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Kernel majority shareholder to offer to buy minorities out for below market price

KYIV. March 7 (Interfax-Ukraine) – Andriy Verevsky’s Cyprus-registered Namsen Limited, the biggest shareholder in Ukraine’s Kernel agricultural group, is initiating the delisting of Kernel shares on the Warsaw Stock Exchange and plans to announce a tender offer to buy back the shares, the Trigon DM brokerage said.

The offer will concern 52,057,219 shares or 61.9% of share capital. The buyback price is set at PLN 18.5 per share.

The last deals with Kernel shares on Monday were made at a price of PLN 20.6 per share, which is 10% below the current market price.

Namsen Ltd owns around 39.16% of Kernel shares.

In fiscal year 2022 (FY, July 2021-June 2022), the holding received a net loss of $41 million against $506 million of net profit in the previous FY, its revenue decreased by 5%, to $5.332 billion, and EBITDA decreased by 3.7 times – to $220 million.