12.1. Comunicações
12.1.1. Toda e qualquer comunicação ou notificação a ser procedida em razão desta Escritura deverá ser formalizada por escrito, podendo ser enviada por correio, mediante carta com aviso de recebimento. As comunicações entre as Partes serão enviadas aos seguintes endereços:
Para a Emissora:
PDG Realty S.A. Empreendimentos e Participações Praia de Botafogo, nº 501, 2º andar, parte,
Torre Pão de Açúcar, Centro Empresarial Mourisco CEP 22250-040 – Rio de Janeiro, RJ
At.: Sr. Cauê Castello Veiga Innocêncio Cardoso Para o Agente Fiduciário:
Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários Avenida das Américas, nº 4.200, Bloco 04, Sala 514
CEP 22.640-102 – Rio de Janeiro, RJ
At.: Srta. Nathalia Machado Loureiro/Sr. Marco Aurélio M. Ferreira Telefone: (21) 3385-4565
Fax: (21) 3385-4046
E-mail: juridico@pentagonotrustee.com.br (Assuntos Jurídicos)
backoffice@pentagonotrustee.com.br (Assuntos Operacionais e Financeiros) Para o Banco Mandatário e Escriturador:
[●●●●] [endereço] CEP [●] – [Cidade/Estado] At.: Sr. [●] Telefone: [●] Fax: [●] E-mail: [●] Para a BM&FBOVESPA Rua XV de novembro, 275 CEP 01013-001 - São Paulo – SP
12.1.2 Os atos ou manifestações por parte do Agente Fiduciário que criarem responsabilidade para os Debenturistas e/ou exonerarem terceiros de obrigações para com eles somente serão válidos quando previamente assim deliberado pelos Debenturistas reunidos em Assembleia Geral.
12.2. Renúncia
12.2.1. Não se presume a renúncia a qualquer dos direitos decorrentes da presente Escritura, desta forma, nenhum atraso, omissão ou liberalidade no exercício de qualquer direito, faculdade ou remédio que caiba ao Agente Fiduciário e/ou aos Debenturistas em razão de qualquer inadimplemento da Emissora prejudicará tais direitos, faculdades ou remédios, ou será interpretado como constituindo uma renúncia aos mesmos ou concordância com tal inadimplemento, nem constituirá novação ou modificação de quaisquer outras obrigações assumidas pela Emissora nesta Escritura ou precedente no tocante a qualquer outro inadimplemento ou atraso.
12.3. Despesas
12.3.1. Todas e quaisquer despesas incorridas com a Emissão ou com a execução de valores devidos nos termos desta Escritura, incluindo publicações, inscrições, registros, averbações, contratação do Agente Fiduciário e dos prestadores de serviços e quaisquer outros custos relacionados às Debêntures, serão de responsabilidade exclusiva da Emissora e serão reembolsadas nos termos da Cláusula 9.7 desta Escritura.
12.4. Título Executivo Extrajudicial e Execução Específica
12.4.1. Esta Escritura e as Debêntures constituem títulos executivos extrajudiciais nos termos do artigo 585, incisos I e II, do Código de Processo Civil, reconhecendo as partes desde já que, independentemente de quaisquer outras medidas cabíveis, as obrigações assumidas nos termos desta Escritura comportam execução específica, submetendo-se às disposições dos artigos 461, 632 e seguintes do Código de Processo Civil.
12.5. Disposições Gerais
12.5.1. Esta Escritura é celebrada em caráter irrevogável e irretratável, obrigando as partes e seus sucessores a qualquer título.
12.5.2. A invalidação ou nulidade, no todo ou em parte, de quaisquer das cláusulas desta Escritura não afetará as demais, que permanecerão sempre válidas e eficazes até o cumprimento, pelas partes, de todas as suas obrigações aqui previstas. Ocorrendo a declaração de invalidação ou nulidade de qualquer cláusula desta Escritura, as partes desde já se comprometem a negociar, no menor prazo possível, em substituição à cláusula declarada inválida ou nula, a inclusão, nesta Escritura, de termos e condições válidos que reflitam os termos e condições da cláusula invalidada ou nula, observados a intenção e o objetivo das partes quando da negociação da cláusula invalidada ou nula e o contexto em que se insere.
