Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 451

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 451
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emic on the Business Combination, Cohen Circle. or VEON Holdings. Northland was not asked to, nor did Northland, offer any opinion as to the material terms of the Business Combination Agreement or the form of the Business Combination. Northland was not requested to opine as to, and its opinion did not address, the basic business decision to proceed with or effect the Business Combination. In rendering its opinion, Northland assumed, with the consent of the board of directors of Cohen Circle, that the final executed form of the Business Combination Agreement would not differ in any material respect from the drafts that Northland examined, and that the conditions to the Business Combination set forth in the Business Combination Agreement will be satisfied or waived and that the Business Combination will be consummated in a manner consistent with that contemplated by the Business Combination Agreement. Northland also assumed that all regulatory approvals and consents necessary for the consummation of the Business Combination would be obtained without any adverse effect on Cohen Circle or VEON Holdings or alter the terms of the Business Combination. Northland’s opinion was based on financial, market, economic and other conditions existing on, and information made available to Northland as of March 18, 2025, and does not address any matters subsequent to such date. Northland’s opinion was limited to (i) the fairness, from a financial point of view, to Cohen Circle of Merger Consideration paid by Cohen Circle to the equity holders of VEON Holdings pursuant to the Business Combination Agreement and (ii) whether VEON Holdings has an aggregate fair market value equal to at least 80% of the balance of funds in Cohen 251 Circle’s trust account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80% test). Although subsequent developments may affect Northland’s opinion, Northland does not have any obligation to update, revise or reaffirm its opinion. Northland’s opinion was approved by the Northland Fairness Opinion Committee. VEON Holdings is based in and operates in Ukraine, which has been engaged in an ongoing military conflict with Russia since February 2022. Northland’s opinion did not account for the potential impacts of this conflict or the implications of being based in or operating in Ukraine. Furthermore, Northland did not express any opinion as to the impact of the Business Combination on the solvency or viability of the surviving corporation in the Business Combination or the ability of the surviving corporation to pay its obligations when they become due. Financial Analyses The following is