Ukrainian tycoon , Andriy Verevskyi, faces legal challenges over Warsaw delisting

FT reports

The Ukrainian founder of one of the world’s biggest producers of sunflower oil is facing a legal challenge from minority shareholders over his move to delist the company from the Warsaw Stock Exchange. Andriy Verevskyi decided in March to retake full control of Kernel, which went public in Warsaw in 2007 and is one of Ukraine’s largest agricultural groups. He cited a lack of liquidity and an absence of coverage from analysts. Kernel’s planned departure from the Warsaw bourse is the highest-profile delisting of any Ukrainian company from a foreign exchange since Russia’s invasion, which sent the group’s shares tumbling. In March, minority shareholders claimed Verevskyi was trying to regain control of Kernel, which is registered in Luxembourg, on the cheap and without their consent. Verevskyi, who held on to almost 40 per cent of the company after the IPO, has offered minority investors 18.5 zlotys a share. The shares were sold for 24 zlotys in the IPO and were trading near 60 before the invasion.

Read the full report