Kernel won the first court case against minority shareholders
10.12.2024 - 13:50
The District Court of Luxembourg has ruled in favor of the agricultural holding company Kernel.
Kernel Holding S.A., registered in Luxembourg, has won the first court case against a group of minority shareholders, the Warsaw Stock Exchange reported on December 9.
Thus, on November 27, the District Court of Luxembourg issued a ruling, according to which the claims of the minority shareholders were declared inadmissible and, as a result, dismissed.
A group of minority shareholders filed a lawsuit against Kernel and its majority shareholder Namsen Limited to obtain the suspension of the resolutions adopted at the company’s annual general meeting on December 11, 2023.
As a result, the court dismissed the lawsuit and ordered the minority shareholders to pay procedural damages to the company and Namsen Limited.
The company emphasizes that this case is one of five proceedings initiated by the same group of minority shareholders in connection with the intended delisting of shares from the Warsaw Stock Exchange, the increase in share capital in 2023 and the decisions of the 2023 annual general meeting of shareholders.
“Kernel Holding S.A. remains steadfast in its defense and is confident that all remaining claims will be dismissed in a similar manner,” the company said in a statement.
As a reminder, on May 15, 2023, Kernel filed an application with the Polish Financial Supervision Authority to delist its shares from the Warsaw Stock Exchange (WSE). Officially, Kernel explained its decision to leave the exchange by saying that the company no longer sees any benefits from being on the Warsaw Stock Exchange.
The minority shareholders are appealing the decision of Kernel’s board of directors to delist. The Polish Financial Supervisory Authority (PFSA) will not issue a decision on granting permission to withdraw Kernel shares until the conclusion of the trial at the District Court of Luxembourg.
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