News

07 July 2017 Kernel’s farmland bank exceeds 600,000 ha

With the acquisition of Ukrainian Agrarian Investments (UAI) and Agro Invest Ukraine, Kernel completes the farmland bank expansion strategy announced last year. In June the company completed the acquisition of UAI with more than 190,000 hectares of leasehold farmland and approximately 200,000 tons of grain storage capacity under management, and in July Kernel acquired Agro Invest Ukraine, which operates more than 170,000 tons of grain storage capacity and over 27,500 hectares of leasehold farmland.

 

“Acquisition of those assets completes our land bank expansion strategy”, - commented Evgeniy Osipov, Director of Agribusiness in Kernel. “UAI manages onе of the largest prime quality farmland banks in Ukraine located in the proximity to Kernel’s existing operations. With respect to the acquisition of Agro Invest Ukraine our main target was world-class grain storage infrastructure which complemented the recent expansion of our farmland bank in the region. We added over 170,000 tons of modern grain silos, saving 2 years to construct the similar infrastructure from scratch. Today, we focus on the integration of acquired assets to uplift the operational efficiency and productivity levels to Kernel’s high standard” – added Osipov.

05 July 2017 ACQUISITION OF A FARMING BUSINESS IN UKRAINE

Kernel Holding S.A. (herein “the Company”) is pleased to announce that one of its subsidiaries has completed an acquisition of 100% interest in a farming business that manages more than 27,500 hectares of leasehold farmland and over 170,000 tons of grain storage capacity.

Total consideration of US$43.3 million has been paid in cash for the 100% interest in the business, which has a positive net working capital less net debt in excess of US$4 million.

The deal has been approved by the Antimonopoly Committee of Ukraine in May 2017.

09 June 2017 KERNEL HOLDING S.A. COMPLETES ACQUISITION OF THE REMAINING 7.9% INTEREST IN A FARMING BUSINESS IN UKRAINE

Kernel Holding S.A. (herein “the Company”) is pleased to announce that it has completed an acquisition of the remaining 7.9% interest in a farming business announced on 2 June 2017, bringing its total ownership to 100%.

02 June 2017 KERNEL HOLDING S.A. ACQUIRES A FARMING BUSINESS IN UKRAINE

Kernel Holding S.A. (herein “the Company”) is pleased to announce that it has completed an acquisition of 92.1% interest in a farming business that manages more than 190,000 hectares of leasehold farmland and approximately 200,000 tons of grain storage capacity. The Company expects to complete the acquisition of the remaining 7.9% interest prior to 1 July 2017.

The Company will pay US$155 million in cash for the 100% interest in the business, which has a positive net working capital less net debt in excess of USD$30 million.

The deal has been approved by the Antimonopoly Committee of Ukraine in May 2017.

30 May 2017 KERNEL HOLDING S.A. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR 3 MONTHS ENDED 31 MARCH 2017

Kernel Holding S.A. informs that the Condensed Consolidated Interim Financial Statements for the 3 months ended 31 March 2017 are published and available on the Company’s web-site under Investor Relations/Financial Reports: Q3 FY2017 Report

10 April 2017 Kernel's statement on land reform in Ukraine

Due to the wide discussion in the Ukrainian mass media and the frequent requests of journalists asking the Company whether the lifting of the moratorium on the sale of agricultural land is appropriate, we inform of Kernel's position on this issue.

27 February 2017 DIVIDEND RECORD AND PAYMENT DATES

The board of directors of Kernel Holding S.A. hereby announces that the dividend of USD 0.25 per share (twenty five US cents per share) which was approved on the general meeting of shareholders held on 12 December 2016 will be payable on 27 April 2017 (the “Payment Date”) to shareholders on the register at the close of business on 20 April 2017 (the “Record Date”). The dividend payment will be subject to deduction of Luxembourg withholding tax at a rate of 15%. Dividend will be paid in US dollars.

25 January 2017 KERNEL HOLDING S.A. DEBUT EUROBOND PRICING ANNOUNCEMENT

Kernel Holdings S.A., a diversified agribusiness company with principal operations in Ukraine and 88% of adjusted EBITDA derived from all FX-denominated exports over the past 5 years, has announced that it has priced USD 500,000,000 aggregate principal amount of 8.75% Notes due 31 January 2022 (the “Notes”). The Notes are, expected to be rated B+ by Fitch, and B by S&P, two and one notches above Ukrainian sovereign respectively.

24 January 2017 ACQUISITION OF A SUBSTANTIAL BLOCK OF SHARES IN KERNEL HOLDING S.A.

Kernel Holding S.A. informs that it has received a notification from TFI PZU SA with its registered office in Warsaw, Poland, acting for and on behalf of investment funds under management:

  • PZU Fundusz Inwestycyjny Otwarty Parasolowy,
  • PZU Specjalistyczny Fundusz Inwestycyjny Otwarty Globalnych Inwestycji,
  • PZU Specjalistyczny Fundusz Inwestycyjny Otwarty Universum,
  • PZU Fundusz Inwestycyjny Zamkniety Akcji Focus,
  • PZU Fundusz Inwestycyjny Zamkniety Dynamiczny,

hereinafter referred to as the “TFI PZU Funds”,  regarding the acquisition of shares in Kernel Holding S.A.

Pursuant to the provisions of Art. 69 Section 1 Clause 1 of the Act of July 29, 2005 on public offerings and the conditions for introducing financial instruments to an organized trading system and on public companies, TFI PZU Funds notified that it had acquired 85,024 shares in Kernel Holding S.A., as a result of which it had crossed on 20 January 2017 the threshold of 10% of the overall number of votes at the general shareholders’ meeting of the Company.

As of 20 January 2017, TFI PZU Funds hold 8,151,113 shares in the Company, representing 10.10% of the share capital and entitling it to 8,151,113 votes at the Company’s general shareholders’ meeting, equal to 10.10% of the total number of votes.

Before the acquisition and as per TFI PZU Funds previous notification received on 20 June 2016, TFI PZU Funds held 4,119,128 shares in the Company, representing 5.17% of the share capital of the company.

20 January 2017 KERNEL HOLDING S.A. ANNOUNCES THE DATE FOR THE EUROBOND ROADSHOW GLOBAL INVESTOR CALL

Kernel Holding S.A. is announcing that it will hold a Global Investor Call on Monday 23rd January 2017, at 12:30 GMT / 14:30 Kyiv time as part of the roadshow for its proposed Eurobond issuance. Dial in available on Company’s website under http://www.kernel.ua/en/calendar/

17 January 2017 KERNEL HOLDING S.A. DEBUT EUROBOND ROADSHOW PRESENTATION ANNOUNCEMENT

Kernel Holdings S.A., a diversified agribusiness company with principal operations in Ukraine and 88% of adjusted EBITDA derived from all FX-denominated exports over the past 5 years, has announced a series of fixed income investor meetings in Europe and the US with respect to a potential inaugural USD-denominated Reg S / 144A 5-year fixed-rate benchmark notes offering. The notes are expected to be rated B+ by Fitch and B by S&P, two and one notches above Ukrainian sovereign, respectively.

 

12 January 2017 Q2 FY2017 OPERATIONS UPDATE

Kernel Holding S.A. is pleased to publish the Operations Update for three months ended 31 December 2016, available under the following link: Q2 FY2017 Operations Update.