Kernel Holding, one of the largest Ukrainian agroholdings, registered in Luxembourg and listed on the Warsaw Stock Exchange since 2007, has found itself at the center of controversy regarding the planned delisting of the company. The main shareholder, Namsen Ltd, has called for the sale of shares at a price below their value, causing dissatisfaction among other investors. The President of the Warsaw Stock Exchange, Marek Dietl, stated that the call meets all formal conditions, but the delisting is controversial as it omits some steps of the standard process.

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In response, minority shareholders, including Open Pension Funds, have formed an agreement, aiming to protect their interests. The delisting may be complicated, as Luxembourg law, on which the company is based, requires consultation with the remaining shareholders and a decision by the General Meeting of Shareholders, not just the board.

Will the Polish stock market prove to be the Wild West of European finance? Will a war-profiting oligarch expropriate part of the retirement savings of Polish citizens, with the President of the Warsaw Stock Exchange hiding behind the free market? Will the Polish Financial Supervision Authority, whose mission is “We care for the proper functioning and safe development of the financial market,” sort this all out?

We will find out in the coming weeks and months. However, the question of who will make a short-term profit will be settled much sooner. We encourage you to draw your own conclusions and see you in the market!