REC ASA - Rights issue oversubscribed
Sandvika, July 14, 2009. Preliminary counts indicate that REC received subscriptions for a total of approx. 269 million new shares. 170,453,354 new shares were offered. Thus, the rights issue was oversubscribed by close to 60 percent.
Reference is made to the prospectus dated June 23, 2009 regarding the fully underwritten rights issue of 170,453,354 new shares in REC at a subscription price of NOK 26.50 per new share, with subscription rights for existing shareholders as of the end of June 22, 2009.
The subscription period in the rights issue expired yesterday, July 13, 2009 at 17:30 (Oslo time). By the end of the subscription period, preliminary counts indicate that REC had received subscriptions for a total of approx. 269 million new shares. 170,453,354 new shares were offered.
Allocation of shares to the subscribers is expected to be resolved by the board of directors of REC on or about July 17, 2009 in accordance with the allocation criteria set out in the prospectus. The final result of the rights issue is expected to be published through Oslo Børs' information system on or about July 17, 2009 and notifications of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed in letters from VPS on or about the same date.
The payment for the new shares falls due on July 21, 2009 in accordance with the payment procedures described in the prospectus.
Through the rights issue REC will receive proceeds amounting to approximately NOK 4,517 million before transaction costs.
It is expected that the share capital increase pertaining to the new shares will be registered in the Norwegian Register of Business Enterprises on or about July 23, 2009 and that the new shares will be delivered to the subscribers' VPS accounts on or about July 24, 2009.
The share capital of REC will, as a consequence of the rights issue, be increased with NOK 170,453,354 by issue of 170,453,354 new shares. Following registration of the share capital increase, the Company's share capital will be NOK 664,768,079 divided into 664,768,079 shares.
For the rights issue, DnB NOR Markets acted as Global Coordinator and Joint Bookrunner, and ABN AMRO, BNP Paribas and Nordea Markets acted as Joint Lead Managers and Joint Bookrunners.
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.
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, July 14, 2009. Preliminary counts indicate that REC received subscriptions for a total of approx. 269 million new shares. 170,453,354 new shares were offered. Thus, the rights issue was oversubscribed by close to 60 percent.
Reference is made to the prospectus dated June 23, 2009 regarding the fully underwritten rights issue of 170,453,354 new shares in REC at a subscription price of NOK 26.50 per new share, with subscription rights for existing shareholders as of the end of June 22, 2009.
The subscription period in the rights issue expired yesterday, July 13, 2009 at 17:30 (Oslo time). By the end of the subscription period, preliminary counts indicate that REC had received subscriptions for a total of approx. 269 million new shares. 170,453,354 new shares were offered.
Allocation of shares to the subscribers is expected to be resolved by the board of directors of REC on or about July 17, 2009 in accordance with the allocation criteria set out in the prospectus. The final result of the rights issue is expected to be published through Oslo Børs' information system on or about July 17, 2009 and notifications of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed in letters from VPS on or about the same date.
The payment for the new shares falls due on July 21, 2009 in accordance with the payment procedures described in the prospectus.
Through the rights issue REC will receive proceeds amounting to approximately NOK 4,517 million before transaction costs.
It is expected that the share capital increase pertaining to the new shares will be registered in the Norwegian Register of Business Enterprises on or about July 23, 2009 and that the new shares will be delivered to the subscribers' VPS accounts on or about July 24, 2009.
The share capital of REC will, as a consequence of the rights issue, be increased with NOK 170,453,354 by issue of 170,453,354 new shares. Following registration of the share capital increase, the Company's share capital will be NOK 664,768,079 divided into 664,768,079 shares.
For the rights issue, DnB NOR Markets acted as Global Coordinator and Joint Bookrunner, and ABN AMRO, BNP Paribas and Nordea Markets acted as Joint Lead Managers and Joint Bookrunners.
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.
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.
14/7 2009 09:35 collersteen 0
15206 Ja, det må man sige.
4,5 mia kr er også en slat penge, selvom det er i Norske oliepenge.
