REC ASA - Securing long-term financing
Sandvika, May 19, 2009; REC has today resolved to strengthen the company's financial position in order to ensure sufficient financial flexibility going forward. This will be done through; (i) restructuring of existing debt, (ii) adding new credit lines including a bond issue, and (iii) issuing new shares through a fully underwritten rights issue. The aggregate liquidity effect of the debt and equity measures will be in the range of NOK 7 - 9 billion.
In terms of debt, the company has successfully restructured existing debt and is adding new credit lines, including a bond issue, which in total are expected to amount to NOK 3 - 5 billion. REC has engaged DnB NOR Markets, Nordea and SEB as Joint Lead Arrangers for the bond issue. Offering a REC-bond to the financial market is in line with the strategy to diversify the company's sources of funding.
REC has also received an offer to revise financial covenants under the existing debt facilities.
In terms of equity, REC intends to complete an equity offering through issuance of new shares to raise approximately NOK 4 billion. The proposed equity offering will be conducted as a fully underwritten rights issue, to facilitate equal treatment of REC's more than 25,000 shareholders. The rights issue will, subject to certain conditions, be fully underwritten by REC's main shareholders Orkla/Elkem and Hafslund (with a percentage corresponding to their respective ownership interest) and other shareholders including Folketrygdfondet (together representing about 60 percent of outstanding shares), and a bank syndicate including DnB NOR Markets (acting as Global Coordinator and Joint Bookrunner), Nordea, ABN AMRO and BNP Paribas (acting as Joint Lead Managers and Bookrunners). Freely tradable subscription rights will be applied for listing on the Oslo Stock Exchange.
"Contact with our shareholders has indicated that our owners are highly supportive of the company taking action to ensure our long-term financial flexibility. Through new equity and significantly improved credit lines, we have taken the necessary steps to secure long-term financing of our ongoing capital expenditure program and provided a foundation for developing potential opportunities in a growing industry", says Ole Enger, President and CEO.
REC will call for an extraordinary general meeting ("EGM") to be held on June 5, 2009 to resolve the rights issue. According to the current timetable, and subject to approval by the EGM, the subscription period for the rights issue and the period for trading of subscription rights are expected to commence on or about June 12, 2009 and end on or about June 26, 2009. The company's shares are expected to be traded exclusive of subscription rights from and including June 8, 2009.
Terms of the rights issue, including the subscription price and the number of shares to be issued, will be proposed by the Board of Directors and are expected to be announced on or about June 5, 2009. The company will also prepare and publish a prospectus for the rights issue, which will be subject to approval by the Oslo Stock Exchange prior to publication.
For more information, please contact;
Bjørn Brenna, EVP & CFO, +47 900 43 186
Jon André Løkke, SVP & Investor Relation Officer, +47 907 44 949
About REC
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES:
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Hong Kong or Japan.
Sandvika, May 19, 2009; REC has today resolved to strengthen the company's financial position in order to ensure sufficient financial flexibility going forward. This will be done through; (i) restructuring of existing debt, (ii) adding new credit lines including a bond issue, and (iii) issuing new shares through a fully underwritten rights issue. The aggregate liquidity effect of the debt and equity measures will be in the range of NOK 7 - 9 billion.
In terms of debt, the company has successfully restructured existing debt and is adding new credit lines, including a bond issue, which in total are expected to amount to NOK 3 - 5 billion. REC has engaged DnB NOR Markets, Nordea and SEB as Joint Lead Arrangers for the bond issue. Offering a REC-bond to the financial market is in line with the strategy to diversify the company's sources of funding.
REC has also received an offer to revise financial covenants under the existing debt facilities.
In terms of equity, REC intends to complete an equity offering through issuance of new shares to raise approximately NOK 4 billion. The proposed equity offering will be conducted as a fully underwritten rights issue, to facilitate equal treatment of REC's more than 25,000 shareholders. The rights issue will, subject to certain conditions, be fully underwritten by REC's main shareholders Orkla/Elkem and Hafslund (with a percentage corresponding to their respective ownership interest) and other shareholders including Folketrygdfondet (together representing about 60 percent of outstanding shares), and a bank syndicate including DnB NOR Markets (acting as Global Coordinator and Joint Bookrunner), Nordea, ABN AMRO and BNP Paribas (acting as Joint Lead Managers and Bookrunners). Freely tradable subscription rights will be applied for listing on the Oslo Stock Exchange.
