Grupo Bolivar plunges 9.37% in BVC after canceling conversion and repurchase of shares

Minutes before the end of the trading day, Grupo Bolivar shares fell 9.37% to $87,000 on the Colombian Stock Exchange (BVC). The move occurred after the issuer approved the revocation of the conversion of their ordinary titles to preferential ones. In addition, the intention to buy back fractions in the public market was abandoned.

“Grupo Bolivar SA declares that if the procedure set forth in the rules for converting ordinary shares into preferred dividend and non-voting shares has been exhausted, the thresholds defined in these rules have not been reached, so there will be no transfer of shares. As a result, the reacquisition of preferred dividends and non-voting shares will also not occur. will not be done.”

The process was expected to conclude today. During this period, those registered as shareholders on March 9 can decide whether to replace the first 5,000 common shares they hold and 30% of the additions.

Those who decide not to access this transition may transfer their rights to make such change to other persons who were also registered as partners of the issuer on March 9 and who are interested in participating in the process. The papers resulting from this transaction will start trading on March 28.

Source: Lare Publica


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