12.6. Lei Aplicável
12.6.1. Esta Escritura é regida pelas Leis da República Federativa do Brasil 12.7. Foro
12.7.1. Fica eleito o foro Comarca da Capital do Estado do Rio de Janeiro, com renúncia expressa a qualquer outro, por mais privilegiado que seja ou possa vir a ser.
Estando assim, as partes, certas e ajustadas, firmam o presente instrumento, em 03 (três) vias de igual teor e forma, juntamente com 02 (duas) testemunhas, que também o assinam.
Página de assinaturas 1/3 do Instrumento Particular de Escritura da 8ª Emissão Privada de Debêntures Quirografárias, Conversíveis em Ações da PDG Realty S.A. Empreendimentos e Participações
PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES
__________________________________ Nome: Cargo: __________________________________ Nome: Cargo:
Página de assinaturas 2/3 do Instrumento Particular de Escritura da 8ª Emissão Privada de Debêntures Quirografárias, Conversíveis em Ações da PDG Realty S.A. Empreendimentos e Participações
PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS __________________________________ Nome: Cargo: __________________________________ Nome: Cargo:
Página de assinaturas 3/3 do Instrumento Particular de Escritura da 8ª Emissão Privada de Debêntures Quirografárias, Conversíveis em Ações da PDG Realty S.A. Empreendimentos e Participações
Testemunhas: __________________________________ Nome: Cargo: __________________________________ Nome: Cargo:
PDG Realty S.A. Empreendimentos e Participações Publicly-held company with authorized capital
CNPJ/MF nº 02.950.811/0001-89
Praia de Botafogo, n° 501, building 1, room 201 - part CEP 22250-040, Torre Pão de Açúcar.
Rio de Janeiro – RJ
MANAGEMENT PROPOSAL TO THE
EXTRAORDINARY SHAREHOLDERS´ MEETING, OF JULY 12, 2012
Dear Shareholders ,
In attention to CVM’s Normative Instruction No. 481, of December 17th, 2009 (“CVM Instruction 481”), the Management of PDG Realty S.A. Empreendimentos e Participações (“Company” or “PDG Realty”), hereby submits to your perusal the following Management Proposal (“Management Proposal”) regarding the issuance of warrants and amendment of the Company’s bylaws, for the agenda of the Shareholders Extraordinary General Meeting of July 12, 2012 to be held on second call, (“Transaction’s Shareholders Meeting”), at 3:00 pm, at Praia do Botafogo, nº 501, building 1, room 201 part, Torre Pão de Açúcar, CEP 22250-240, in the City of Rio de Janeiro, State of Rio de Janeiro.
In accordance with the applicable Law, the Management Proposal, along with the relevant Management documents and the Board of Auditors report, are available for consultation at the Company’s headquarters, on the Investor Relations website of the Company (www.pdg.com.br) and on the CVM website (www.cvm.gov.br).
Considering the interest of the Company, the Management of PDG Realty presents the following recommendations in regards to the agenda:
1. Issuance of Warrants
Propose to the Transaction’s Shareholders Meeting the deliberation of the private and onerous issuance, by the Company, of one hundred and ninety nine million (199,000,000) warrants (“Warrants”), giving each of them the right of the holder thereof to subscribe and pay up, on the final date to exercise the Warrants: (a) one (1) new ordinary share of the Company, privately issued by means of the capital increase transaction mentioned in item 2 below (“Share”); and (b) one (1) convertible debenture, convertible into one (1) ordinary share of the Company, as mentioned in item 3 below (“Debenture”). Both the Warrants and Debentures will be admitted to trading on organized markets administered by BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (“BM&FBOVESPA”) under the tickers PDGR12 and PDGR-D81, respectively (“Transaction”), according to the terms below.
The amount of the Warrants is equivalent, on a consolidated basis, to four reais and two cents (R$4.02), of which four reais and one cent (R$4.01) are for capital and capital reserves (being four reais (R$4.00)
resulting from the acquisition of Warrants and one cent (R$0.01) arising from the subscription of each Share), and the remaining balance of one cent (R$0.01) as debt, related to each Debenture. The total price of the capitalization of the Company, of four reais and one cent (R$4.01), equivalent to up to R$797,990,000.00 (seven hundred and ninety seven million, nine hundred and ninety thousand reais), comprised by the issuing price of the Warrants mentioned in this Management Proposal and the issuing prince of the shares, is based on the weighted average price per share by the volume traded in the last twenty (20) trading days.
