#USA #Jacksonville #Water Street Capital #REC Silicon #Hanwha Solutions

Water Street Capital Proposes Independent Director Candidates for REC Silicon's Board

In a strategic move aimed at preserving the independence of REC Silicon and increasing shareholder value, Water Street Capital, Inc. has revealed its nominated slate of independent directors for the Company’s upcoming annual general meeting (AGM) scheduled for June 25, 2025. Water Street, a long-term, value-focused private investment firm, collectively holds 8.26% of REC Silicon ASA’s outstanding common stock.

The Need for Change

The urgency for this change stems from Water Street’s significant concerns regarding a recent proposal by REC Silicon’s largest shareholder, Hanwha Solutions Corporation. Hanwha proposed to acquire all shares of REC Silicon at an undervalued price of NOK 2.20 per share. Water Street argues that this price severely undervalues REC Silicon's assets and intellectual property by over 90%, hence failing to recognize the company’s growth potential in silane gas products, which are vital in various industries.

Gilchrist Berg, Founder and Principal at Water Street, emphasized this point, noting, "The current Board, which notably includes several executives from Hanwha, has demonstrated a lack of commitment to safeguarding the best interests of both REC Silicon and its shareholders. The proposed acquisition by Hanwha, if executed, would undermine the value of the intellectual property and hard work contributed by numerous employees."

A Strong Slate of Candidates

Water Street’s proposed directors are equipped with extensive industry knowledge and management experience, poised to advocate for the benefit of all REC Silicon shareholders—whether large or small. The nominees include:

1. Dave Keck: Currently the President of Advanced Material Solutions, Keck brings a wealth of experience from his tenure in roles at GT Advanced Technologies, including CEO, where he played a crucial role in restructuring the company following its bankruptcy.
2. Chris Greig, PhD: A leading researcher at Princeton University, Greig combines his academic prowess with a strong industrial background. His focus on energy and environmental technologies positions him as an ideal candidate for modern challenges in these sectors.
3. John Adams: A Principal at Water Street Capital, Adams has held various significant financial and operational roles throughout his career, demonstrating a robust understanding of economics and business management.
4. Karina Fossmark: As the founder of Oldermann Law Firm, she specializes in complex financing and corporate turnarounds, making her a versatile asset, especially amid the changing financial landscapes.
5. Jane Power: An independent equities trader with a rich background in commodities and corporate strategy, Power also has a commitment to advancing women in leadership, underscoring her suitability for the Board.

Call to Action for Shareholders

With the AGM approaching, Water Street is actively encouraging all shareholders of REC Silicon to vote in favor of their independent director nominees. The firm believes this step is critical in ensuring the preservation of the Company’s independence and enhancing its value for shareholders. Berg stated, “We are committed to advocating for all REC Silicon shareholders and ensuring that their interests are represented.”

Registration Details for the AGM

The upcoming virtual AGM for REC Silicon will take place at 1:00 PM CET on June 25, 2025. Shareholders interested in participating are required to log in using their reference numbers and pin codes sent to them through investor services. For more information, shareholders can visit the official REC Silicon website or contact the designated bank representative.

As the corporate landscape continues to evolve, Water Street Capital’s initiative marks a pivotal moment for REC Silicon, representing a unified effort to seek accountability, foster growth, and maximize shareholder value amidst rising industry demands.