Kernel to buy back shares equivalent to USD 250 mln

At the annual general meeting of Kernel Holding S.A. shareholders on 30 August, a buyback of the company shares will be considered. The board of directors suggests that shareholders authorize a purchase of 19.2 mln shares equivalent to USD 250 mln.

The price per share upon buyback shall not be less than PLN 50 or USD 12.99 (as of 30 July 2021) and not more than PLN 65 or USD16.89.

"The board of directors of the company is also authorized to establish the detailed terms and conditions of the acquisition of own shares in limits specified in this resolution, but in any case with the assurance of equal and proportional access by shareholders to exercise the right to sell shares," the general meeting agenda reads.

Authorization to the board may be granted for a period of two years.

For context, the General Meeting of Shareholders is the highest governance body of the Company, having the broadest power to order, carry out or ratify all acts relating to the operations of Kernel Holding S.A.

Since late June 2020, Kernel shares are traded on Ukrainian Stock Exchange.

The market cap of the company decreased by 5.4% to USD 1 036 mln as of July 28.

In Q4 FY2021, Kernel processed 33% less oilseeds at its oil-extraction plants due to a weaker raw material supply.

Egypt's GASC purchased 60 thou. t of wheat offered by Inerco Trade, a subsidiary of Kernel.