OREANDA-NEWS. April 30, 2010. Kernel <KER PW BUY> closed the deal on the placement of an additional issue of shares, selling as many as 4.3mn shares worth a total of USD 81mn. The shares were placed at the price of PLN 56. The proceeds of this placement are to be used for the Company’s business expansion.

Millennium Capital views the event as positive for the Company stock. The actual price of the additional issue was somewhat below our estimates and closer to the closing price at April 26. However, the placement drew a lot of interest, which was well above the expectations, enabling Kernel to raise USD 81mn instead of the planned USD 65mn. Moreover, Kernel raised just enough money so as to close the deal with Allseeds.