Literally cheaper together: Verevskyi wants to completely take over “Kernel”
The issuance of PLN 1.16 per Kernel share in connection with the war could be used for a cheap takeover of the company.
Issuance of agricultural holding shares worth 1.16 zlotys may lead to a situation where the main shareholder will accumulate more than 95% of the securities and carry out a forced buyout. This was stated by the head of the Warsaw Stock Exchange, Marek Dietl, in an interview interview with Economic Truth.
“In conversations with investors, I always try to stay on the side of our issuers. Stress, a sense of threat associated with the war, can affect the behavior of managers and investors from Ukraine. However, the issue of shares at PLN 1.16 per unit was used for a cheap takeover of the company, without taking into account the interests of small shareholders. Unfortunately, I cannot explain such behavior in any way,” comments Dietl.
It will be recalled that in August the agricultural holding decided to issue 216 shares in order to attract an additional $60 million from shareholders. The company explained that they did this to reduce debt and attract capital.
In turn, the minority shareholders of “Kernel” stated that the company thus diluted their share of shares. As a result, the main shareholder Namsen Limited and Andrii Verevskyi received 93.67%, which brings them closer to the complete withdrawal of shares from the stock exchange and absorption of the agricultural holding.
During the period from September 4 to 10, “Kernel” shares fell in price on the Warsaw Stock Exchange by 32.1%. The market capitalization of the agricultural company amounted to 510 million dollars.