OREANDA-NEWS. April 5, 2011. Kernel Holding SA ("Kernel" or the "Company) announces the results of the offering (the "Offering") of ordinary shares of the Company announced 31 March, 2011.

5,400,000 ordinary shares were placed at a price of PLN 74 per share. The Offering raised gross proceeds of PLN 399.6m. 

Allottees in the Offering will receive shares on Wednesday 6 April, 2011. In order to effect this, Namsen Limited, a company controlled by Andrey Verevskyy and Kernel's major shareholder, has agreed to lend shares in Kernel for the purposes of settlement. Subsequently there will be an Extraordinary General Meeting ("EGM") held for the purposes of issuing an equivalent amount of new shares to Namsen Limited. The date for the EGM will be announced in due course. The issuance of the new shares to Namsen is subject to approval by EGM.

ING Bank NV, London branch and ING Securities S.A. acted as sole bookrunners in the Offering.