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Even announces Material Fact
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Even Construtora e Incorporadora S.A. ("Even"), in compliance with article 157, paragraph 4 of Law No. 6,404/76, and in the Instructions of the Securities Commission ("CVM") No. 358/2002 and No. 567/2015, as amended, informs its shareholders and the market in general that the Board the Company‘s Board of Directors, at a meeting held on this date, approved a share buyback program issued by the Company, with the following characteristics ("Buyback Program"):
Purpose of the Buyback Program:
The purpose of the Buyback Program is to apply the Company‘s available resources to maximize the generation of value for shareholders, since, in the view of the Company‘s Management, the current value of its shares does not reflect the real value of its assets and the outlook profitability and results generation. The acquired shares will be held in treasury and may be subsequently canceled or disposed of.
Number of shares to be acquired:
The number of shares to be acquired under the Buyback Program is limited to 4,139,307 (four million, one hundred and thirty-nine thousand, three hundred and seven) common shares, corresponding to 2% (two percent) of the Company‘s shares outstanding on the market.
Term for Buyback operations:
The deadline for the acquisitions approved by the Board of Directors is up to 6 (six) months from this date, that is, starting on April 2, 2020 until October 1, 2020.
Number of shares outstanding:
Current amount: 206,965,363 (two hundred and six million, nine hundred and sixty-five thousand, three hundred and sixty-three) common shares.
Projected quantity (after operations covered by the Repurchase Program): 202,826,056 (two hundred and two million, eight hundred and twenty-six thousand and fifty-six) common shares.
The Company will only use available resources in accordance with Article 7, § 1, of CVM Instruction 567, according to the Company‘s consolidated financial statements disclosed on March 30, 2020. Thus, the Company informs that it has the amount of R$ 41,301,793.43 in profit reserves as resources available for the Buyback Program.
Itaú Corretora de Valores S.A.
Av. Brigadeiro Faria Lima, 3.400
BTG Pactual CTVM S.A
Av. Brigadeiro Faria Lima, 3.477
The Company, in compliance with the provisions of CVM Instruction 480, presents in the attachment to this Material Fact, the information provided for in Attachment 30-XXXVI on the trading of own shares.
The Company‘s Board will define the opportunity and number of operations under the Repurchase Program, subject to the limits and terms established by the legislation in force and approved by the Company‘s Board of Directors.
The operations will be carried out at market value and the decision on the eventual cancellation or sale of the acquired shares will be taken in due time and communicated to shareholders and the market in general.
São Paulo, April 1st, 2020.
José Carlos Wollenweber Filho
CFO and Investor Relations Director
To access the complete document, click here.
Even has been working in the real estate sector for more than 40 years and is one of the largest builders and developers in the metropolitan region of São Paulo. It is present, primarily and strategically, in the cities of São Paulo, Rio de Janeiro and Porto Alegre. The company is vertically oriented, executing all development stages of its projects, from lot prospecting, property development and brokerage activities to the project‘s construction. Even owns two sales companies: Even Vendas and Even More, both of which operating in 100% of the Company‘s projects to sell units and providing exclusive services to Even. The Company follows sustainability principles in all of its business segments. Even believes that employing sustainability practices leads to less construction debris, increases the energy efficiency of its products and improves its image before clients and neighboring communities. Its shares ! are traded on the Novo Mercado Special Corporate Governance segment of the B3 - Brasil Bolsa Balcão, under the ticker EVEN3.