SAN FRANCISCO, April 27 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V)
announced today that its Board of Directors approved a program in which each
class C stockholder may liquidate up to 30% of its class C shares held as of
July 1, 2009, anytime after that date, subject to certain terms and
conditions. The release of the class C shares does not increase the number of
outstanding shares of the Company and there is no dilutive effect to the
outstanding share count from these transactions. The remaining class C shares
will continue to be subject to the general transfer restrictions that expire
on March 25, 2011 under Visa's certificate of incorporation. Class C shares
sold under this program will automatically convert to Class A shares, tradable
in the public market. In order to participate in the program, class C
stockholders will need to apply to Visa's transfer agent between July 1 and
September 30, 2009. Instructions for participating in the program, including
its terms and conditions, will be made available to Visa's class C
stockholders in June 2009.
This press release does not constitute an offer of any securities for
sale. This press release contains certain forward-looking statements. All
forward-looking statements in this press release are based on information
available to the Company as of the date hereof, and the Company undertakes no
obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
About Visa: Visa Inc. operates the world's largest retail electronic
payments network providing processing services and payment product platforms.
This includes consumer credit, debit, prepaid and commercial payments, which
are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa
enjoys acceptance around the world and Visa/PLUS is one of the world's largest
global ATM networks, offering cash access in local currency in more than 170
Tel: +1 415 932 2213
Will Valentine, Media Relations
Tel: +1 415 932 2564
SOURCE Visa Inc.
CONTACT: Investor Relations: Visa Inc., +1-415-932-2213, firstname.lastname@example.org, or
Media Relations: Will Valentine of Visa Inc., +1-415-932-2564,