Brazil-ased airline GOL Linhas Aereas Inteligentes SA (NYSE: GOL and BM&FBOVESPA: GOLL4) has confirmed the dates for the ratio change in the its American Depositary Receipt (ADR) program from a ratio of one American Depositary Share (ADS) representing 10 preferred shares to a ratio of one ADS representing five preferred shares in GOL, the company said.
The purpose of the ADS ratio change is to increase liquidity in the trading, expanding the shareholder base and facilitating access to GOL ADSs on the NYSE.
As a result of the ratio change, ADS holders of record will automatically receive on the distribution date, May 1, 2017, one additional ADS for each ADS held by the close of business on the record date, April 27, 2017.
The ratio change will not affect holders of the company´s preferred shares. Existing ADSs will continue to be valid and will not have to be exchanged.
In addition, GOL has appointed The Bank of New York Mellon as the successor depositary bank for the Company´s ADR program on terms substantially identical to the previous deposit agreement.
Gol Linhas Aereas Inteligentes is an airline company engaged in providing mobile geolocation services to its passengers and designing a website featuring accessibility resources to assist people with visual and motor impairments. The company operates through two segments: Air transportation and Loyalty program. Its fleet has approximately 130 Boeing aircraft.