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Kernel exercises call option to acquire 94% of Allseeds

Kernel exercises call option to acquire 94% of Allseeds

23 June 2010

Kernel Holding SA (WSE: KER PW) announced yesterday the execution of a call option agreement to acquire a 94% interest in Allseeds Group. The preliminary EV of the Group was estimated at USD 220 mln; final cash consideration will be paid based on the March 31, 2010 IFRS financial results of Allseeds, to be issued by yearend. Minority holders, meanwhile, controlling 6% of Allseeds, are considering blocking consolidation into Kernel should their stake not be bought out, Kommersant reported today. The preliminary price for the 6% stake is set at USD 8-10 mln. Ruslan Patlavskyy: There is a high probability that Kernel will consider acquisition of the remaining 6% stake to be able to consolidate the newly-acquired assets. This might be used by Allseeds minorities to milk the holding for a price premium, which should not have a significant impact on Kernel’s financial position given the scale of the potential deal. Nonetheless, this might delay the positive effect of Allseeds’ consolidation into Kernel’s financial statements until fiscal year 2012.

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