15 May 2023

On May 15, Kernel submitted an application to the Polish Financial Supervision Authority regarding the delisting of the company from the Warsaw Stock Exchange.

According to the results of the tender for the purchase of shares by Namsen Limited (controlled by Andriy Verevsky) from Kernel's minority shareholders, two-thirds of minority shareholders agreed to sell Kernel's shares to the main shareholder, one-third did not agree.

Andriy Verewski's next step to delist Kernel shares from trading on the Warsaw Stock Exchange is filing an application with the Polish Financial Supervision Authority.

According to current Polish regulations, a decision to delist a company can be made either by a general meeting of shareholders or another competent meeting attended by representatives of more than 50% of the company's shareholders, if 90% of the shareholders present at the meeting vote for this decision.

Currently, Verewski only owns 80% of the voting shares at the general meeting of shareholders, but the main shareholder and the company's Board of Directors believe that since the group's parent company is registered in Luxembourg, it is not subject to the above Polish regulations and the delisting can be carried out on based on the decision of the Board of Directors, without convening a general meeting of shareholders.

The final decision on delisting is to be made by the Polish Financial Supervision Authority.