Sandvika, July 10, 2009; With reference to the ongoing rights issue announced on May 19, 2009, the following primary insider transaction will be undertaken:
Primary insider Tore Schiøtz (Board member in REC ASA) has subscribed to
86 206 new shares according to all the subscription rights received. After this transaction, Mr. Schiøtz and related parties hold 336 206 shares in REC.
Primary insider Jon Einar Kristensen (Deputy employee elected representative to the Board) has sold his 413 subscription rights at a price of NOK 17.90 per subscription right. After this transaction, Mr. Kristiansen and related parties hold 1200 shares in the company.
The allotment of potential oversubscription by primary insiders will be done on or about July 17, 2009, and will subsequently be announced.
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com
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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Hong Kong or Japan.