SAN FRANCISCO--(BUSINESS WIRE)--
Visa Inc. (NYSE: V) today announced that on June 25, 2018 the Company
had decided to deposit $600 million (the “Loss Funds”) into the
litigation escrow account previously established under the Company’s
U.S. retrospective responsibility plan (the “Plan”). Under the terms of
the Plan, when the Company funds the U.S. litigation escrow account, the
value of the Company’s class B shares - which are held exclusively by
U.S. financial institutions and their affiliates and successors - are
subject to dilution through a downward adjustment to the conversion rate
of the shares of class B common stock to shares of class A common stock.
This has the same effect on earnings per share as repurchasing the
Company’s class A common stock, by reducing the class B conversion rate
and consequently the as-converted class A common stock share count by
the equivalent amount of the Loss Funds. The deposit of the Loss Funds
and the adjustment to the class B conversion rate will be conducted in
accordance with the Company’s certificate of incorporation currently in
effect.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit About
Visa, visacorporate.tumblr.com
and @VisaNews.
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Source: Visa Inc.