Luxembourg’s financial regulator, the CSSF, has officially confirmed that Namsen Limited holds over 95% of Kernel’s shares. This affirms the company’s full right to initiate the squeeze-out procedure, while the legal standing of the minority shareholders appears weak, media reports.The CSSF would not have allowed the process to proceed if there were any doubts regarding Namsen’s ownership stake. The regulator’s confirmation sends a clear signal: control is stable, and attempts to challenge it lack substantive grounds.As a reminder, on April 13, 2023, Kernel’s Board of Directors resolved to delist the company’s shares from trading on the Warsaw Stock Exchange. However, a group of minority shareholders—eight individuals collectively holding 1.2 million shares, or 0.4% of the total issued share capital—filed five legal actions in the Luxembourg District Court to challenge this decision. Namsen has already won two of these cases.
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