REC Silicon – Board composition

Reference is made to the extraordinary general meeting that was held in REC Silicon ASA (“REC” or the “Company”) on 21 October 2022 where a new board was elected, and to the background information published by the company on 14 October 2022.

The board of directors of REC Silicon elected on 21 October 2022 would like to thank the shareholders of the company for their confidence and the former board of directors for their valuable contributions to the company. The board confirms its commitments as expressed in the statement from 14 October 2022.

The board has taken note of the investor feedback articulated by Lodbrok Capital as well as feedback received from other investors, many of which are supportive of what the company has achieved and the strategy going forward.

The board believes that with the important work facing the company going forward, it is in the interest of the company to supplement the board with one more director to complement the competence represented by the four current board members.

There is already a search ongoing by the nomination committee to identify such candidates, which predates the receipt of the original shareholder letter from Lodbrok Capital. The board expects that it will call for an extraordinary general meeting in the near future where the appointment of one more board member will be on the agenda. The board anticipates that the nomination committee will propose a candidate who is independent of the major shareholders.

We do hope that this additional information gives our shareholders confidence in the board and nomination committee’s intention to comply with good standards of corporate governance, both in terms of the board composition and also in the case of related party transactions, consistent with our previous announcements.

For further information, please contact:
Nils O. Kjerstad IR Contact
Phone: +47 9135 6659
Email: [email protected].

About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine over 30 years of experience and proprietary technology with the needs of our customers, with annual production capacity of more than 20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: RECSI), the Company’s registered address is in Lysaker, Norway.

For more information, go to: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act