Nu ved jeg ikke lige hvordan man kan overtegne en tegningsretsemission, medmindre det er på samme måde som TopoTarget, hvor man kan indlægge bud på evt. ikke udnyttede t-retter. Der er såvidt jeg husker stadig pæn forskel på tegningskursen og på den aktuelle børskurs. Kobler man det med at REC-aktien vel er ret likvid, så er det måske derfor at så mange har bedt om ekstra aktier.
På den anden side må tegningsretten også have handlet så højt så alle ikke udnyttede retter kunne frasælges i markedet....
Andre mulige forklaringer?
4,5 mia kr er også en slat penge, selvom det er i Norske oliepenge.
Nu ved jeg ikke lige hvordan man kan overtegne en tegningsretsemission, medmindre det er på samme måde som TopoTarget, hvor man kan indlægge bud på evt. ikke udnyttede t-retter. Der er såvidt jeg husker stadig pæn forskel på tegningskursen og på den aktuelle børskurs. Kobler man det med at REC-aktien vel er ret likvid, så er det måske derfor at så mange har bedt om ekstra aktier.
På den anden side må tegningsretten også have handlet så højt så alle ikke udnyttede retter kunne frasælges i markedet....
Andre mulige forklaringer?
14/7 2009 10:27 alpehue 015208 Ja, succes er en sjov ting
Ved første oplysning om emission var kursen ca. 70 NOK
Nu er den faldet til ca. 44 NOK
2,9 aktier a 70 = 203,00
1............a 26,50
3,9 aktier a 229,50 eller en teoretisk "efterkurs" 58,84 NOK
Emissioner er ikke et succeskriterie, med mindre
man sælger ved start.
Det har ikke overbevist mig om, at gå ind igen.
Indtil nu har kursen ikke ændret sig i succesretning,
her til morgen
Ved første oplysning om emission var kursen ca. 70 NOK
Nu er den faldet til ca. 44 NOK
2,9 aktier a 70 = 203,00
1............a 26,50
3,9 aktier a 229,50 eller en teoretisk "efterkurs" 58,84 NOK
Emissioner er ikke et succeskriterie, med mindre
man sælger ved start.
Det har ikke overbevist mig om, at gå ind igen.
Indtil nu har kursen ikke ændret sig i succesretning,
her til morgen
10/8 2009 15:02 doodha 016543 Så, nu har jeg fået købt nogle REC. Til kurs 45,5 NOK.
Jeg har på fornemmelsen, at REC er så massivt shortet, at der skal et rent katastrofe-regnskab til i morgen, for at den ikke stiger.
...det skulle slet ikke undre mig, om vi kommer til at se noget tilsvarende som Vestas i marts 2003...
Jeg har på fornemmelsen, at REC er så massivt shortet, at der skal et rent katastrofe-regnskab til i morgen, for at den ikke stiger.
...det skulle slet ikke undre mig, om vi kommer til at se noget tilsvarende som Vestas i marts 2003...
11/8 2009 10:51 doodha 016579 Faldt over denne artikel:
http://www.hegnar.no/bors/article387351.ece
Hvor jeg især finder dette interessant:
"- Årsaken til den svake bunnlinjen er at REC revaluerer hele sin 60-milliard store portefølje hvert kvartal, noe som kan gi enorme utslag, forklarer Schultz og mener på så måte at de tilsynelatende elendige tallene er langt fra så dårlige som de kan se ut til å være.
Schultz omtaler bunnlinjen i REC som tilnærmet uvesentlig, da minimale vilkårendringer i porteføljen kan ha katastrofale utslag på bunnlinjen, men kun regnskapsmessig."
Tænk hvis alle selskaber revurderede samtlige aktiver hvert kvartal...
M.h.t. REC må man i øvrigt formode, at med en ret ny direktør er denne vurdering af aktiverne i den nedre ende - eller i alt fald konservative...
http://www.hegnar.no/bors/article387351.ece
Hvor jeg især finder dette interessant:
"- Årsaken til den svake bunnlinjen er at REC revaluerer hele sin 60-milliard store portefølje hvert kvartal, noe som kan gi enorme utslag, forklarer Schultz og mener på så måte at de tilsynelatende elendige tallene er langt fra så dårlige som de kan se ut til å være.
Schultz omtaler bunnlinjen i REC som tilnærmet uvesentlig, da minimale vilkårendringer i porteføljen kan ha katastrofale utslag på bunnlinjen, men kun regnskapsmessig."
