REC: Further information on the subsequent offering
27. June 2012 | By: RECReference is made to the stock exchange notices of June 22, 2012. The board of directors (the "Board of Directors") of Renewable Energy Corporation ASA ("REC" or the "Company") has after thorough considerations decided to propose to the EGM that the EGM authorizes the Board of Directors to conduct a subsequent offering with gross proceeds of up to NOK 375 million (the "Subsequent Offering"). The increase of NOK 75 million has been accepted by all the investors that participated in the private placement.
The Subsequent Offering will be directed towards existing shareholders of the Company as of June 21, 2012 (as documented by the shareholder register in the VPS as of June 26, 2012), who were not invited to participate in the private placement. Each existing share held as of this date will give the eligible holder a right to subscribe for approximately 0.58 new shares in the Company. The subscription rights will not be tradable. Oversubscription will be allowed.
The subscription price in the Subsequent Offering will be NOK 1.50 per share, and the number of shares offered will hence be 250 million. The subscription period for the Subsequent Offering is expected to commence in August/September 2012. The Subsequent Offering is conditional upon completion of the private placement and hence also on satisfaction of the previously announced conditions for the completion of the private placement.
The Company expects to publish the EGM notice on or about June 29, 2012 and the EGM is expected to be held on or about July 20, 2012.