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, 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 proprietà intellettuale dell'azienda. La società 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 oposición 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 compañía. La firma de inversión planea convocar una Junta General Extraordinaria (EGM) para investigar la terminación por parte de Hanwha del acuerdo de compra de polisilicio a 10 años, vigente hasta diciembre de 2024, con la planta Moses Lake de REC Silicon. Además, Water Street tiene la intención de nominar nuevos directores en la próxima Junta Anual para mantener la independencia de la empresa y proteger el valor para los accionistas.
워터 스트리트 캐피탈은 REC Silicon (RNWEY)의 8.26% 지분을 보유하고 있으며, 한화솔루션의 REC Silicon 주식 전체 인수 제안에 반대 의사를 밝혔습니다. 워터 스트리트는 이번 제안이 회사의 자산과 지적 재산권 가치를 크게 저평가하고 있다고 판단합니다. 투자사는 2024년 12월까지 유효한 REC Silicon 모세스 레이크 시설의 폴리실리콘 10년 구매 계약 해지 건을 조사하기 위해 임시 주주총회(EGM)를 소집할 계획입니다. 또한, 워터 스트리트는 회사의 독립성을 유지하고 주주 가치를 보호하기 위해 다음 정기 주주총회에서 새로운 이사 후보를 추천할 예정입니다.
Water Street Capital, qui détient 8,26 % de REC Silicon (RNWEY), a annoncé son opposition à la proposition de Hanwha Solutions Corporation visant à acquérir toutes les actions de REC Silicon. Water Street estime que l'offre sous-évalue considérablement les actifs et la propriété intellectuelle de l'entreprise. La société d'investissement prévoit de convoquer une Assemblée Générale Extraordinaire (AGE) afin d'examiner la résiliation par Hanwha du contrat d'achat de polysilicium de 10 ans, valable jusqu'en décembre 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 Assemblée Générale Annuelle pour préserver l'indépendance de la société et protéger la valeur des actionnaires.
Water Street Capital, mit einem Anteil von 8,26 % an REC Silicon (RNWEY), hat seine Ablehnung des Übernahmeangebots von Hanwha Solutions Corporation für alle Aktien von REC Silicon bekanntgegeben. Water Street ist der Ansicht, dass das Angebot die Vermögenswerte und das geistige Eigentum des Unternehmens erheblich unterbewertet. Die Investmentfirma plant, eine Außerordentliche Hauptversammlung (EGM) einzuberufen, um Hanwhas Kündigung des zehnjährigen Kaufvertrags für Polysilizium vom Moses Lake-Werk von REC Silicon, gültig bis Dezember 2024, zu untersuchen. Zudem beabsichtigt Water Street, bei der nächsten Hauptversammlung neue Direktoren vorzuschlagen, um die Unabhängigkeit des Unternehmens zu wahren und den Aktionärswert zu schützen.
- 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 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.
Media Contact
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SOURCE Water Street Capital, Inc.
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