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Due to regulatory requirements, Azul created a differentiated shareholder structure to appropriately distribute economic ownership and voting rights among common and preferred shareholders. Under this structure, each preferred share is equivalent to 75 common shares and is entitled to receive 75 times the amount of dividends distributed to holders of common shares. Common shareholders have voting control over Azul and preferred shareholders have 100% tag along rights.
|Common||% Common||Preferred||% Preferred||Total Economic Shares
(1 preferred share = 75 common shares)
|% Economic Interest|
|Hainan Airlines Co., Ltd.||72,672,508||22.7%||72,672,508||21.9%|
|United Airlines, Inc. (Calfinco)||12,460,814||3.9%||12,460,814||3.7%|
* Represents Trip Participações S.A., Trip Investimentos Ltda. and Rio Novo Locações Ltda.
Note: One ADR represents three preferred shares