En eller fler aksjonærer har skapt et brev/utkast som man kan bygge videre på om man vil sende til styremedlemmer og ledelsen.
De som ønsker gjør dette, de som ikke ønsker dette bare overser denne postingen.
Og man må selvsagt lese igjennom og stå inne for innholdet før man event sender det videre.
Jeg takker de som har laget det og har sendt en mail til selskapet som jeg anser som min plikt.
Oppfordrer fler til å gjøre det samme, om man har bi-smak i munnen av budet på 2.2 kr aksjen.

Nedenfor er brevet:

Dear Members of the Board,

As shareholders of REC Silicon ASA, we wish to express serious concerns regarding the Board’s recommendation to accept the voluntary offer from Anchor AS at NOK 2.20 per share.

Our concern is not only related to the offer price, but more fundamentally to the process that led to the recommendation.

It appears that the Board’s decision relies almost exclusively on a “fairness opinion” provided by Arctic Securities. There is no indication that the Board has actively explored or considered alternative strategies to maximize shareholder value — such as asset sales, strategic partnerships, or alternative restructuring solutions.

Given REC Silicon’s unique position in the growing domestic market for specialty gases and silane, particularly in relation to the semiconductor and silicon anode industries, it is highly relevant to ask whether more value-preserving alternatives were available but not pursued.

The coming year will be critical, as players like Sila Nanotechnologies and Group14 Technologies are advancing toward qualification with major automotive manufacturers. If successful, the demand for silane gas could accelerate rapidly. In addition, Cenate and potentially other emerging players are approaching key investment decisions that could further expand the market.

These developments highlight the strategic importance of fully exploring alternative paths before recommending an offer that risks transferring significant latent value away from minority shareholders.

Furthermore, if no competing offers or alternative proposals emerge from potential industrial buyers such as Sila Nanotechnologies, Group14, Air Liquide, or others at this stage, it would seem unlikely that such opportunities would materialize following a bankruptcy scenario. It is therefore reasonable to consider whether the current offer serves not only as an acquisition attempt but also as a strategic move by Hanwha to provoke action from other parties who may otherwise have hesitated to engage.

We also wish to remind the Board that its actions must be fully compliant with Norwegian corporate law, including the fiduciary duty to act loyally and in the best interests of all shareholders — not solely those of the majority shareholder group.

As a final observation, it is important to highlight that REC Silicon has reported substantial deferred tax assets connected to prior operational losses in both the U.S. and Norway. Although the extent to which these assets can be realized remains uncertain, their existence represents a significant hidden layer of value that has not been properly acknowledged in the current offer.

Any process that results in this value being effectively transferred to the main shareholder, without fair treatment of minority shareholders, would raise serious concerns about the handling of fiduciary responsibilities. We will continue to monitor this closely.

Given the increasing shareholder attention, it is also likely that media scrutiny on the process could intensify if concerns regarding fairness and corporate governance are not properly addressed.

While we have serious reservations about the process, we would like to close this message on a constructive note.

We are genuinely curious whether the Board views the offer price of NOK 2.20 as a generous reflection of the Company’s underlying value.

We respect that you may have your reasons for supporting the offer. However, as you are surely aware, the prevailing sentiment among the broader shareholder base is that the offer is viewed as deeply inadequate.

It remains to be seen whether this represents a serious final offer, or merely an opening position. We believe that an offer would need to be significantly better than the current price to be taken seriously.

It is also important to recognize that a large portion of shareholders today seem prepared to take the risk associated with a potential bankruptcy process — because there is a strong conviction that the Company’s asset values, even in liquidation, would exceed the value implied by the current offer after deducting debt.

We trust that the Board will reflect carefully on these considerations as you move forward.