"Contact with our shareholders has indicated that our owners are highly supportive of the company taking action to ensure our long-term financial flexibility. Through new equity and significantly improved credit lines, we have taken the necessary steps to secure long-term financing of our ongoing capital expenditure program and provided a foundation for developing potential opportunities in a growing industry", says Ole Enger, President and CEO.
REC will call for an extraordinary general meeting ("EGM") to be held on June 5, 2009 to resolve the rights issue. According to the current timetable, and subject to approval by the EGM, the subscription period for the rights issue and the period for trading of subscription rights are expected to commence on or about June 12, 2009 and end on or about June 26, 2009. The company's shares are expected to be traded exclusive of subscription rights from and including June 8, 2009.
Terms of the rights issue, including the subscription price and the number of shares to be issued, will be proposed by the Board of Directors and are expected to be announced on or about June 5, 2009. The company will also prepare and publish a prospectus for the rights issue, which will be subject to approval by the Oslo Stock Exchange prior to publication.
For more information, please contact;
Bjørn Brenna, EVP & CFO, +47 900 43 186
Jon André Løkke, SVP & Investor Relation Officer, +47 907 44 949
About REC
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES:
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Hong Kong or Japan.
19/5 2009 11:30 Kenddinvare 0
11532 Hej Hya.
Når du bruger dansk flertalsendelse bør du også ændre til det danske tal altså 7-9 milliarder.
Og REC burde have taget enheden NoK med.
Når du bruger dansk flertalsendelse bør du også ændre til det danske tal altså 7-9 milliarder.
Og REC burde have taget enheden NoK med.
20/5 2009 16:03 Hya 011691 REC ASA - Minutes from the Annual General Meeting
The Annual General Meeting of the shareholders of Renewable Energy Corporation ASA ("REC" or the "Company") was held on May 19, 2009 at 14:00 (Oslo time) in Oslo Konserthus in Oslo.
The minutes from the Annual General Meeting recording the resolutions made are enclosed hereto, and are also available on REC`s website at www.recgroup.com.
The board had amended their original proposals as set out in the notice with respect to the following items:
The requested board authorisation to increase the share capital regarding the employee share purchase program was decreased to maximum NOK 2,000,000. The requested authorisation to increase the share capital by up to NOK 49, 000, 000 to ensure that the Company has sufficient financial flexibility with respect to capital expenditure and related working capital requirements and acquisitions was upheld. (Item 9)
The maximum loan amount that could be raised under the board convertible loan authorisation was increased to maximum NOK 4,900,000,000 (the corresponding maximum share capital increase by maximum 49, 000,000 was upheld as originally proposed). (Item 11)
A minor adjustment to the board's statement on compensation to leading employees was made, as set out in the minutes. (Item 7 part 2.)
As follows from the minutes, the general meeting adopted all resolutions as proposed by the board.
For more information, please contact;
Jon André Løkke, SVP & Investor Relation Officer, +47 907 44 949
About REC
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com.
The Annual General Meeting of the shareholders of Renewable Energy Corporation ASA ("REC" or the "Company") was held on May 19, 2009 at 14:00 (Oslo time) in Oslo Konserthus in Oslo.
The minutes from the Annual General Meeting recording the resolutions made are enclosed hereto, and are also available on REC`s website at www.recgroup.com.
The board had amended their original proposals as set out in the notice with respect to the following items:
The requested board authorisation to increase the share capital regarding the employee share purchase program was decreased to maximum NOK 2,000,000. The requested authorisation to increase the share capital by up to NOK 49, 000, 000 to ensure that the Company has sufficient financial flexibility with respect to capital expenditure and related working capital requirements and acquisitions was upheld. (Item 9)
The maximum loan amount that could be raised under the board convertible loan authorisation was increased to maximum NOK 4,900,000,000 (the corresponding maximum share capital increase by maximum 49, 000,000 was upheld as originally proposed). (Item 11)
A minor adjustment to the board's statement on compensation to leading employees was made, as set out in the minutes. (Item 7 part 2.)