Each Warrant grants is holder thereof the right to subscribe and pay-up, on the final date to exercise the Warrants, jointly and mandatorily: (a) one (1) new ordinary share of the Company, privately issued by means of a capital increase transaction; and (b) one (1) convertible debenture, convertible into one (1) ordinary share of the Company. The exercise of the Warrants shall not, under any circumstances, grant the right to subscribe only Shares or only Debentures of the Company.
The shareholder of the Company may indicate on its respective subscription bulletin that: (i) it shall participate of the earmarking of the unsubscribed Warrants based on the proportion of the subscribed amounts; (ii) it shall participate on the apportionment of the unsubscribed Warrants up to a certain number of Warrants, subject to the proportioned earmarking mentioned in item (i); or (ii) that it has no interest in the earmarking of the unsubscribe amounts.
The shareholder may also indicate on its respective subscription bulletin that, in the event the Company decides to partially homologate the Warrants, as mentioned in item “Partial Homologation of the Warrants” below: (i) the subscription of its Warrants shall be limited to the proportion it holds on the Company’s capital in relation the total number of Warrants issued; or (ii) it will not subscribe any Warrants (“Right to Withdraw”).
In the event there is no indication regarding the Right to Withdraw on the subscription bulletin, it shall be assumed that the shareholder’s firm intention is to irrevocably, irreversibly and fully, subscribe the Warrants, in the terms and amounts indicated by the shareholder in the subscription bulletin.
All shareholders that exercise their preemptive rights through BM&FBOVESPA shall sign irreversible subscription bulletins. Only shareholders that exercise their preemptive rights through Itaú Corretora de Valores Mobiliários S.A. may sign subscription bulletins with the Right to Withdraw or reversible subscription bulletins. Shareholders that sign subscription bulletins with the Right to Withdraw shall not be allowed to negotiate their preemptive rights to the Warrants, unless the status on their subscription bulletin is changed to irreversible with Itaú Corretora de Títulos e Valores Mobiliários S.A.
1.1. Schedule of the Transaction
The estimated Schedule with the main steps of the Transaction, as stated in the Company’s corporate events calendar, is as follows:
Event Date
1. Meeting of the Board of Directors to appreciate Vinci’s proposal regarding the Transaction.
June 2nd, 2012
2. Meeting of the Board of Auditors to appreciate Vinci’s proposal regarding the Transaction and to submit it to the Transaction’s Shareholders Meeting.
June 4th, 2012
documents in accordance to CVM’s Instruction 481 to the Transaction’s Shareholders Meeting.
4. 1st Publication of the call notice to shareholders for the Transaction’s Shareholders Meeting and the issuance of the Warrants.
