The exclusion of shares of the Kernel agricultural holding from the Warsaw Stock Exchange is suspended until the completion of the trial by the Luxembourg District Court of the claim of minority shareholders appealing the delisting. Forbes.ua writes about this with a link to a message from the Warsaw Stock Exchange.
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What is known
The Polish Financial Supervisory Authority (PFSA) will not issue a decision on granting permission to withdraw Kernel shares until the completion of the trial in the District Court of Luxembourg, which was initiated by a group of minority shareholders of the company.
Minority shareholders are challenging the decision of the Kernel board of directors dated April 13, 2023 on delisting.
Kernel's exit from the Warsaw Stock Exchange was postponed to 2024
“The decision was made based on our claim,” wrote Pavel Boyko, founder of Gonzo Invest and owner of a 2% stake in Kernel, in a Telegram. “This is just one of the first victories,” he added.
Background
On May 15, Kernel submitted an application to the Polish Financial Supervisory Authority to withdraw its shares from the Warsaw Stock Exchange (WSE). Officially, Kernel explained the decision to leave the exchange by saying that the company no longer sees the benefits of being on the Warsaw Stock Exchange.
Read: Kernel is leaving the Warsaw Stock Exchange: why Verevsky wants to do private company