Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 36

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 36
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 a new or updated fairness opinion from Northland or any other third party. As compensation for Northland’s services in connection with the rendering of the Fairness Opinion to the Cohen Circle Board, Cohen Circle agreed to pay Northland a fee of $100,000, with an additional $1,000,000 to be paid upon consummation of the Business Combination. A portion of the fee was payable upon delivery of the Fairness Opinion and a portion is payable upon consummation of the Business Combination. No portion of xv Northland’s fee is refundable or contingent upon the conclusion reached in the Fairness Opinion. Furthermore, Northland is entitled to be paid additional fees at Northland’s standard hourly rates for any time incurred should Northland be called upon to support its findings subsequent to the delivery of the Fairness Opinion. The terms of the fee arrangements with Northland, which Cohen Circle believes are customary in transactions of this nature, were negotiated at arm’s length, and the Cohen Circle Board is aware of these fee arrangements. Q: What is expected to happen in the Business Combination? A:If the transactions contemplated by the Business Combination Agreement are consummated, (i) pursuant to the Transfer Deed, at the Sale Effective Time, the Seller will sell to Kyivstar Group Ltd. all of the issued and outstanding equity of VEON Holdings in exchange for newly issued Common Shares of Kyivstar Group Ltd., par value $0.001 per share (the “Kyivstar Group Ltd. Common Shares”) and the Seller Loan Note, and, as a result of the Sale, VEON Holdings will become a direct, wholly owned subsidiary of Kyivstar Group Ltd. (collectively, the “Sale”) and (ii) at the Merger Effective Time, Merger Sub will be merged with and into SPAC upon the terms and subject to the conditions set forth in the Business Combination Agreement, the Plan of Merger and in accordance with the Companies Act (As Revised) of the Cayman Islands (the “Companies Act”) (the “Merger” and together with the Sale and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). As of the time the Merger becomes effective, each Cohen Circle Class A Ordinary Share that is issued and outstanding and held by the Public Shareholders immediately prior to the time that the Merger becomes effective (after giving effect to any redemptions of Cohen Circle Class A Ordinary Shares in connection with the Cohen Circle EGM) shall be automatically canceled in exchange