Kernel buys back 3.8% shares for USD 49 mln

Ukrainian sunflower oil producer and grain trader
Kernel (KER PW, KERPW) repurchased 3.227 mln shares totaling to USD 49.3 mln
(or PLN 193.6 mln), according to a company announcement published on WSE on
Sep. 24. The buyback price was about PLN 60/share. The repurchased shares
constitute 3.84% of the share capital of the company.

Andriy Perederey: The shares buyback was in line with the company’s plan to repurchase
up to 19.2 mln shares (or about 22.8% of total shares outstanding) with a price
range of PLN 50 – PLN 65 over a 2-year period. The company’s strong EBITDA in
FY2021 drives the company’s debt burden to comfortable levels, so it has
significant liquidity. It is likely that Kernel will continue its buybacks in the
short-term.