TIM S.A. (NYSE: TIMB) cancels 28,678,509 treasury shares after buyback program
Rhea-AI Filing Summary
TIM S.A. cancelled 28,678,509 treasury shares that had been acquired under its current share buyback program. The cancellation was approved by the Board of Directors and was carried out without any reduction of the company’s capital stock.
After this corporate action, TIM S.A.’s capital stock is now divided into 2,392,125,889 common shares. The company plans to adjust Article 5 of its Bylaws at the next shareholders’ meeting to reflect the new share count and states it will keep shareholders informed of further relevant updates.
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FAQ
What did TIMB (TIM S.A.) announce about its treasury shares?
TIM S.A. announced that its Board of Directors approved the cancellation of 28,678,509 treasury shares that had been acquired under its current buyback program.
How many common shares does TIMB now have after the cancellation?
Following the cancellation, TIM S.A.’s capital stock is now divided into 2,392,125,889 common shares.
Did the cancellation of TIMB treasury shares reduce TIM S.A.’s capital stock?
No. The company states that the cancellation was carried out without reduction of capital stock.
Where did the cancelled TIMB shares come from?
The 28,678,509 cancelled shares were shares held in treasury that had been acquired under TIM S.A.’s current Buyback Program.
Will TIM S.A. update its Bylaws after the share cancellation?
Yes. The company states that Article 5 of its Bylaws will be adjusted at the next shareholders’ meeting to reflect the new division of capital stock.
How will TIMB keep investors informed about future changes?
TIM S.A. indicates it will keep shareholders and the market informed of relevant updates in line with applicable regulations.