Tænk hvis alle selskaber revurderede samtlige aktiver hvert kvartal...
M.h.t. REC må man i øvrigt formode, at med en ret ny direktør er denne vurdering af aktiverne i den nedre ende - eller i alt fald konservative...
11/8 2009 11:37 Hya 016585 De fleste af mine solar aktier i USA steg igår iaftes
måske foregår der sektorrotation over i branchen?
ihvertfald ligger kursen i bund i forhold til tidligere toppe - udfra TA ser det ud som de fleste af aktierne søgte støtte på ma 50 eller ma 200 linjen -
ASTI 3:59pm ET 7.32 0.05 0.68% Chart, Message, Profile, more...
CSIQ 4:25pm ET 19.30 0.90 4.89% Chart, Message, Profile, more...
CSUN 3:59pm ET 5.60 0.19 3.51% Chart, Message, Profile, more...
ENER 3:59pm ET 14.29 0.71 5.23% Chart, Message, Profile, more...
ESLR 4:03pm ET 2.09 0.03 1.46% Chart, Message, Profile, more...
DSTI 3:34pm ET 0.76 0.02 2.56% Chart, Message, Profile, more...
FSLR 3:59pm ET 147.35 0.88 0.60% Chart, Message, Profile, more...
JASO 4:05pm ET 5.34 0.14 2.69% Chart, Message, Profile, more...
LDK 3:59pm ET 11.38 0.26 2.23% Chart, Message, Profile, more...
SOL 3:59pm ET 5.63 0.04 0.71% Chart, Message, Profile, more...
SOLF 4:02pm ET 7.98 0.14 1.79% Chart, Message, Profile, more...
STP 3:59pm ET 18.93 0.71 3.90% Chart, Message, Profile, more...
TSL 3:59pm ET 29.94 1.35 4.72% Chart, Message, Profile, more...
YGE 3:59pm ET 14.06 0.66 4.93% Chart, Message, Profile, more...
REC.OL - - - - Chart, more...
SPWRA 3:59pm ET 30.90 0.21 0.68% Chart, Message, Profile, more...
vh Hya
måske foregår der sektorrotation over i branchen?
ihvertfald ligger kursen i bund i forhold til tidligere toppe - udfra TA ser det ud som de fleste af aktierne søgte støtte på ma 50 eller ma 200 linjen -
ASTI 3:59pm ET 7.32 0.05 0.68% Chart, Message, Profile, more...
CSIQ 4:25pm ET 19.30 0.90 4.89% Chart, Message, Profile, more...
CSUN 3:59pm ET 5.60 0.19 3.51% Chart, Message, Profile, more...
ENER 3:59pm ET 14.29 0.71 5.23% Chart, Message, Profile, more...
ESLR 4:03pm ET 2.09 0.03 1.46% Chart, Message, Profile, more...
DSTI 3:34pm ET 0.76 0.02 2.56% Chart, Message, Profile, more...
FSLR 3:59pm ET 147.35 0.88 0.60% Chart, Message, Profile, more...
JASO 4:05pm ET 5.34 0.14 2.69% Chart, Message, Profile, more...
LDK 3:59pm ET 11.38 0.26 2.23% Chart, Message, Profile, more...
SOL 3:59pm ET 5.63 0.04 0.71% Chart, Message, Profile, more...
SOLF 4:02pm ET 7.98 0.14 1.79% Chart, Message, Profile, more...
STP 3:59pm ET 18.93 0.71 3.90% Chart, Message, Profile, more...
TSL 3:59pm ET 29.94 1.35 4.72% Chart, Message, Profile, more...
YGE 3:59pm ET 14.06 0.66 4.93% Chart, Message, Profile, more...
REC.OL - - - - Chart, more...
SPWRA 3:59pm ET 30.90 0.21 0.68% Chart, Message, Profile, more...
vh Hya
11/8 2009 11:49 Hya 016588 Published: 07:00 11.08.2009 GMT+2 /HUGIN /Source: Renewable Energy Corporation ASA /OSE: REC /ISIN: NO0010112675
REC ASA - 2nd quarter 2009
Oslo, August 11, 2009: Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,308 million in the second quarter 2009, an increase of 9 percent from NOK 2,121 million in the second quarter 2008. For the first six months of 2009, revenue increased by 11 percent to NOK 4,321 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 218 million in the second quarter 2009.
