Ribeirão Preto, 21 de Outubro de 2021


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Redecard foreign shareholders refer to CVM

After many backstage complaints, foreign funds begin to seek the Securities Commission (CVM) due to the dissatisfaction with “Itaú Unibanco” bank in driving the delisting process of Redecard.

Foreigners forwarded in written - and in clear Portuguese - complaints to the local authority. Among several points, they criticized the choice of a public offering of stocks (OPA) unified for delisting and withdrawal of the New Market. They identified a conflict of interest in Itaú bank in the withdrawal of the company from highest level of governance in the stock exchange and believe that the controller should not vote in the meeting that will support this decision. The assessment is that the interest of Itaú regarding the exit of Redecard from the New Market, including its option to be able to sell its shares and change its trade relations with Redecard is conflicting with the interests of the company.

In other recent operations, the exit of the New Market occurred after and as a result of the success of the offer for the delisting and not independently of it.
In their opinion, the Itaú bank was not clear enough, the first relevant fact distributed to the market about its intention to withdraw Redecard from the New Market, if there were sufficient adhesion to the delisting of the company. This information only became clear, they say, when the announcement of the operation was published, sounding like a threat.

They also pointed out that the bank did not immediately inform investors about contracting Citibank and BR Partners for the issue of a fairness opinion to the board of the company - there was only the publication of comments from other banks. The funds also want that Itaú Bank is committed to the disclosure of the fairness opinion, not only the publication of the result that is being prepared by the Rothschild.

(Valor Econômico)

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