Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 252

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 252
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 combines (i) the audited historical combined statement of financial position of VEON Holdings B.V. as of December 31, 2024, with (ii) the audited historical balance sheet of Cohen Circle as of December 31, 2024, and gives pro forma effect to the Business Combination as if it had been consummated as of that date. The first step within the Business Combination will be accounted for as a capital reorganization whereby Kyivstar Group, Ltd., (“PubCo”) will acquire the assets, liabilities and subsidiaries of VEON Holdings. The summary unaudited pro forma condensed combined income statement for the year ended December 31, 2024 combines (i) the audited historical combined income statement of VEON Holdings B.V. for the year ended December 31, 2024, with (ii) the audited historical statement of operations of Cohen Circle for the year ended December 31, 2024, and gives pro forma effect to the Business Combination as if it had occurred on January 1, 2024, the beginning of the earliest periods presented. The audited combined financial statements of VEON Holdings B.V. were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The audited financial statements of Cohen Circle were prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). Following the Business Combination, PubCo will qualify as a foreign private issuer under the Exchange Act and will prepare its financial statements in accordance with IFRS as issued by the IASB. Accordingly, the unaudited pro forma condensed combined financial information has been prepared in accordance with IFRS as issued by the IASB. The unaudited pro forma condensed combined financial information has been prepared with three alternative scenarios assuming that Cohen Circle will use commercially reasonable efforts to ensure that the available cash, including the aggregate amount of cash available in the Trust Account as of Closing after taking into account all public shareholder redemptions, plus any proceeds from any equity or debt financing, including any PIPE Investment, *at Closing is $50million. The unaudited pro forma condensed combined financial information has been prepared with three alternative scenarios of redemptions of Cohen Circle’s Class A Ordinary Shares by the Public Shareholders, which each include the aforementioned assumptions: • Scenario 1— Assuming No Redemptions. This scenario assumes that none of the Cohen Circle Class A Ordinary Shares are redeemed subsequent to December31, 202