The entrance to REC Silicon in Moses Lake. A UK-based investment group is asking the company to delay an upcoming meeting to appoint new members to the company’s board of directors, noting that it would give Hanwha Solutions half the seats on the board while the South Korean electronics and chemical company only holds one-third of REC shares.
October 11, 2022
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UK investment fund asks REC to delay corporate board meeting
LONDON — A U.K.-based investment group is asking Norway-based REC Silicon to delay an upcoming board of directors meeting after expressing concern about the board’s makeup and future arrangements to supply the company’s products to its largest shareholder, South Korea-based Hanwha Solutions, according to a letter made public on Monday. In a letter made public on Businesswire, London-based Lodbrok Capital — which states it owns 5.2 million shares in REC and holds close to 20% of the company’s outstanding secured debt — has asked REC to delay its upcoming Oct. 21 board of directors meeting out of concern that the South Korean company, which is the largest shareholder in REC, could secure a majority of the company’s board of directors...