This excerpt taken from the TAM 20-F filed Jun 30, 2009.
23.3 Treasury shares
The movement of treasury shares during the year was as follows:
The market value was R$ 19.09 (reais) per preferred share at December 31, 2008.
The reduction in Treasury shares relates to the share option plan (see Note 26.2) . The difference between the exercise price of options and the book value of treasury shares used was accounted for in "Retained earnings" for an amount of R$ 2,899.
The Board of Directors, at a meeting held on January 30, 2009, approved a new program to repurchase TAM shares to be kept in treasury or subsequently cancelled or sold, with no capital reduction. Under the program, 3,596,629 preferred shares will be repurchased.