Additional stockholders’ meeting of Kernel Holding S.A. was scheduled for the 21^st of July. It will concern additional emission of 5.4M shares as a final measure for set in March SPO agreement. As it was mentioned in the note of the company, board of directors also asked stockholders to issue additional 1,583,525K of new shares in order to fulfill options’ requirements as a part of reward program, accepted in April, 2008. Volume of shares that may be used for options is approximately 2% of the total number.

“Kernel” emphasizes that quorum is not required for the additional meeting of the investors. The meeting of stockholders held on June 15^th could not be held due to the absence of necessary amount of members (less than 50% of share capital owners). The main stockholders that came to the meeting were Nasmen Limited, company that belongs to the Head of the Board of Directors (33.7%), ING Otwarty Fundusz Emerytalny (4,07%) and Genesis Smaller Companies Sicav (2,97%).

“Kernel” has placed 5.4M of new shares amongst institutional investors for PLN74 per share and PLN 399.4M (144M USD) during the end of March. Kernel Group is vertically integrated national company, operating in the agricultural sector of Ukraine since 1994. It produces sunflower oil, distributes bottled oil across Ukraine, exports oil and grains, provides storage services of grains and oil cultures on elevators and has its own agricultural production. During the period of January-March 2011 the company increased net profit by 94.8% - till 77.9M USD and its revenues grew by 91.3% to the level of 514.5M USD.

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