Rec to raise NOK 1 billion in share issuance – E24

It arises from a stock announcement for the company on Wednesday afternoon. The news comes the day after a new job at work was rekindled to get the Moses Lake plant operation back on track in Rec.

Kjell Inge Røkke’s Aker, who is also the company’s largest shareholder, will contribute NOK 300 million to the share issue through Aker Capital, according to the announcement.

In addition, DNB Asset Management will buy shares for NOK 150 million.

Arctic and Pareto have been hired as facilitators.

The company will use the capital to expand investments and activity in Butte and Mosessjøen, in addition to general purposes, they write.

The issuance period began with the stock exchange closing on Wednesday and will end before opening on Thursday, according to the announcement. The company directory will also consider a repair issue.

Bykset in Børsen on Tuesday

Rec had a great day on the Oslo Stock Exchange on Tuesday and jumped about 65 percent. On Wednesday, the stock jumped early and traded higher during the day, but closed down 0.52 percent.

However, during 2020, participation has increased to 327 percent.

This is very good news for Kjell Inge Røkke and her industrial conglomerate Aker, who bought 22.95 percent of Rec’s shares in December 2019.

Aker Capital Company originally bought Rec’s shares for NOK 85 million. After the stock market closed on Tuesday, the shares were worth more than NOK 734 million.

This gave Røkke and Aker a paper profit of around NOK 650 million.

Collaboration News

Tuesday’s violent stock market jump came after news of two collaborations within the production of solar cells and batteries, respectively:

• With solar energy company Violet, Rec Silicon signs an agreement to establish a supply chain for solar cells at the company’s Moses Lake facility in Washington, USA.
• At the same time, the company announces that it will join forces with Group14 Technologies to develop a new type of lithium-ion battery at the Moses Lake plant.

Tax case abandoned

Rec Silicon also refers to the message the company sent on October 1. It was revealed that the Norwegian Central Tax Office has dropped a case that was pending against the company.

This means that the company reverses a previous provision of $ 21.9 million and accrued interest of $ 4.6 million.

Overall, Rec Silicon’s shareholders’ equity increased by $ 26.5 million, according to the company. At the end of June, the net worth was recorded at -49.9 million dollars.

Changes will be posted to Rec accounts for the third quarter.

The tax case concerned that the Central Tax Office announced a revision of the equations for fiscal years 2009 through 2011 inclusive.

According to Rec’s quarterly report, questions were raised about how Rec had deducted losses from the loans and guarantees that the company had provided to the group’s subsidiaries.