SAO PAULO, Feb. 25, 2016 /PRNewswire/ -- GOL Linhas
Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL),
(S&P: B-, Fitch: CCC, Moody's: Caa1), the largest low-cost
and best-fare airline in Latin
America, hereby announces that it will change the ratio of
its American Depositary Shares ("ADSs") to preferred shares
("Shares") from 1 (one) ADS to 1 (one) Share (1 ADS: 1PN) to one
ADS to 10 (ten) Shares. GOL has received the approval of the
Brazilian Securities Commission ("CVM") and the effective
date of the ratio change is expected to be February 26, 2016.
The ratio change will not affect holders of common and preferred
shares. No new shares will be issued by the Company and GOL's ADSs
will continue to be traded on the New York Stock Exchange
("NYSE") under the symbol "GOL".
The procedure for the ratio change will be implemented by
Citibank, N.A. acting as the ADS Depositary. The ADS Depositary
submitted to the U.S. Securities and Exchange Commission
("SEC") on January 26, 2016 a
form of the Amendment No. 1 to Deposit Agreement and of the form of
ADR that reflects the new ADS-to-Share ratio under cover of
Post-Effective Amendment No. 1 to Registration Statement on Form
F-6. A copy of such filing is available from the SEC's
website at www.sec.gov under Registration Number 333-175973. The
full text of the documents regarding approval of the ratio change,
including the approval at the Board of Directors meeting dated
December 18, 2015, is also available
to any interested parties at GOL's head office or on the websites
of GOL, the BM&FBOVESPA, the CVM, and the SEC.
As a result of the ratio change, the ADS price is expected to
automatically increase proportionally. However, the Company can
give no assurance that the post-change ADS price will be equal to
or greater than the pre-change ADS price multiplied by the
ratio.
The effect on the ADS price should take place on February 26, 2016. GOL believes that the ratio
change is in the best interests of its shareholders as it will
assist GOL in regaining compliance with the minimum average closing
price required for continued listing standard of the NYSE. However,
the Company can give no assurance that this goal will be achieved
upon the effectiveness of the ratio change.
For further information visit
www.voegol.com.br/ir
CONTACTS
IR
Phone: +55 (11) 2128-4700
E-mail: ri@golnaweb.com.br
CORPORATE COMMUNICATIONS
Phone: +55 (11) 2128-4183
E-mail: comcorp@golnaweb.com.br
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SOURCE GOL Linhas Aereas Inteligentes S.A.