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Kernel’s Verevsky reduces stake to 41.23%

Kernel’s Verevsky reduces stake to 41.23%

21 June 2010

Kernel Group (WSE: KER PW) majority shareholder Andriy Verevsky cut his stake in the company from 50.65% to 41.23%, according to an announcement on Friday. Verevsky said the transaction was related to his desire for financial diversification and that he would remain involved in management of the company.  Ruslan Patlavskyy: We see the transaction as neutral for Kernel’s shares in the mid-term, given the agreement between Kernel’s principal shareholder, Namesen Ltd (100%-owned by Verevsky), and the buyer (ING Bank N.V. London Branch) not to resell the stake purchased within the next 18 months. Although, this raises the stock’s free float to 58.77%, the aforementioned restriction makes such an increase technical in its nature for the next 1.5 years.

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