According to the resolutions adopted at the annual general meeting of shareholders of Kernel Holding S.A. held on 10 December 2013 and published in the official website of the company, holding will not be paying out dividends for the year ended June 30, 2013. This resolution has been adopted by a majority of 42,420,365 votes in favor, 0 votes against, 0 votes abstained. Shareholders of the company also decided to renew employment contacts with the current Board of Directors, as well as independent auditor of the company, Delloitte Audit.  

UkrAgroConsult comment: given the difficulties company faced in the beginning of 2013, such as low external funding, rising production and sale costs and declining prices for the main goods produced by the company, it is clear that internal funding is necessary to further finance company’s operations, as well as pay out debt. It was expected decision and in case difficulties continues, we do not expect holding to pay out dividends for the year ended June 30, 2014 either.

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