Analyst Summary
- Shareholders approved a reverse stock split of 40:1, followed by a subsequent split of 1:80, maintaining the company’s share capital value.
- The operation will change the number of shares represented by each American Depositary Receipt (ADR), with one ADR representing two common shares.
- The Executive Board is authorized to define the date to start the procedures to implement the Operation within six months from the date of the Meeting.
- Shareholders will have a period of no less than 30 days to adjust their shareholding positions into whole lots multiples of 40.
- Fractions of shares resulting from the Operation will be grouped and sold at auction, with the net proceeds distributed proportionally among the holders of the fractions.
- Article 5 of the Company’s Bylaws was amended to reflect the new number of shares and the cancellation of 21,944,664 common shares held in treasury.