeks, Lodbrok looks forward to providing more details and engaging in a dialogue with other investors about the EGM, and all material shareholders are welcome to reach out at firstname.lastname@example.org.
Chief Investment Officer
Lodbrok Capital LLP
Lodbrok Capital LLP
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