Dragon Capital to Advise Former Majority Shareholders of Allseeds Group
Kyiv, June 17, 2010 – The former majority shareholders of Corolex (formerly known as Allseeds Group), who agreed to sell their 56.4% stake to entities affiliated with Kernel Holding S.A. in January 2010, have encountered a number of issues which have not been resolved with the buyer yet and, thus, prevent full completion of the transaction.
Therefore, the former majority shareholders have appointed Dragon Capital as their financial advisor to ensure the due implementation of their contractual rights.
Allseeds Group has since thenbeen renamed into Corolex; neither Corolex nor its new controlling shareholder are affiliated with a company that has recently started to trade in vegetable oil under the name “Allseeds.”
As previously reported, Dragon Corporate Finance (B.V.I) Ltd. has been appointed as a financial advisor to the shareholders who own 6% of the Corolex shares, and has previously acted as exclusive adviser to the sellers of a 37.6% stake in Allseeds Group, which sale was successfully completed in February 2010.
About Allseeds Group
Prior to the sale, Allseeds Group was one of the world leading producers and exporters of vegetable oil. In 2007 Allseeds held 10 % of sunflower-seed oil’s world trade and 17% of crude sunflower oil imports into the European Union. The company was the third largest producer of crude sunflower oil in Ukraine with a 25-27% market share of sunflower oil exports from Ukraine. Allseeds Group (now trading as “Corolex”) operated two sunflower seed crushing facilities with 565 kt/year capacity in Kirovograd and Mykolayiv regions. It also owned16 grain storage facilities with 600 kt/year capacity; 11 seed purchasing stations, a sunflower oil transshipment terminal in Mykolayiv with 1.0 Mt throughput capacity and a truck fleet.
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