This is to follow up on the exchange of the Parent Company guarantee. Let me please flag that the matter is now becoming time critical and summarize for also for your bank:
1. By the time the modules were purchased, REC Modules Pte. Ltd. (Singapore) was owned by Renewable Energy Corporation ASA. Intermediate holding company and provider of the Parent Company Guarantee (PCG) was a company called REC Solar AS (Norway).
2. In autumn 2013, Renewable Energy Corporation ASA spun off the solar division and sold it to a listed company called REC Solar ASA. Companies sold included REC Modules Pte. Ltd. – however REC Solar AS was not sold and still owned by Renewable Energy Corporation ASA, which was meanwhile renamed to REC Silicon ASA
3. We have been offering replacement of the PCG by our intermediate group holding REC Solar Holdings AS.
4. We cannot make any statements with regards to financial strength of REC Solar AS as we do not own this legal entity. However I was informed by REC Silicon ASA this morning that REC Solar AS will be liquidated shortly – probably in still in 2015 or early 2016. Please find email from REC Silicon ASA attached including organization chart showing the position of REC Solar AS (= your PCG provider) within REC Silicon ASA. Again we would like to stress that REC Silicon ASA is a completely different company, we are not owned by and we have no financial connections with. We also emphasize we have no influence on REC Silicon ASA’s decision to liquidate REC Solar AS. In this case, your PCG would become worthless.
5. Should you be interested in the exchange of the PCG, kindly let us know asap by end of this week. We only wanted to offer an improvement for you well ahead in time reflecting 2013’s company split and move the PCG to our company group where it belongs - however the whole topic has been dragging quite for a long time now.
6. In order to complete the exchange we would to present the original PCG to REC Silicon ASA soonest possible date.