REC ASA - Rights issue oversubscribed

Sandvika, July 14, 2009. Preliminary counts indicate that REC received subscriptions for a total of approx. 269 million new shares. 170,453,354 new shares were offered. Thus, the rights issue was oversubscribed by close to 60 percent.
 
Reference is made to the prospectus dated June 23, 2009 regarding the fully underwritten rights issue of 170,453,354 new shares in REC at a subscription price of NOK 26.50 per new share, with subscription rights for existing shareholders as of the end of June 22, 2009.
 
The subscription period in the rights issue expired yesterday, July 13, 2009 at 17:30 (Oslo time). By the end of the subscription period, preliminary counts indicate that REC had received subscriptions for a total of approx. 269 million new shares. 170,453,354 new shares were offered.
 
Allocation of shares to the subscribers is expected to be resolved by the board of directors of REC on or about July 17, 2009 in accordance with the allocation criteria set out in the prospectus. The final result of the rights issue is expected to be published through Oslo Børs' information system on or about July 17, 2009 and notifications of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed in letters from VPS on or about the same date.
 
The payment for the new shares falls due on July 21, 2009 in accordance with the payment procedures described in the prospectus.
 
Through the rights issue REC will receive proceeds amounting to approximately NOK 4,517 million before transaction costs.
 
It is expected that the share capital increase pertaining to the new shares will be registered in the Norwegian Register of Business Enterprises on or about July 23, 2009 and that the new shares will be delivered to the subscribers' VPS accounts on or about July 24, 2009.
 
The share capital of REC will, as a consequence of the rights issue, be increased with NOK 170,453,354 by issue of 170,453,354 new shares. Following registration of the share capital increase, the Company's share capital will be NOK 664,768,079 divided into 664,768,079 shares.
 
For the rights issue, DnB NOR Markets acted as Global Coordinator and Joint Bookrunner, and ABN AMRO, BNP Paribas and Nordea Markets acted as Joint Lead Managers and Joint Bookrunners.
 
For more information, please contact;
Jon André Løkke, SVP & Investor Relation Officer, +47 907 44 949
 

About REC
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.