Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 444

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 444
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 representatives of Cohen Circle receiving access to a data room established by VEON and VEON Holdings with the assistance of Rothschild & Co. In December of 2024, Ms. Abrams, Mr. Jagota and Mr. Blomstrom met with certain representatives of VEON Group, including Kaan Terzio ğlu, Group Chief Executive Officer, Rt Hon Sir Brandon Lewis CBE, Member of the Board of Directors, Anand Ramachandran, Chief of Staff and Head of M&A and Investor Relations, and others, to discuss a potential transaction. From November 2024 until the announcement of the transaction, Cohen Circle continued to perform due diligence on VEON Holdings, with Ms. Cohen and Ms. Abrams overseeing the process. On December 16, 2024, representatives of Rothschild & Co, on behalf of VEON, provided Cohen Circle with an initial draft non -bindingletter of intent (the “LOI”) with respect to a potential transaction, providing for (i) a proposed valuation of $1.5 billion (excluding capitalized leases and assuming net cash of $560 million), (ii) a minimum cash condition in favor of VEON Holdings of at least $100 million (inclusive of trust proceeds and any PIPE), (iii) Cohen Circle’s right to appoint a board member prior to closing and (iv) the use of a portion of the proceeds to repay a loan note issued by VEON Holdings to VEON Group. 245 On December 18, 2024, Mr. Jagota, on behalf of Cohen Circle and its Sponsor, provided Rothschild & Co with a revised draft of the LOI, reflecting (i) a lock -upapplicable to the Sponsor and at least 95% of shares issued to VEON Holdings’ existing equity holders that would expire on the earlier of 180 days after the closing or such time as the stock price exceeded $15.00 for 20 out of any 30 consecutive trading days, (ii) a restructuring of the founder shares such that 30% would be subject only to the lock -upreferenced in clause (i), 30% until the earlier of such time as the stock price meets $15.00 for 20 out of any 30 consecutive trading days and the second anniversary of the closing and 40% until such time as the stock price meets $20.00 for 20 out of any 30 consecutive trading days and the tenth anniversary of the closing, (iii) providing that the minimum cash condition