Visa (V) Lowers Conversion Rate on Class B Common
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Visa Inc. (NYSE: V) announced the new conversion rate applicable to the Company's class B common stock resulting from its December 29, 2011, deposit of $1.565 billion into the litigation escrow account previously established under the Company's retrospective responsibility plan.
Under the terms of the Plan, this resulted in the decrease in the conversion rate applicable to the Company's class B common stock from 0.4881 to 0.4254, effective as of December 29, 2011. Therefore, the number of as-converted class B common shares was reduced by 15,381,045 from 119,833,888 to 104,452,843. The deposit and price-per-share calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 30-day pricing period from December 22, 2011, through February 6, 2012.
Under the terms of the Plan, this resulted in the decrease in the conversion rate applicable to the Company's class B common stock from 0.4881 to 0.4254, effective as of December 29, 2011. Therefore, the number of as-converted class B common shares was reduced by 15,381,045 from 119,833,888 to 104,452,843. The deposit and price-per-share calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 30-day pricing period from December 22, 2011, through February 6, 2012.
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