Grant Thornton raised the price of Kernel shares for sell-out

The company selected by the Luxembourg financial regulator has determined the fair price of shares of the agricultural holding Kernel for the mandatory buy-out procedure.

This is stated in the company’s stock exchange announcement, Interfax-Ukraine reports.

Grant Thornton, engaged by the Luxembourg financial regulator CSSF for an independent valuation, has determined the fair value of shares of the agricultural holding Kernel for the mandatory buy-out procedure (sell-out) at PLN 19.93 per share.

The new valuation is only 2.5% higher than the previous one prepared by KPMG in July 2025, when the fair price of shares was determined at PLN 19.45.

Both valuations were made as of May 28, 2025. At the close of trading on the Warsaw Stock Exchange on Thursday, June 25, Kernel shares were worth PLN 19.44, which corresponded to a market capitalization of PLN 5.7 billion.

Grant Thornton said that it used several methods of determining the value of shares with different specific weights during the valuation. For comparison, KPMG based its valuation on the weighted average stock price over the past 12 months (VWAP).

According to the Grant Thornton report, depending on the methodology, the value of Kernel shares ranged from PLN 15.47 using the discounted cash flow method to PLN 24.55 using the comparative EV/EBITDA multiple method.

As a reminder, in January 2025, Namsen Limited, owned by the majority shareholder and CEO of Kernel, Andriy Verevsky, announced an increase in its stake to 95.06% of the agroholding’s share capital. After that, some minority shareholders exercised their right to demand a mandatory buyout of their shares (sell-out).

At the same time, the squeeze-out procedure initiated by the majority shareholder remains blocked due to the judicial review of minority shareholders’ complaints.

Earlier, USM reported that Kernel’s delisting from the Warsaw Stock Exchange had been suspended.