Preferred shareholders approve conversion of shares into ON in Special Meeting
Internal error

10/19/2017

Preferred shareholders approve conversion of shares into ON in Special Meeting

​​

During a Special Meeting held on October 19th, Vale overcame the last remaining challenge to begin the accession process of the company to the New Market, the highest segment of B3 in terms of corporate governance. At the time, the conversion of its remaining class A preferred shares (PNA) into common shares (ON) was approved by the holders of this class of shares. The operation was approved by 51.48% of the shares represented. As a result, Vale achieved the qualified quorum required by the Companies Act for this type of meeting, of more than half of the shares.

“We were able to reach this stage well in advance of the initially expected deadline and with much support from all shareholders. Now we are ready for a new phase: of transforming Vale into a true corporation, ensuring the best governance practices for shareholders. From now on, we should also attract new investors who prefer to invest in companies with this profile”, Vale’s CEO Fabio Schvartsman commented after the meeting.

During the previous Extraordinary General Meeting (EGM), the mandatory conversion was verified by the other shareholders, who defined that the exchange ratio will be 0.9342 common share for each preferred share, the same ratio adopted in the voluntary conversion carried out in August. After the operation, 307,140,096 outstanding PNA shares remained.

Withdrawal of shares

Shareholders holding preferred shares who do not agree with the conversion will have the right to withdraw from the company by the equity value of the share, defined in BRL 24.26. The withdrawal may be made within thirty days from the date of publication of the minutes of the special meeting of preferred shareholders, which approves the conversion to ON. Shares acquired (or leased) as of August 21st shall not be withdrawn.

​​​
​​

Preferred shareholders approve conversion of shares into ON in Special Meeting