Kernel founder Verevskyi announces buyout of company shares
Namsen Limited, a legal entity directly controlled by Andrii Verevskyi, Chairman of the Board of Directors of Kernel, announced a buyout of the remaining shares of Kernel Holding S.A.
Andrii Verevskyi owns 38.05% of the agricultural holding's shares through Namsen. Following the transaction, Verevskyi's company will be the sole shareholder of Kernel.
The buyout price is PLN 18.5 per share (about $4.29 at the current exchange rate). The total number of shares to be purchased by Namsen Limited is 52.057,219. The amount the company plans to spend on the stock purchase exceeds USD 223 million.
Buyout offers are accepted from March 31 to May 4.
Kernel shares are traded on the Warsaw Stock Exchange and the Ukrainian Exchange. Since February 2022, the share price has fallen from PLN 50 to the current level of PLN 18.55. The low proposed price for the buyout is supported by the fact that Kernel earned a net profit of USD 368 million in July-December 2022, and the company's market capitalization is currently only USD 326 million (February 15, 2022: USD 1134 mln).