The significant decline in EBITDA mainly relates to; (i) weaker market demand and reduced capacity utilization in REC Solar and REC Wafer, (ii) expansion cost and negative contribution from the ramp-up of new plants of NOK 198 million, (iii) a provision in REC Solar of approximately NOK 308 million for repairs of malfunctioning junction boxes, and (iv) loss on sales and write-down of cell and module inventories of NOK 107 million.
When adjusting for junction box, expansion/ramp-up cost and inventory write-downs (total of NOK 613 million), the underlying EBITDA margin was 36 percent.
The operating profit (EBIT) was NOK -97 million in the second quarter, compared to NOK 716 million in the same quarter in 2008.
REC reported net financial items of NOK -624 million in the second quarter, including net loss on derivatives of NOK 499 million. In the same quarter last year, net financial items were a negative NOK 8 million, including net losses on derivatives of NOK 28 million. Net financial items for the first six months 2009 were NOK -326 million, compared to NOK -259 million in 2008.
Including these effects, loss before tax was NOK 721 million in the second quarter 2009, compared to a profit before tax of NOK 708 million in the second quarter 2008. Loss before tax for the first six months in 2009 was NOK 121 million compared to NOK 1,036 million in 2009.
Earnings per share for the quarter was negative NOK 1.38, compared to positive NOK 1.00 in the second quarter 2008 and positive NOK 0.80 in the first quarter 2009. The earnings per share is calculated on the base of the average number of shares of 494.3 million in the second quarter 2009.
For more information, please see the attachments on www.newsweb.no
Morning program:
REC will release its second quarter results for 2009 on Tuesday August 11, 2009 just after 07:00 AM CET.
On the release day, President and CEO Ole Enger of REC will give a presentation together with other members of the management team. The presentation will take place at 08:00 hrs Norwegian time/CET at the conference centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo (www.oslokonserthus.no).
The presentation, held in English, will be broadcasted live over the Internet, and can be accessed from: www.recgroup.com.
It will also be possible to listen to the presentation through a conference call. Please use one of the following numbers (conference ID, 9458710):
Norway free call: 800 19 641
UK free call: 0800 032 3808
USA free call: 1866 602 0258
International dial in: +44 (0)20 7138 0844
Afternoon program:
REC will further host an analyst conference call with possibilities for questions and answers later the same day at 15:00 CET. Please make sure to dial inn at least 5 minutes ahead of time to finalize your registration:
Norway free call: 800 80 119
International dial in: +47 23 00 04 00
Immediately after the call, a replay of the conference call will be made available. To access, please dial +47 67 89 40 91 and use the following procedure:
Type account number 1524 followed by # (pound-sign) and press 1
Continue by typing the conference number: 524 followed by # (pound-sign) and press 1 to play
For more information, please contact:
Jon André Løkke, SVP and Investor Relations Officer, Tel: +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. REC Solar is a rapidly growing manufacturer of solar cells and modules, and are also engaging in project development activities in selected segments of the PV market. REC had revenues of NOK 8 191 million and an operating profit of NOK 2 529 million in 2008. Close to 3 000 employees work in REC's worldwide organization. Please also see www.recgroup.com.
Q2 2009 results
REC ASA - 2nd quarter 2009
Oslo, August 11, 2009: Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,308 million in the second quarter 2009, an increase of 9 percent from NOK 2,121 million in the second quarter 2008. For the first six months of 2009, revenue increased by 11 percent to NOK 4,321 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 218 million in the second quarter 2009.
The significant decline in EBITDA mainly relates to; (i) weaker market demand and reduced capacity utilization in REC Solar and REC Wafer, (ii) expansion cost and negative contribution from the ramp-up of new plants of NOK 198 million, (iii) a provision in REC Solar of approximately NOK 308 million for repairs of malfunctioning junction boxes, and (iv) loss on sales and write-down of cell and module inventories of NOK 107 million.
When adjusting for junction box, expansion/ramp-up cost and inventory write-downs (total of NOK 613 million), the underlying EBITDA margin was 36 percent.
