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KERNEL (KER): ANNOUNCEMENT OF AN INVITATION TO TENDER FOR SALE SHARES IN KERNEL HOLDING S.A. - raport 19

UNI - EN REPORT No

19

/

2021

UNI - EN REPORT No19/2021

Kernel Holding S.A. ("the Company") with its registered office in Luxembourg,

announces through its direct and wholly owned subsidiary, i.e. Etrecom Investments Limited, a company existing under the laws of Cyprus, having its registered office at 1 Arch. Makariou & Agapinoros street, JNT BUSINESS CENTRE, 1076, Nicosia, Cyprus and which is registered with the Registrar of Companies and Official Receiver (D.R.C.O.R.) of the Republic of Cyprus with registration no. HE204363 ("Buyer")

an invitation ("Invitation") to tender for sale ("Tender") of the Company's shares ("Shares"), according to which:

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i. the Company's Board of Directors is authorised to repurchase up to 3,872,400 (in words: three million eight hundred seventy-two thousand four hundred) Shares through the Buyer;

ii. the proposed price for each Share will be not less than PLN 50 (fifty Polish Zloty) and not more than PLN 65 (sixty-five Polish Zloty) per Share;

iii. opening date for Tenders is the 8th of September 2021 and the closing date is the 15th of September 2021;

iv. indicative date of publishing the buyback price and the number of Shares to be purchased is the 20th of September 2021;

v. buyback settlement indicative date is the 25th of September 2021;

vi. the maximum total consideration allocated by the Buyer for the purposes of this particular Invitation shall not exceed PLN 193,620,000 (one hundred ninety-three million six hundred and twenty thousand Polish Zloty);

vii. the Tender will be organized under the rules of the “modified Dutch auction”, as further specified in the Invitation;

viii. the tender and settlement agent for the purposes of this Invitation is IPOPEMA Securities S.A.

The Invitation is made on the basis of Resolution No. 2 of extraordinary general meeting of shareholders of the Company of 30th August 2021 approving a share buyback programme for the maximum amount of USD 250,000,000 (two hundred fifty million United States Dollars), and relevant corporate resolutions of the Board of Directors of the Company and the Buyer. According to the authorisation granted by shareholders, the Board of Directors of the Company is authorised to decide about the purpose of the bought-back Shares including in particular cancellation of Shares, sale or other legitimate purpose. The Board of Directors of the Company has not made its final decision in this respect yet. Until that day the Shares will be retained by the Buyer without any voting or dividend rights. The purpose shall be disclosed by the Company without delay once available.

The full text of the Invitation is attached to the report.

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