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Kernel buys back shares and announces new dividends

TAG'S: KERNEL, Food and Drinks Industries

At a meeting held on December 23, the Board of Kernel Group (Kyiv), one of Ukraine’s largest agricultural holdings, approved a management incentive plan that entitles the management and certain employees to buy back 3.75 Ml of the company’s shares, or 4.71% of their total number issued by December 23. This was reported by Kernel itself. The buy-back price of the shares is approved at their market price level for the current period ending December 31, 2014. It was decided that 2 Ml shares shall be bought back in five equal portions step-by-step from 2015 till 2019, each time on December 8, and another 1.75 Ml shares in two equal portions on June 7, 2017 and December 8, 2019, respectively.

As reported before, shareholders of Kernel Group, a major Kyiv-based agricultural holding, decided at their meeting to pay dividends at a rate of USD 0.25 per share.

Kernel Group closed MY 2013/2014 with a loss of USD 98.3 Ml and its consolidated return down 14.4% (USD 403.5 Ml) year-over-year at USD 2,393.3 Ml. 79,683,410 shares of the agricultural holding was in circulation as of July 30, 2014. Correspondingly, the dividends may total some USD 19.9 Ml. Kernel Group paid no dividends for MY 2012/2013. Its net profit at the amount of USD 85.670 Ml was carried over to later periods of time. The holding produces foods under the brands Schedry Dar, Stozhar, Lyubonka, and Chumak.

2015-01-02



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