The operating profit (EBIT) was NOK -97 million in the second quarter, compared to NOK 716 million in the same quarter in 2008.
REC reported net financial items of NOK -624 million in the second quarter, including net loss on derivatives of NOK 499 million. In the same quarter last year, net financial items were a negative NOK 8 million, including net losses on derivatives of NOK 28 million. Net financial items for the first six months 2009 were NOK -326 million, compared to NOK -259 million in 2008.
Including these effects, loss before tax was NOK 721 million in the second quarter 2009, compared to a profit before tax of NOK 708 million in the second quarter 2008. Loss before tax for the first six months in 2009 was NOK 121 million compared to NOK 1,036 million in 2009.
Earnings per share for the quarter was negative NOK 1.38, compared to positive NOK 1.00 in the second quarter 2008 and positive NOK 0.80 in the first quarter 2009. The earnings per share is calculated on the base of the average number of shares of 494.3 million in the second quarter 2009.
For more information, please see the attachments on www.newsweb.no
Morning program:
REC will release its second quarter results for 2009 on Tuesday August 11, 2009 just after 07:00 AM CET.
On the release day, President and CEO Ole Enger of REC will give a presentation together with other members of the management team. The presentation will take place at 08:00 hrs Norwegian time/CET at the conference centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo (www.oslokonserthus.no).
The presentation, held in English, will be broadcasted live over the Internet, and can be accessed from: www.recgroup.com.
It will also be possible to listen to the presentation through a conference call. Please use one of the following numbers (conference ID, 9458710):
Norway free call: 800 19 641
UK free call: 0800 032 3808
USA free call: 1866 602 0258
International dial in: +44 (0)20 7138 0844
Afternoon program:
REC will further host an analyst conference call with possibilities for questions and answers later the same day at 15:00 CET. Please make sure to dial inn at least 5 minutes ahead of time to finalize your registration:
Norway free call: 800 80 119
International dial in: +47 23 00 04 00
Immediately after the call, a replay of the conference call will be made available. To access, please dial +47 67 89 40 91 and use the following procedure:
Type account number 1524 followed by # (pound-sign) and press 1
Continue by typing the conference number: 524 followed by # (pound-sign) and press 1 to play
For more information, please contact:
Jon André Løkke, SVP and Investor Relations Officer, Tel: +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. REC Solar is a rapidly growing manufacturer of solar cells and modules, and are also engaging in project development activities in selected segments of the PV market. REC had revenues of NOK 8 191 million and an operating profit of NOK 2 529 million in 2008. Close to 3 000 employees work in REC's worldwide organization. Please also see www.recgroup.com.
Q2 2009 results
11/8 2009 13:22 doodha 016591 Hvis der generelt er stigninger i vedvarende energi, kan det måske også skyldes, at der foregår klimaforhandlinger i Bonn i denne uge.
Op til topmødet i København til december er der en række møder i FN-regi. Altså bl.a. i denne uge.
(Og næste gang er 28. sept. - 9. okt. i Bankok; herefter 2.-6. nov. i Barcelona - og topmøde 7.-18. dec. i København.)
Op til topmødet i København til december er der en række møder i FN-regi. Altså bl.a. i denne uge.
(Og næste gang er 28. sept. - 9. okt. i Bankok; herefter 2.-6. nov. i Barcelona - og topmøde 7.-18. dec. i København.)
9/9 2009 16:11 doodha 018355 http://www.hegnar.no/bors/article391966.ece
Som jeg har læst det, har en af bekymringerne de seneste 2-3 måneder været, om de vestlige producenter kan klare sig i konkurrencen med de kinesiske, som er billigere men også dårligere. I denne periode er de vestlige solaktier faldet med 35-40%.
Derfor er det, at First Solars store kontrakt - ovenikøbet i Kina! - er et så vigtigt signal for alle vestlige solenergi producenter.
Som jeg har læst det, har en af bekymringerne de seneste 2-3 måneder været, om de vestlige producenter kan klare sig i konkurrencen med de kinesiske, som er billigere men også dårligere. I denne periode er de vestlige solaktier faldet med 35-40%.
Derfor er det, at First Solars store kontrakt - ovenikøbet i Kina! - er et så vigtigt signal for alle vestlige solenergi producenter.
