The shareholders took Kernel to court

Kernel’s minority shareholders filed two lawsuits against the company.

Thus, on February 20, the Kernel company received two subpoenas from a group of eight shareholders who together own 1.2 million shares, which is 0.4% of the company’s total issued shares. This is  stated in the company’s announcement on the Warsaw Stock Exchange.

Among the requirements of the first lawsuit, there is a temporary suspension of the decisions made by the company’s Board of Directors on August 21 (regarding the start of the share offering) and September 1, 2023 (regarding the increase in the capital share after the share offering).

“Furthermore, the plaintiffs seek to suspend all actions taken by “Namsen Limited”, the company’s largest shareholder, following the capital increase, including the suspension of voting rights associated with shares acquired thereafter. The preliminary meeting is scheduled for March 18, 2024,” the company reported.

The second subpoena demands the annulment of the decisions of the Board of Directors made on August 21 and September 1, 2023. Alternatively, the shareholders are seeking damages from “Namsen Limited”.

Kernel also reported that in January 2024, as part of a case initiated in October 2023 by the same minority shareholders of the company, a lawsuit was filed at the District Court in Luxembourg. As part of this lawsuit, they demand to cancel some decisions of the Board of Directors of the company, in particular regarding the delisting of the company from the Warsaw Stock Exchange.

As previously reported by USM, in May 2023 the Kernel agricultural holding applied for the withdrawal of shares from the Warsaw Stock Exchange.

Prior to that, Namsen Limited, the founder of Kernel, Andrii Verevskyi, bought 36% of the agricultural holding’s shares. After the end of the tender, Verevskyi actually became the owner of 74% of the shares.