the valley (VALE3Thursday evening (24) announced that it will distribute 3.5 billion dollars to its shareholders through dividends, of which 1.25 billion dollars are extraordinary dividends. In total, each note will entitle its holder to withdraw 0.73 USD or 3701 Brazilian Real.
According to the document, bonuses will be paid on March 16 and the closing date is set for the next eighth day – shares will trade without dividends in the 90s.
According to the statement, holders of ADRs will receive payments through Citibank NA, the depositary for the ADR, effective March 23.
“Dividends per share will vary slightly due to the share repurchase program and long-term payouts to executives, and the change in the number of treasury shares,” Vale comments.
Vale will cancel about five million shares
In addition to the dividend, the mining company reported that its board of directors approved the cancellation of 133,418,347 common shares representing 41% of the shares currently held in the treasury.
Vale reports that due to the cancellation, its total share capital will consist of 4.9 billion common shares and 12 special-class preferred shares, all of which have no par value. Regulations will be modified soon.
“Management affirms its intention to hold only the treasury shares necessary to support compensation plans and to cancel the remaining shares as soon as the necessary dividend reserves are available,” Vale comments in the document.
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