Verevsky’s company officially became the main shareholder of Kernel

Andriy Verewski’s Namsen Limited has officially become the main shareholder of Kernel and can now demand that minority shareholders sell their shares to it.

The company became the main shareholder on January 28, Latifundist writes, citing a company statement.

According to the official exchange statement, Namsen Limited owns 95.06% of Kernel Holding shares listed on the Warsaw Stock Exchange.

“In accordance with the provisions of the Buy-out/Sale Act, Namsen Limited, as the main shareholder, can now demand that the owners of the remaining shares (“minority shareholders”) sell their shares to it (mandatory buy-out). The buy-out must take place at a fair price determined by objective and appropriate asset valuation methods,” the statement says.

However, one or more minority shareholders can also demand that the main shareholder purchase their shares (mandatory sell-out). The sale must also be made at a fair price determined in accordance with objective asset valuation methods.

If Namsen Limited decides to exercise the right of compulsory redemption, it will first notify the Luxembourg Financial Sector Supervisory Authority (CSSF).

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.

Minority shareholders appealed the decision of Kernel’s board of directors to delist. In March 2024, it became known that the exit of the agricultural holding Kernel from the Warsaw Stock Exchange was suspended due to a lawsuit by minority shareholders.

Already on November 27, 2024, Kernel won the first court case against a group of minority shareholders. 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.

Later it became known that this court has no direct influence on the delisting procedure from the Warsaw Stock Exchange.

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