Kernel buys back its shares worth USD 48 mln

Kernel, an agricultural holding founded and chaired by Andrei Verevskiy, announced the purchase of its own shares through its subsidiary Etrecom Investments Limited for about USD 47.85 mln.

The company's Board of Directors is authorised to repurchase up to 3,780,000 shares through the buyer, i.e. Etrecom Investments. The proposed price for each share will be not less than PLN 50 and not more than PLN 60 per share.

The maximum total consideration allocated by the buyer for the purposes of this particular Invitation shall not exceed PLN 189 mln or around USD 47.38 mln (as of Jan. 19), the statement reads.

The opening date for tenders is 21 January 2022 and the closing date is 27 January 2022.

The indicative date of publishing the buyback price and the number of shares to be purchased is not later than 31 January 2022. The buyback settlement indicative date is 3 February 2022.

Earlier Kernel reported UAH 1.22 bln of taxes paid in 2021.

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