74 million shares, an upcoming crowdfunding campaign, and broad coverage in the financial press
It has been just over three weeks since the initiative was launched, and the latest status shows support amounting to 74 million shares. However, we still need your contribution! If you have legal experience, media training, expertise in internal audits/investigations, or suggestions for potential board members, we encourage you to get in touch.
So far, we have chosen a low-key communication strategy. Nevertheless, the initiative has been covered by E24, DN, and Finansavisen. Among these, we found the article in E24 particularly compelling. Titled “Time for an investigation?”, the article raises the question of whether the most critical priority for shareholders is to ensure that REC Silicon's board and management make sound decisions going forward, or to scrutinize the company's history and, in particular, the decisions made by its board and management. Perhaps the conclusion is simple: Why not both?
We are working internally to gather and document relevant events. As the article points out, this material is essential to persuade the courts that an investigation is both legitimate and necessary. At the same time, thorough preparation will contribute to a cost-effective process.
Crowdfunding through a Spleis campaign
To cover the costs of a legal process, we plan to launch a crowdfunding campaign, allowing all shareholders to contribute financially. Our proposed contribution is symbolic: just one øre per share you own. For example, if you own 100,000 shares, your contribution would be NOK 1,000. Contributions will be deposited into a client account managed by a lawyer, and any unused funds will either be returned to contributors or donated to a charitable cause.
What’s in it for you? A “kinder egg” effect
- Your rights as a shareholder will be safeguarded.
- A thorough investigation into historical events, with a focus on any potentially liable actions.
- Updated information delivered to the email address you provide when making your contribution.
Interest from media – but limited investigative journalism so far
We welcome and support investigative journalism. REC Silicon has 32,000 shareholders, and the stock is frequently discussed in various forums. How the funds of tens of thousands of Norwegian shareholders and small investors have been managed in recent years should be of significant public interest.
Anonymity and future plans
We have noted that some forum participants express skepticism about the initiative's anonymity. Those involved in this effort are volunteering in their spare time, and we have other jobs, roles, and commitments that define our identities and occupy most of our time.
A future step could be an open letter to the board or a call for a general meeting. In such a situation, it would be natural for one or more of us to step forward with names and residences. If and when we approach a vote at an extraordinary general meeting, we envision a more active approach to the media, including going public.
Conclusion
We hope the initiative and its accompanying media coverage will encourage the board to make decisions that protect shareholder value and find solutions for the future that will MakeRECgreatAgain.
