At a meeting held November 8, 2018 the Energisa Board of Directors resolved to increase the Company’s share capital by 5% of its current share base or 86,491,364 new shares, consisting of 36,010,518 common shares and 50,480,846 preferred shares, at the price of R$ 6.70 a share or R$ 33.50 a Unit, amounting to a capital increase of R$ 579.5 million (“maximum amount”).
This meeting also resolved that the capital increase may not observe the surplus period and be closed in the event that during the period for exercising pre-emptive rights the subscription amount exceeds the minimum amount equal to 75% of the maximum amount or R$ 434.6 million, via the issuance of at least 64,868,523 new shares.
The holders of common and preferred shares or Units of the Company as of November 13, 2018 will have pre-emptive rights for the subscription, where holders of common and preferred shares and Units shall subscribe securities of the same type they own. Shareholders have 30 (thirty) days to exercise their pre-emptive rights, commencing November 14, 2018 and ending December 13, 2018 inclusive.
Following the increase, the Company’s share capital will increase from the current R$ 2,796.0 million to a maximum of R$ 3,375.5 million or minimum of R$ 3,230.6 million.