As follows from the minutes, the general meeting adopted all resolutions as proposed by the board.
For more information, please contact;
Jon André Løkke, SVP & Investor Relation Officer, +47 907 44 949
About REC
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com.
25/5 2009 23:24 mægler 012070 hvorfor drønede den ned fra 78 til 70 ?-ingen kommenterer hverken her eller på EI.
men kan jo selv læse hegnar.no...
men kan jo selv læse hegnar.no...
26/5 2009 00:00 Hya 012078 Published: 16:20 25.05.2009 GMT+2 /HUGIN /Source: Renewable Energy Corporation ASA /OSE: REC /ISIN: NO0010112675
REC ASA - Adjusting wafer production volumes
Sandvika, May 25, 2009: REC Wafer has decided to temporarily take out approximately 35 percent of its production capacity due to a challenging market situation and low demand visibility. The temporary reduction will affect approximately 180 employees. REC Wafer continuously evaluates the market situation and will prepare for a fast start-up process when the market outlook becomes more predictable.
"We have seen an increasingly difficult market so far this year and need to take measures to optimize our capacity utilization and secure flexibility in regards to timing of product deliveries. Although we temporarily take out a part of our capacity, we follow the market development closely and are making sure that we stay prepared to increase production on short notice," says Ingelise Arntsen, EVP Wafer.
As the timing of a restart is yet undecided, REC Wafer is presently not prepared to indicate the expected effect of the temporary reduction in capacity utilization on the overall annual production of wafers in 2009.
While it also is too early to quantify the financial consequences for REC Wafer, it should be noted that continued production at full capacity would have required external purchases of polysilicon at spot prices that are higher than the price levels in the long-term polysilicon supply contracts. As previously communicated, REC Silicon's polysilicon production is expected to increase when commercial production from the new Silicon III resumes in the third quarter 2009.
For more information, please contact;
Jon Andre Løkke, SVP & IRO; +47 907 44 949
OG
desuden blir der snart lancerer plastik solceller - Dansk verdensnyhed - . . . .
såeeeeeeeeeee
Som jeg skrev på EI i sidste uge - så solgte jeg, da jeg tror den skal lidt ned igen - langsigtet tror jeg det er en god investering.
Og HVIS de laver solceller af palstik - om 4 år . . eller længere tid, så ser vi på det til den tid!
Der går ofte rygter i den branche - og der er altså langt fra print på plastik i forsøgsregi til large skala produktioner til forbrugeren
Hya
REC ASA - Adjusting wafer production volumes
Sandvika, May 25, 2009: REC Wafer has decided to temporarily take out approximately 35 percent of its production capacity due to a challenging market situation and low demand visibility. The temporary reduction will affect approximately 180 employees. REC Wafer continuously evaluates the market situation and will prepare for a fast start-up process when the market outlook becomes more predictable.
"We have seen an increasingly difficult market so far this year and need to take measures to optimize our capacity utilization and secure flexibility in regards to timing of product deliveries. Although we temporarily take out a part of our capacity, we follow the market development closely and are making sure that we stay prepared to increase production on short notice," says Ingelise Arntsen, EVP Wafer.
As the timing of a restart is yet undecided, REC Wafer is presently not prepared to indicate the expected effect of the temporary reduction in capacity utilization on the overall annual production of wafers in 2009.
While it also is too early to quantify the financial consequences for REC Wafer, it should be noted that continued production at full capacity would have required external purchases of polysilicon at spot prices that are higher than the price levels in the long-term polysilicon supply contracts. As previously communicated, REC Silicon's polysilicon production is expected to increase when commercial production from the new Silicon III resumes in the third quarter 2009.
For more information, please contact;
Jon Andre Løkke, SVP & IRO; +47 907 44 949
OG
desuden blir der snart lancerer plastik solceller - Dansk verdensnyhed - . . . .
såeeeeeeeeeee
Som jeg skrev på EI i sidste uge - så solgte jeg, da jeg tror den skal lidt ned igen - langsigtet tror jeg det er en god investering.
Og HVIS de laver solceller af palstik - om 4 år . . eller længere tid, så ser vi på det til den tid!
Der går ofte rygter i den branche - og der er altså langt fra print på plastik i forsøgsregi til large skala produktioner til forbrugeren
Hya
