REC ASA - Final results of the rights issue

Sandvika, July 17, 2009. The final result of the rights issue shows that REC received subscription for a total of 269,474,606 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 notice published on July 14, 2009 following the expiration of the subscription period in the fully underwritten rights issue.
 
REC has today, July 17, 2009, resolved allocation of the new shares to be issued in the rights issue. By the end of the subscription period, REC had received subscriptions for a total of 269,474,606 new shares. Major existing shareholders being part of the underwriting agreement have subscribed for a total of approximately 101 million new shares according to their underwriting obligation. 170,453,354 new shares were offered. The rights issue was oversubscribed by close to 60 percent and consequently the underwriting commitments were not utilised.
 
Approximately 99 percent (approximately 168.8 million shares) of the offered shares, were subscribed for by utilising subscription rights. Approximately 59 percent (approximately 100.7 million shares) of the offered shares were oversubscribed or subscribed for without subscription rights.
                                           
Based on the allocation principles described in the prospectus dated June 23, 2009, approximately 168.8 million new shares were allocated to subscribers according to held subscription rights. Approximately 1.7 million new shares were allocated to holders of subscription rights that oversubscribed. No allocation was made to subscribers without subscription rights.
 
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 today, July 17, 2009.
 
Through the rights issue, REC will receive proceeds amounting to approximately NOK 4,517 million before transaction costs.
 
The payment for the new shares falls due on July 21, 2009 in accordance with the payment procedures described in the prospectus.
 
The new shares may not be transferred or traded before they are fully paid and the share capital increases have been registered with the Norwegian Register of Business Enterprises and the new shares registered in the VPS. 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.
 
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.