Brazilian miner and iron ore producer Vale said this week that shareholders have approved the company’s proposed shareholder restructuring plan.
Vale noted all resolutions were approved.
According to Vale, the approved resolutions include the authorization for the voluntary conversion of the class A preferred shares issued by the company into common shares, in the proportion of 0.9342 common share per class A preferred share; amendment of Vale's bylaws to conform it, as far as possible, to the rules of the Sao Paulo stock exchange new market segment and the merger of Valepar SA, the company's controlling shareholder, with and into Vale and other related matters.
Vale said the voluntary conversion was approved with 78 percent favorable votes, which represent 95 of common shares and 68 percent of preferred shares.
“The coming into effect of the matters approved in the extraordinary general meeting is subject to the taking up by least 54.09 percent of class A preferred shares (excluding treasury shares) of the voluntary conversion, within the 45-day conversion window,” Vale said.
Vale’s shareholder restructuring plan was validated by consultants ISS and Glass Lewis earlier in June.