GOL changes ADS to preferred share ratio

Latin America-based airline GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL) will change the ratio of its American Depositary Shares (ADS) to preferred shares (PN) from one ADS to one Share (1 ADS: 1PN) to one ADS to 10 Shares, the company said.

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.

The procedure for the ratio change will be implemented by Citibank, N.A. acting as the ADS Depositary.

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.