Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 391

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 391
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 from the SPAC Merger proceeds, has been accounted for as a non -cashdistribution to VEON Amsterdam B.V. in its capacity as shareholder. SPAC Merger The SPAC Merger was accounted for as a capital reorganization in accordance with IFRS 2 Share -basedPayments (“IFRS 2”). Under this method of accounting, Cohen Circle is treated as the “acquired” company for financial reporting purposes and the Company as the accounting “acquirer”. The net assets of Cohen Circle were stated at historical cost, with no goodwill or other intangible assets recorded. The SPAC Merger, which is not within the scope of IFRS 3 Business Combinations (“IFRS 3”), since Cohen Circle did not meet the definition of a “business” pursuant to IFRS3, was accounted for within the scope of IFRS 2. Any excess of fair value of the Company’s common shares issued over the fair value of Cohen Circle identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred. The consolidated financial statements of the merged company will represent a continuation of the financial statements of VEON Holdings, the principles and guidance on the preparation and presentation of the consolidated financial statements will be applied as follows: •the assets and liabilities of VEON Holdings recognized and measured in the financial statements at their carrying amounts immediately prior to the Capital Reorganization; •the net investment of VEON Holdings is recognized in the financial statements at amounts immediately prior to the Capital Reorganization. Common shares and capital surplus have been adjusted retroactively to reflect the legal capital of the Company; and •the comparative information presented in the financial statements are that of VEON Holdings. Non-redemption Agreements On July 10, 2025, Cohen Circle and Kyivstar Group Ltd. entered into non -redemptionagreements (each, a “Non -RedemptionAgreement”) with certain unaffiliated third parties (the “Investors”) in exchange for such third party or third parties agreeing to vote in favor of the SPAC Merger and not to redeem certain public Cohen Circle Class A Ordinary Shares, US$0.0001 par value per share of Cohen Circle sold in its initial public offering (the “Non -RedeemedShares”) at the Cohen Circle Extraordinary General Meeting. In exchange for the foregoing commitments not to redeem such Non -RedeemedShares, Kyivstar Group Ltd. issued 757,745 Kyivstar Group Ltd.