On June 22, 2010, Kernel Holding S.A. carried out the option contracts for acquisition of 94% in the Allseeds group companies, the press-service of the company announced.
As a reminder, the permission for acquisition of control in Allseeds group of companies was received on 25th of February, 2010. The preliminary Enterprise Value is about 220 mln USD. The final amount of reward should be corrected according to audited annual report of Allseeds group, which was composed according to the International Financial Reporting Standards as of March 31, 2010. This report is expected to be issued by the end of the calendar year.
Allseeds business assets include oil processing plants, elevators, and also the oil shipment terminal. All the actives are located in Ukraine.
At the present time, Kernel is checking the technical conditions and estimating the business practicality of selling of some acquired assets in Nikolayev.
One of the biggest oil fat companies in Ukraine - Kernel Group - found some problems with minority shareholders of Allseeds company.
Allseeds purchasing has started at the beginning of the current year. In January, Kernel Group announced about option signing for purchasing of 56% of the company shares from the entrepreneurs Vladimir Vinnichenko and Victoria Ryabuhina for 42 mln USD, on February 12, Kernel Group signed the option for purchasing of 37.6% of the company shares from Vyacheslav Petrische and Kornelius Vrins.
However, the completion of the agreement does not mean that Kernel Group may use the new assets easily. It became known that minority Allseeds shareholder, the company Cross Trade Finance Commodities (the British Virgin Islands), advances claims to the majority shareholder.
Cross Trade is worried about started activities by transferring key assets of Allseeds Group structure. Representatives of the company think that in such way the actual majority shareholders of Allseeds Group held artificially low value of the company, which is making impossible the selling of the remained package of shares by the market price, stated Ton Huls, the Financial Director of CTF.
According to the Management of Kernal Holding S.A., the company has no any obligations regarding acquisition of 6% of shares of the Corolex Public Co Limited from Cross Trade Financial Limited.
Kernel Holding S.A. stated that all the activities for restructuring of the new assets, which belong to the companies, which Kernal Holding acquired, will be done in accordance with Cyprus law demand about companies and the Statute of the Corolex Public Co Limited, related to the rights of minority shareholders.
According to the analyst of the investment group Sokrat, Yaroslav Udovenko, if the transferring will be blocked, Kernel Group will not be able to include Allseeds companies into the structure of the vertically integrated holding, which is completely controlled and which subordinated to the company investors.