June 14th, 2012
5. Transaction’s Shareholders Meeting (if instated on first call notice)
6. Resolution over the issuance of the Warrants e and the issuance of the Debentures, if the Transaction’s Shareholders Meeting is instated in first call notice
7. Availability of the Notice to Shareholders with information on the resolutions
July 3rd, 2012
8. 1st Publication of the 2nd call notice for the Transaction’s Shareholders Meeting and the resolution on the issuance of the Warrants and the issuance of the Debentures (if instated on 2nd call notice)
9. Final Date Shareholders Proof (if instated on 1st call notice)
July 4th, 2012
10. Transaction’s Shareholders Meeting (instated on 2nd call notice)
11. Issuance of the Warrants and approval of the issuance of the Debentures, on the Transaction’s Shareholders Meeting instated on 2nd, call notice
12. Availability of the Notice to Shareholders with information on the resolutions
13. Availability on the IPE System of the call and the minutes of the transaction’s General Meeting
July 12th, 2012
14. Final Date Shareholders Proof (of the Transaction’s Shareholders Meeting instated on 2nd call notice)
15. Publication on newspapers of the call and the minutes of the transaction’s General Meeting
July 13th, 2012
16. Beginning of the Term for Exercise of Preemptive Rights for subscription of the Warrants (ticker PDGR11). Shareholders shall inform, in their subscription bulletin, about their participation on the 1st Round of Unsubscribed Warrants and on the Reserve of Unsubscribed Warrants, thus informing if their Preemptive Rights over the Warrants are reversible in case of partial homologation of the Warrants, in case of subscription bulletins executed through Itaú Corretora de Títulos e Valores Mobiliários S.A.*
17. Beginning of the negotiations of the Preemptive Rights over the Warrants (ticker PDGR11)
18. The ordinary shares of the Company (ticker PDGR3), from here on are trade without Warrants rights
July 16th, 2012
19. End of the Term for Negotiation of the Preemptive Rights over the Warrants (ticker PDGR11)
August 8th, 2012
20. End of the Term for Exercise of the Preemptive Rights for the subscription of the Warrants (ticker PDGR11), Shareholders shall inform, in their subscription bulletin, about their participation on the 1st Round of
Unsubscribed Warrants and on the Reserve of Unsubscribed Warrants, thus informing if their Preemptive Rights over the Warrants are reversible in case of partial homologation of the Warrants, in case of subscription bulletins executed through Itaú Corretora de Títulos e Valores Mobiliários S.A.*
21. Beginning of the negotiations of the Warrants (ticker PDGR12) August 16th, 2012 22. Availability of the Shareholders Notice regarding the period of
unsubscribed Warrants
23. Availability on the IPE System of the Notice to Shareholders
August 17th, 2012
24. Beginning of the subscription term of the 1st Round of Unsubscribed Warrants and of the Reserve of Unsubscribed Warrants **
August 20th, 2012
25. End of the subscription term of the 1st Round of Unsubscribed Warrants and of the Reserve of Unsubscribed Warrants **
August 24th, 2012 26. Availability of the Notice to Shareholders regarding the end of the term of
Unsubscribed Warrants
27. Availability on the IPE System of the Notice to Shareholders
August 27th, 2012
28. Beginning of the Term for the Exercise of Warrants August 29th, 2012 29. Closing of the negotiation of the Warrants (ticker PDGR12) September 6th,
2012
30. Final Date to Exercise the Warrants September 14th,
2012 31. Beginning of the negotiation of the new shares (ticker PDGR3) and the Debentures (ticker PDGR-D81)
September 17th, 2012
32. Meeting of the Board of Directors for the Homologation of the Exercise of the Warrants, and the approval of the capital increase and the Issuance of the Debentures (arising from the exercise of the Warrants)
33. Availability of the Shareholders Notice regarding the results of the exercise of the Warrants
34. Availability on the IPE System of the minutes of the Meeting of the Board of Directors for the Homologation of the Exercise of the Warrants, and the approval of the capital increase and the Issuance of the Debentures (arising from the exercise of the Warrants)
September 18th, 2012
35. Date of credit of the new shares PDGR3 and the Debentures PDGR-D81 September 19th, 2012
36. Date of conversion of the Debentures
37. Meeting of the Board of Directors for the capital increase for the conversion of the Debentures into shares
September 17TH, 2016
*The Preemptive Rights over the Warrants, the participation on the 1st Round of Unsubscribed Warrants and on the Reserve of Unsubscribed Warrants carried out through BM&FBOVESPA shall always be irreversible.
**Only shareholders that participated on the 1st Round of Unsubscribed Warrants and that expressly indicate in the subscription bulletin shall be allowed to participate on the Reserve of Unsubscribed Warrants.
If there is any change on the estimated Schedule of the main steps of the Transactions, above, the Company shall change its corporate events calendar, in accordance to item 6.6.1 of the BMFBOVESPA’s Novo Mercado segment Regulation and it shall maintain the market readily informed.
For further information on this item, in accordance to article 15 of CVM Instruction 481, attached herein, as Exhibit I, is the information regarding the Issuance of the Warrants (Annex 15 of CVM Instruction 481).
