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Kernel to buy back its shares for PLN 193.62 mln
KYIV. Sept 21 (Interfax-Ukraine) – Etrecom Investments Limited (Cyprus), a subsidiary of Kernel agricultural holding, intends to buy back 3.227 million Kernel shares at a price of PLN 60 per share for a total of PLN 193.62 million, the agricultural holding said on the Warsaw Stock Exchange (WSE).
"In early September, Kernel announced that its subsidiary Etrecom Investments Limited wants to buy up to 3,872,400 shares of Kernel. The share price should have been no less than PLN 50 and not higher than PLN 65. Acceptance of offers for sale began on September 8 and lasted until September 15," the report says.
Thus, Etrecom Investments Limited intends to buy back 83.3% of the volume of shares planned for purchase.
According to the WSE, since the beginning of the year, Kernel’s share price has increased 1.6 times – from PLN 39.25 to PLN 63.3.
Earlier Kernel Holding S.A. (Luxembourg), the holding company of Kernel agro-industrial group, at an extraordinary meeting of shareholders decided to buy back up to 19.2 million of its shares for a total of $ 250 million within two years, while the purchase price of shares must be no less than PLN 50 and no more than PLN 65.
The buyback decision was made because the company and its subsidiaries have accumulated significant liquidity and do not have any attractive new investment opportunities in the short term. At the same time, the agricultural holding clarified that the ratio of its net debt to EBITDA as of March 31, 2021 at 1.4x is a comfortable indicator for doing business.
Kernel is a large producer and exporter of sunflower oil, operating in the production, export and domestic sales of sunflower oil, crop production, export of grain crops, provision of services for storage and transshipment of grain at elevators and port terminals.
