24-11-2014 08:30:20

REC Solar ASA: Announcement of agreement of sale of the business of REC Solar ASA to Bluestar Elkem Investment Co. Ltd. (Hong Kong)

Oslo/Hong Kong 24 November 2014 - REC Solar ASA ("REC Solar" or the "Company"), acting through a subsidiary,  has reached an agreement with Bluestar Elkem Investment Co. Ltd. (Hong Kong) ("Bluestar Elkem"), whereby Bluestar Elkem will purchase 100% of the shares in a Luxembourg company (to be established) which will own REC Solar Holdings AS and all of the assets and liabilities of REC Solar at a cash purchase price equal to NOK 108.50 per share in REC Solar (the "Transaction").

The Transaction represents a premium of 22.6 % and 27.1% to the 1 and 3-month volume weighted average share price, respectively. The total cash consideration is NOK 4,340 million.

The Transaction is subject to approval by an extraordinary general meeting of REC Solar, expected to be held no later than 16 January 2015 (the "EGM").

The Board of Directors of the Company has unanimously resolved to recommend the Transaction to its shareholders. Further, Datum AS, Ferncliff Listed DAI AS, Ferncliff TIH 1 AS, Gross Management AS, QVT Fund IV LP I, QVT Fund V LP I, Quintessence Fund LP and Dallas Asset Management AS, holding a total of 20.2% of the outstanding shares of the Company, have on certain conditions entered into undertakings not to sell any shares before the EGM and to vote in favor of the Transaction at the EGM. Ferncliff Listed DAI AS, Ferncliff TIH 1 AS, and Gross Management AS are controlled by Øystein Stray Spetalen, a board member and primary insider of the Company and Dallas Asset Management AS is controlled by Jan Christian Opsahl, a board member and primary insider of the Company.

Ole Enger, the Chairman of REC Solar, comments: "This proposed Transaction is a result of an extensive and broadly marketed process where the Company has explored opportunities to maximize value for shareholders. We are pleased that we today are in position to announce the combination of the Elkem Group and REC Solar. The Board of Directors of REC Solar views the combination as a positive outcome for the Company, its excellent workforce and other stakeholders, and we look forward to working with the Elkem Group to complete the Transaction. The Board believes that a combination with the Elkem Group will provide a strong platform to further develop REC Solar."

Helge Aasen, the CEO of Elkem AS, comments: "The Elkem Group has a strategic goal to grow its presence in the solar industry. The ambition is to establish a leading integrated PV player. The Elkem Group and REC Solar have developed a strong business relationship and there is a good strategic match between the companies ensuring that a combined entity will have a strong basis for further development of the business by leveraging REC Solar's leading global brand, strong distribution channels and reputation for quality."

The Transaction is not subject to any financing condition, but is subject to other customary conditions including all required regulatory approvals. REC Solar has undertaken not to actively solicit offers from third parties which would compete with the Transaction, and has accepted a cost coverage fee of USD 10 million if the Board of the Company changes its recommendation of the Transaction and the Transaction is not completed due to a superior offer. The Transaction is expected to be completed in March/April 2015. The Board of Directors of REC Solar expects thereafter to delist and liquidate the Company and return all cash, net of transaction costs, to shareholders.

Nomura International plc is acting as financial advisor to REC Solar in connection with the Transaction. Cipriano AS is acting as strategic advisor to REC Solar in connection with the Transaction. Advokatfirmaet Schjødt AS is acting as legal advisor to REC Solar in connection with the Transaction.

REC Solar has entered into an agreement with the Chairman of the Board, Ole Enger, regarding his services related to the transaction, as approved by the Company's general meeting on 29 November 2013.

DNB Markets is acting as financial advisor to Bluestar Elkem in connection with the Transaction. Thommessen is acting as legal advisors to Bluestar Elkem in connection with the Transaction.

A press conference will be held today at 1300 CET at Hotel Continental at Stortingsgaten 24/26, 0117 Oslo. Please see www.recgroup.com for webcast streaming details.  Representatives for both REC Solar ASA and Elkem Group will participate.

For further information, please contact;

Mr. Ole Enger, Chairman of the Board of Directors

Telephone: +47 911 38 223

Email: ole.enger@recgroup.com

Mr. Kim Boman, Investor Relations

Telephone: +47 959 63 912

Email: kim.boman@recgroup.com


Elkem Group

Elkem is one of the world's leading companies for environment-friendly production of materials. Its principal products are silicon, solar grade silicon, special alloys for the foundry industry, carbon products and microsilica. Elkem has 14 production facilities in Europe, North and South America, Africa and Asia, as well as an extensive network of sales offices and agents covering the most important markets. The Elkem Group employs about 2,100 people. Operating revenues for the Elkem Group in 2013 were NOK 7.9 billion. Find out more about Elkem at www.elkem.com

About REC Solar


REC Solar ASA is a leading global provider of solar energy solutions. With more than 15 years of experience, REC Solar ASA offers sustainable, high performing products, services and investments for the solar industry. Together with its partners, REC Solar ASA creates value by providing solutions that better meet the world's growing energy needs. REC Solar ASA is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL). REC Solar ASA's 1,700 employees worldwide generated revenues of USD 647 million in 2013, with total assets of USD 450 million as per 31 December 2013. REC Solar ASA's board of directors consists of Ole Enger (Chairman), Øystein Stray Spetalen, Jan Christian Opsahl, Anne Lise Meyer and Mimi Berdal. Martin Cooper is the company's CEO. Find out more about REC at www.recgroup.com.

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

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: REC Solar ASA via Globenewswire



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