REC Solar to list around Oct 25

Sep 16, 2013 - Norwegian firm Renewable Energy Corp ASA (OSL:REC) said today it would list its solar arm REC Solar on the Oslo Stock Exchange on or about October 25.

The company’s shareholders will vote on the unit’s spin-off, which will be executed through a NOK-800-million (USD136m/EUR102m) share offering to existing stockholders, at an extraordinary general meeting on September 23. The listing was previously scheduled for October 18.

Under the transaction, at the end of the trading session on September 23 the parent company's shareholders will get non-tradable REC Solar subscription rights depending on their shareholding in REC. They will have the right to subscribe for one new share in Singapore-based REC Solar for each 58 units they hold in REC for NOK 20 per share. Oversubscription is not planned. Following the fully-underwritten share placement, REC’s shareholders will be able to keep the same interest in REC Solar as in REC.

REC will publish a prospectus of the placement on October 3, with the subscription period planned to take place between October 4 and October 18.

(NOK 1.0 = USD 0.170/EUR 0.127)

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