Oi proposes a reverse split of shares – capital stock

Oi (OIBR3; OIBR4), currently in the judicial recovery phase, held an auction yesterday to sell fractional shares resulting from the pooling of all of its common and preferred shares, which were approved by shareholders at an extraordinary general meeting held on December 1, 2022.

In the auction held, 12,225 common shares and 535 preferred shares of the company were sold, for a total of R$9,295.85 net of fees. The date of the next auctions to sell the remaining shares will be announced later.

The net amounts resulting from the auctions will be added to the owners of fractional shares in proportion to what they own within 7 working days after the end of the last auction in which all shares were sold. The accreditation procedures will be as follows:

Hello (OIBR3; OIBR4)

According to the TV broadcast, the balances of shareholders with Banco do Brasil accounts will be automatically deposited in their current accounts at the bank, as long as they have expressed interest in receiving amounts in this account and their records are up to date.

Amounts to shareholders who have shares held at the B3 Central Depository will be deposited directly into B3, which will transmit them to shareholders through custodial agents.

“Other eligible shareholders must request to receive the amounts at the Banco do Brasil branch of their choice, by issuing a payment notice to receive them in cash at the cashier or by depositing them in a current account in other banks, at their expense, upon providing the relevant bank details (the bank branch and current account number).

It also said that shareholders whose shares have been blocked or whose records have become outdated will have the amount held by the company available for a guideline period set by law, and payment will only be made upon submission of documents necessary for unlocking or identification. .

Company

Oi, formerly known as Telemar, is a Brazilian telecommunications company. Founded in 1998, Oi is one of the largest telecommunications operators in Brazil, offering a wide range of services, including fixed and mobile telephony, broadband Internet, pay TV, and corporate data services.

Over the years, Oi has expanded its operations and infrastructure to provide services across the country, serving both individual and corporate clients. The company also played an important role in the development of telecommunications networks in Brazil, contributing to the expansion of connectivity in urban and rural areas.

However, UI has faced significant financial challenges over the years, leading to a judicial recovery in 2016, one of the largest in Brazilian history. Since then, the company has undergone a restructuring process to try to settle its debts and ensure its long-term financial sustainability.

Despite the challenges, Oi continues to operate and provide communications services to millions of customers throughout Brazil, maintaining its position as one of the main companies in this sector in the country.