Kernel to buy back 4.18% of its shares

Ukrainian sunflower oil producer and grain trader
Kernel (KER PW, KERPW) will buy 3.375 mln of its shares at PLN 56 per share,
according to its regulatory announcement dated Jan. 31.

The total amount Kernel will spend on the shares will
be PLN 189 mln (USD 46.3 mln), the maximum amount allocated under the tender
that was announced on Jan. 19.

The number of shares submitted for purchase by
shareholders at PLN 56 per share (the buyback price) will be reduced pro rata
by 15.3%, the announcement said, adding that the settlement date for the
buyback will be Feb. 3.

The shares to be purchased constitute 4.02% of the
share capital of the company (4.18% of total shares outstanding less 3.227 mln
of treasury shares), according to Concorde Capital calculations.

Legal entities closely associated with Kernel’s
managers will sell 1.169 mln of shares (34.6% of the total shares to be purchased)
to the company within this tender at precisely the buyback price (PLN 56 per
share), according to Kernel’s Feb. 1 regulatory announcement.

This is the third buyback tender after Kernel bought 3.227 mln of its
shares for USD 49 mln (at PLN 60/share) in September. The second buyback
tender, announced in October, resulted in
no offers from the shareholders.

Dmytro Khoroshun: Kernel might spend about USD 150 mln on further share buybacks under a
two-year program approved in August 2021.