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Water Street Capital, owning 8.26% of REC Silicon (RNWEY), has supported the Board's assessment that Hanwha Solutions Corporation's NOK 2.20 offer significantly undervalues the company's assets and intellectual property. The situation is complicated by a restrictive Transaction Agreement signed on April 24, 2025, which prevents the Board from pursuing alternative financing and strategic options.
Water Street criticizes Hanwha's behavior, particularly noting that Hanwha retracted its funding pledge after losing Board control and has threatened legal action against Board members. Water Street believes this constitutes a material breach of the Transaction Agreement under U.S. law and maintains that REC Silicon's Polysilicon and Silane gas businesses would command higher valuations if properly marketed.
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, 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" ]FAQ
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