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Vila Olímpia
05457-006 São Paulo, São Paulo
Federative Republic of Brazil
annual reports under cover Form 20-F or Form 40-F.
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registrant in connection with Rule 12g3-2(b):
GOL Announces Share Buyback and 2008 Dividend Policy
São Paulo, January 29, 2008 – GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), the parent company of Brazilian airlines GOL Transportes Aéreos S.A. (“GTA”, Brazil’s low-cost, low-fare airline) and VRG Linhas Aéreas S.A. (“VRG”, Brazil’s premium service airline), announces that its Board of Directors has authorized a share buy-back program and approved the Company’s 2008 dividend policy.
The Board of Directors, considering current share prices and the free float, authorized management to implement a share repurchase program of the Company’s preferred shares, at market prices, up to 5,000,000 shares, representing 8.8% of the total number of preferred shares outstanding in the market, in accordance with the terms of CVM Instruction No. 10/80. The purpose of the buyback is the purchase of preferred shares to be held in treasury and subsequently resold or cancelled, without reducing GOL’s capital. The period for these authorized transactions is 365 days from January 28, 2008.
The objective of this initiative is to capture an important potential for value creation due to the current price of the Company’s shares. According to Constantino de Oliveira Júnior, GOL’s CEO, “This buyback program is additional evidence of GOL’s strategic vision to create value for all of its shareholders and of its commitment to the domestic and international capital markets.”
With the objective of providing greater predictability of dividend payments to shareholders, at a meeting held on January 28, 2008 the Board of Directors approved the distribution of quarterly dividends in the fixed amount of R$ 0.18 per common and preferred share of the Company during 2008. Regardless of the fixed amount, it is assured the payment of the minimum dividend of 25% of the corporate year’s net profit, and if necessary the Company will make a year-end supplementary dividend payment.
About GOL Linhas Aéreas Inteligentes S.A.
GOL Linhas Aéreas Inteligentes S.A. is the parent company of Brazilian airlines GOL Transportes Aéreos S.A. (“GTA”, a low-cost, low-fare airline which operates the GOL brand) and VRG Linhas Aéreas S.A.
(“VRG”, a premium service airline which operates the VARIG brand). GTA and VRG offer daily flights to more destinations in Brazil than any other domestic airline while providing customers with the most convenient flight schedules in the
country. The airlines operate a young, modern fleet of Boeing aircraft, the safest and most comfortable aircraft of its class, with low maintenance, fuel and training costs, and high aircraft utilization and efficiency ratios. In addition to safe
and reliable services, which stimulate brand recognition and customer satisfaction, the Company’s service is recognized as the best value proposition in the market. Growth plans include increasing frequencies in existing markets and adding
service to additional markets in both Brazil and other high-traffic travel destinations. Shares are listed on the NYSE (GOL) and the Bovespa (GOLL4) stock exchanges.
GOL Transportes Aéreos S.A., Brazil’s low-cost, low-fare airline, offers over 640 daily flights to 60 destinations connecting the most important cities in Brazil as well as the main destinations in Argentina, Bolivia, Chile, Paraguay, Peru and Uruguay. For more information on GOL flight times and fares, please access www.voegol.com.br or call: 0300 115 2121 in Brazil, 0810 266 3131 in Argentina, 800 1001 21 in Bolivia, 1 888 0042 0090 or 1230 020 9104 in Chile, 009 800 55 1 0007 in Paraguay, 0800 52 900 in Peru, 0004 055 127 in Uruguay and 55 11 2125-3200 in other countries.
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VRG Linhas Aéreas S.A., Brazil’s premium service airline, offers over 140 daily flights to 14 destinations in Brazil: Belo Horizonte, Brasília, Curitiba, Fernando de Noronha, Florianópolis, Fortaleza, Manaus, Porto Alegre, Recife, Rio de Janeiro (Santos Dumont and Tom Jobim), Salvador and São Paulo (Congonhas and Guarulhos). VRG also offers 30 daily flights to ten international destinations: Mexico City, in North America; Buenos Aires, Bogota, Caracas and Santiago, in South America; and Frankfurt, London, Madrid, Paris and Rome, in Europe. For more information on VRG flight times and fares, please access www.varig.com.br or call: 4003-7000, in Brazil; 0810 266 6874, in Argentina; 188 800 300 300, in Chile; 57 1 350 7100, in Colombia; +33 1 7048 0058, in France; +49 1803 33 43 53, in Germany; + 39 023 859 1250, in Italy; 001 800 514 6511, in Mexico; 51 1 221 0275, in Peru; 351 21 424 5165, in Portugal; +34 91 754 7014, in Spain; 1800 468 2744 or 1800 GO VARIG, in the United States and Canada; +44 207 660 0341, in the United Kingdom; 600 2800, in Uruguay; +58 212 202 2811, in Venezuela.
CONTACT: GOL Linhas Aéreas Inteligentes S.A.
| Investor Relations | Media | |
| Ph: (5511) 3169 6800 | Ph: (5511) 3169 6967 | |
| E-mail: ri@golnaweb.com.br | E-mail: comcorp@golnaweb.com.br | |
| Site: www.voegol.com.br/ir | Edelman; G. Juncadella and M. Smith | |
| Ph: +1 (212) 704-4448 / 704-8196 | ||
| E-mail:gabriela.juncadella@edelman.com; | ||
| meaghan.smith@edelman.com |
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice.
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GOL LINHAS AÉREAS INTELIGENTES S.A. |
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By: |
/S/ Richard F. Lark, Jr.
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Name: Richard F. Lark, Jr.
Title: Executive Vice President – Finance, Chief Financial Officer |
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.