2. Capital Increase
The capital increase of the Company, arising from the exercise of the Warrants, will be equivalent to up to R$1,990,000.00 (one million, nine hundred and ninety thousand reais), with the issuance of one hundred and ninety nine million (199,000,000 ) new ordinary shares of the Company and subscribed by the holders of the Warrants, when the capital increase of the Company is deliberated by the meeting of the Board of Directors of the Company on the date mentioned on item 32 of the Schedule indicated above (“Capital Increase” and “Meeting of the Board of Directors for the Capital Increase”, respectively). Thus, the capital stock of the Company shall, as of the Final Date for the Exercise of the Warrants, be increased from R$4,958,090,789.05 (four billion, nine hundred and fifty eight million, ninety thousand, seven hundred and eighty nine reais and five cents) to up to R$4,960,080,789.05 (four billion, nine hundred and sixty million, eighty thousand, seven hundred and eighty nine reais and five cents), if all the Warrants are subscribed, paid-up and converted into shares of the Company.
For further information on this item, in accordance to article 14 of CVM Instruction 481, attached herein, as Exhibit II, is the information regarding the Capital Increase (Annex 14 of CVM Instruction 481), which shall be presented to the Meeting of the Board of Directors for the Capital Increase with further details.
3. Issuance of Debentures Convertible into Shares
The private issuance of convertible Debentures by the Company, in accordance with articles 52 et seq and 170 et seq of Law nº 6,404, of December 15th, 1976, as amended (“Corporation Law”), arising from the exercise of the Warrants, will be equivalent to the total amount of up to R$1,990,000.00 (one million, nine hundred and ninety thousand reais). The Debentures shall be issued by the Company and subscribed by the holders of the Warrants (“Debentures”).
For further information on this item, in accordance to article 15 of CVM Instruction 481, attached herein, as Exhibit III, is the information regarding the issuance of the Debentures (Annex 15 of CVM Instruction 481), which shall be presented to the Transaction’s Shareholders Meeting with further details.
4. Amendment to the Company’s Bylaws
Propose to the Transaction’s Shareholders Meeting the deliberation of the amendment and consolidation of the Company’s Bylaws as follows: (a) in the event the Transaction is approved, the approval of the following transactions shall be subject to the ratification of the majority of the holders of
the Debentures of the 8th Issuance, convened on a general meeting of holders of debentures specially called for such purpose: (i) merger, spin-off, amalgamation, inclusive of shares, transformation or any form of corporate reorganization involving the Company and/or its controlled companies; and or (ii) the issuance of warrants, convertible debentures, or any security convertible into shares of the Company; (b) adjust the amount and the number of shares of the capital stick of the Company; (c) increase of the Company’s authorized capital, in four hundred million (400,000,000) shares; and, additionally, the Board of Directors also proposed (d) the creation of the position of Internal Control Processes, Risk and Audit Officer; and (e) amendment to articles 38 and 39 of the Company’s Bylaws to adapt such articles to the Regulation of the Novo Mercado.
Analysis of the legal and economic effects. The amendment proposed on item (a) above aims at giving additional comfort to the holders of the Debentures, guaranteeing certain essential rights of the envisaged Transaction to such holders, by means of statutory provisions. The amendment proposed on item (b) above has the purpose of adjusting the amount and the number of shares of the capital stock of the Company to the latest issuances carried out by the Board of Directors. The amendment proposed on item (c) above has the purpose of adjusting the capital stock of the Company the issuance of the Warrants. Currently the Company has four hundred and seventy two million, one hundred and seventy five thousand, one hundred and ninety four (472,175,194) ordinary shares available for issuing within its authorized capital. With the proposed amendment, once the ordinary shares arising from the exercise of the Warrants are issued and once the Debentures are issued, such limit shall be adjusted. The economic effects of items (a) and (c) are the issuance of the Warrants and the Debentures, on the amounts previously mentioned. The amendments proposed on items (d) and (e) have the purpose of improving the Company’s corporate governance. The economic effect applies only to item (d) with the addition of the compensation related to the position of Officer appointed pursuant to the bylaws. The Board of Directors intends that such position is to be filled by Mr. Saulo de Tarso Lara, who, although currently an Officer without designation, fulfills the described duties.
Therefore, the amendment to articles 7, 10, 17, 38 e 39 of the Company’s bylaws is proposed, as per the