Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 258

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 258
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 of Kyivstar Group Ltd. Common Shares issuable upon exercise of Kyivstar Group Ltd. Warrants converted from 7,666,667 Cohen Circle Warrants that are only exercisable 30 days after the Closing Date and (iii) issuances pursuant to the long -termequity incentive plan to be implemented equal to 3.0% of the total outstanding common shares of Kyivstar Group Ltd. on a fully diluted basis. The Cohen Circle Public Warrants are, as of the date of this proxy statement/prospectus out of the money and, as such, the holders of Kyivstar Group Ltd Warrants that will be received upon conversion of the Cohen Circle Public Warrants may choose not to exercise such Warrants. Anticipated Accounting Treatment of the Business Combination Kyivstar Group Ltd. expects to account for the Business Combination as a capital reorganization, in accordance with IFRS. Under this method of accounting, Cohen Circle would be expected to be treated as the “acquired” company for financial reporting purposes, and Kyivstar Group Ltd. will be the accounting “acquirer.” This determination was primarily based on the assumption that: •VEON Holdings’ current shareholders will have the largest voting interest in the combined company post -Clos ingof the Business Combination; •VEON Holdings and its shareholders will 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 will be 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 will appoint 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