Polish regulator postpones proceedings for Ukrainian Ovostar's delisting from WSE until Nov

MOSCOW. Oct 10 (Interfax) - The Polish Financial Supervision Authority (PFSA) has postponed its administrative proceedings for delisting the Ovostar Ukrainian agricultural holding's shares from trading on the regulated market operated by the Warsaw Stock Exchange (WSE) until November.

Ovostar received the corresponding notification from the regulator on October 7, Ukrainian media said, citing the company's report.

In late August, Ovostar announced the completion of the squeeze-out of remaining minority shareholders holding 217,039 or 3.617% of shares at a price of PLN 70 or about $18.2 per share and its plans to apply for delisting from the WSE.

The buyers are Prime One Capital, owned by the Ovostar majority shareholders, namely CEO Boris Belikov and member of the board of directors Vitaly Veresenko, acquired 66.16% of shares following the squeeze-out, while all the remaining shares are owned by seven companies from Fairfax Financial Holding.

Before trading stopped on August 21, Ovostar was quoted at PLN 68.4 per share on the WSE. The price fell 1.4% immediately following approval of the squeeze-out.

Ovostar is a vertically integrated agribusiness that is one of Ukraine's largest producers of eggs and egg products. The group's net profit soared 640% to $45 million and EBITDA jumped 350% to $50.4 million in 2023 on revenue up 20% to $162.5 million.

The group's holding company, Ovostar Union N.V. raised $33.2 million in an IPO on the WSE in June 2011, selling 25% of its shares at PLN62 ($22.78 at the exchange rate at the time) per share.

At the end of May this year, Prime One Capital, the majority stockholder of Ovostar with 65.93% of shares, said that together with the Canadian Fairfax Financial Holdings, it had accumulated 95.45% of the shares of the agricultural holding and decided to buy the remaining 4.55% at a price of PLN 70 per share (about $17.5 at the time). They bought 56,027 shares or 0.934% of capital.