Company: KYIV
Filing Date: 2025-09-30
Form Type: F-1/A
Source: 0001213900-25-093621
Chunk: 104

Company: Kyivstar Group Ltd.
Filing Date: 2025-09-30
Form: F-1/A
Chunk 104
---
 company for financial reporting purposes, and Kyivstar Group Ltd. will be the accounting “acquirer.” This determination was primarily based on the following: •VEON Holdings’ current shareholders have the largest voting interest in the combined company post -Closingof the Business Combination; •VEON Holdings and its shareholders have the ability to elect a majority of the members of the Kyivstar Group Ltd. board of directors post -Closingof the Business Combination; •VEON Holdings’ and Kyivstar’s operations are the sole ongoing operations of the combined company; •VEON Holdings is the larger entity in terms of substantive operations and employee base; and •The Seller is the majority shareholder pre- and post -mergerof VEON Holdings and has appointed the senior management which will comprise the senior management of the combined company. Another determining factor was that Cohen Circle does not meet the definition of a “business” pursuant to IFRS 3 Business Combinations (“IFRS 3”), and thus, for accounting purposes, the Business Combination is expected to be accounted for as a capital reorganization, within the scope of IFRS2, Share -BasedPayments, (“IFRS 2”). The net assets of Cohen Circle will be stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of fair value of shares issued to Cohen Circle over the fair value of Cohen Circle’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred. The stock exchange listing expense is further increased for the estimated fair value of the Vesting Securities. In accordance with IFRS2, the difference in the fair value of the consideration ( i.e., shares and warrants issued by Kyivstar Group Ltd.) for the acquisition of Cohen Circle over the fair value of the identifiable net assets of Cohen Circle will represent a service for the listing of Kyivstar Group Ltd. and be recognized as a share -basedpayment expense. The consideration for the acquisition of Cohen Circle was determined using the closing prices of Cohen Circle’s publicly traded Cohen Circle Class A Ordinary Shares and the Public Warrants traded on Nasdaq under the ticker symbols “CCIR” and “CCIRW”, respectively, each as of August 14, 2025. Accordingly, the combined financial statements of VEON Holdings B.V. will become the historical financial statements of Kyivstar Group Ltd.; the assets, liabilities, and results of operations of Cohen Circle will be consolidated with Kyivstar Group Ltd. as of the