Summary
Visa Inc. announced on April 27, 2009, through a Form 8-K filing, that its Board of Directors has approved a program allowing Class C stockholders to liquidate up to 30% of their holdings. This liquidation is permissible for shares held as of July 1, 2009, and can occur anytime after that date, subject to specific terms and conditions. Crucially, this program is designed to be non-dilutive; the released Class C shares will automatically convert to Class A shares, which are publicly tradable, and will not increase the total number of outstanding shares. The application window for Class C stockholders to participate in this program will be open from July 1 to September 30, 2009, with detailed instructions to be provided in June 2009.
Key Highlights
- 1Visa's Board of Directors approved a program for Class C stockholders to liquidate up to 30% of their shares.
- 2The liquidation applies to Class C shares held as of July 1, 2009.
- 3The program allows liquidation anytime after July 1, 2009, subject to terms and conditions.
- 4Released Class C shares will automatically convert to publicly tradable Class A shares.
- 5The share release program is explicitly non-dilutive to the outstanding share count.
- 6Class C stockholders must apply to Visa's transfer agent between July 1 and September 30, 2009, to participate.
- 7Detailed instructions and terms will be available to Class C stockholders in June 2009.