The Buyback Program aims to maximize the shareholder‘s value without capital reduction, with the acquired shares being used in treasury, cancellation, disposal and/or to meet the possible exercise of stock options under the stock-based compensation.
On April 18, 2016, after the cancellation of 4,000,000 shares approved by the Board of Directors in a meeting, the Company‘s capital, R$676,614,203.57, became divided into 207,000,000 common shares, all nominative, with no par value. There are 53,564,538 shares in the market and the Company may acquire up to 1,931,886 shares, with no par value, of its own shares, representing approximately 3.61% of the Company‘s total number of shares in the market, respecting, additionally, the maintenance of a 25% minimum percentage of Outstanding Shares, as defined in the Novo Mercado Listing Regulation.
The settlement of the stock purchase transactions shall be no later than eighteen (18) months from the approval of the Buyback Program, beginning on April 19, 2016 and ending on October 19, 2017.
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