|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the PBR 20-F filed May 22, 2009. Redemption
and Rights of Withdrawal
Brazilian law provides that, under limited circumstances, a
shareholder has the right to withdraw his or her equity interest
from the company and to receive payment for the portion of
shareholder’s equity attributable to his or her equity
interest.
This right of withdrawal may be exercised by the holders of the
adversely affected common or preferred shares in the event that
we decide:
Holders of our common shares may exercise their right of
withdrawal in the event we decide:
The right of withdrawal may also be exercised by our dissenting
shareholders in the event we decide:
This right of withdrawal may also be exercised in the event that
the entity resulting from a merger, incorporação de
ações, as described above, or consolidation or
spin-off of a listed company fails to become a listed company
within 120 days of the shareholders’ meeting at which
such decision was taken.
Any redemption of shares arising out of the exercise of such
withdrawal rights would be made based on the book value per
share, determined on the basis of the last balance sheet
approved by our shareholders. However, if a shareholders’
meeting giving rise to redemption rights occurred more than
60 days after the date of the last approved balance sheet,
a shareholder would be entitled to demand that his or her shares
be valued on the basis of a new balance sheet dated within
60 days of such shareholders’ meeting. The right of
withdrawal lapses 30 days after publication of the minutes
of the shareholders’ meeting that approved the corporate
actions described above. We would be entitled to reconsider any
action giving rise to withdrawal rights within ten days
following the expiration of such rights if the withdrawal of
shares of dissenting shareholders would jeopardize our financial
stability.
Table of Contents
This excerpt taken from the PBR 20-F filed Jun 30, 2005. Redemption and Rights of Withdrawal
Brazilian law provides that, under limited circumstances, a shareholder has the right to withdraw his or her equity interest from the company and to receive payment for the portion of shareholder’s equity attributable to his or her equity interest.
This right of withdrawal may be exercised by the holders of the adversely affected common or preferred shares in the event that we decide:
Holders of our common shares may exercise their right of withdrawal in the event we decide:
The right of withdrawal may also be exercised by our dissenting shareholders in the event we decide:
148
Table of Contents
This right of withdrawal may also be exercised in the event that the entity resulting from a merger, incorporação de ações, as described above, or consolidation or spin-off of a listed company fails to become a listed company within 120 days of the shareholders’ meeting at which such decision was taken.
Any redemption of shares arising out of the exercise of such withdrawal rights would be made based on the book value per share, determined on the basis of the last balance sheet approved by our shareholders. However, if a shareholders’ meeting giving rise to redemption rights occurred more than 60 days after the date of the last approved balance sheet, a shareholder would be entitled to demand that his or her shares be valued on the basis of a new balance sheet dated within 60 days of such shareholders’ meeting. The right of withdrawal lapses 30 days after publication of the minutes of the shareholders’ meeting that approved the corporate actions described above. We would be entitled to reconsider any action giving rise to withdrawal rights within 10 days following the expiration of such rights if the withdrawal of shares of dissenting shareholders would jeopardize our financial stability.
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for PBR: |
| |||||||
