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Financial News: VALE: Shareholders Agree To Convert Preferred Stocks Into

VALE: Shareholders Agree To Convert Preferred Stocks Into Common Shares

10/19/2017 - 18:44:00 (RTTNews)

(RTTNews) - The majority of the Brazilian miner Vale's preferred shareholders approved the conversion of 307 million preferred stocks from the company into common ones. The conversion rate will be of 0.9342 common share per class A preferred share.

The transaction was approved by the owners of 158,111,060 shares. Holders of 25,144 preferred shares voted against the conversion, while the owners of 667,328 preferred stocks abstained.

The holders of preferred shares that disagreed with the conversion might exercise a right of withdrawal and receive R$ 24.26 per preferred stock. Shareholders wishing to exercise this right must manifest their intentions between October 20 and November 19. The repayment date will be informed later.

The Brazilian mining company said it hoped that all shareholders could benefit from the completion of the conversion and subsequent migration to B3's Novo Mercado, which should lead to a simpler corporate structure and increase share liquidity.

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