Renewable Energy Corp ASA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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Renewable Energy Corp ASA Proposes Separation Of REC Silicon And REC Solar
Renewable Energy Corp ASA (REC) announced that it proposes to separate its silicon and solar businesses. REC will establish REC Solar as an independent listed company. REC will offer all shares in REC Solar to REC shareholders. An offering of the shares in REC Solar, valued at NOK800 million, has been underwritten by the largest shareholders of REC. All REC ASA shareholders will receive non-tradable subscription rights in REC Solar. Shareholders are also invited to join the guarantee consortium. Both companies will improve their financing, with REC Solar being established as a debt-free provider of solar panels and solutions. The Board of Renewable Energy Corporation ASA (REC) has decided to call for an Extraordinary General Meeting (EGM) to consider a separation of REC Solar from REC. It will be proposed that REC shareholders are offered to purchase the shares of REC Solar in an oversubscribed and fully underwritten offering (the "Offering"), valuing the equity of REC Solar at NOK 800 million. REC Solar will seek listing on the Oslo Stock Exchange. All shareholders in REC as of the date of the EGM will receive non-tradable subscription rights to their portion of the shares of REC Solar. They will thus be able to maintain the same ownership stake in REC Solar as they currently hold in REC. Oversubscription will not be possible, but a syndicate established by some of REC's largest shareholders guarantees subscription for any shares in REC Solar not subscribed in the Offering.
Latest Developments for Rec Silicon ASA
- REC Silicon ASA has Jens Ulltveit-Moe as Chairman
- Renewable Energy Corp ASA Appoints Mr. Ole Enger as President & CEO and Mr. James May as CFO
- Renewable Energy Corp ASA Sells Subsidiaries in REC Solar Segment to REC Solar ASA
- Renewable Energy Corp ASA's Shareholders Approve Split of REC and Name Change to REC Silicon ASA
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