Cosan board approves first stock purchase option granting program for up to 12 million common shares at exercise price of 22.80 reais/share
August 26, 2011
– COSAN S.A. INDÚSTRIA E COMÉRCIO hereby informs the market that the Company's Board of Directors' Meeting of August 18, 2011, approved the first Stock Purchase or Subscription Option Granting Program, in accordance with the terms of the Company's Stock Option Plan, approved by the Extraordinary Shareholders' Meeting of July 29, 2011 (“2011 Program”), involving up to twelve million (12,000,000) Company´s common shares (CSAN3), at the exercise price of R$22.80 per share¹, adjusted by the IPCA consumer price index, calculated and disclosed by the IBGE, until the effective subscription or purchase date. The 2011 Program´s vesting period shall be for a period between five (5) and ten (10) years as of the granting date.
¹ Stock average value over the past thirty (30) trading sessions of BM&FBOVESPA S.A. – São Paulo Securities, Commodities and Futures Exchange before August 18, 2011: R$22.60 per share.
COSAN is one of the largest producers of sugar and ethanol in the world. With a crushing capacity of 65 million tonnes of sugar cane, the Company holds approximately 10% of the local market.