Debora Borges's questions to Cosan SA (CSAN) leadership • Q4 2024
Question
Debora Borges of Safra sought clarification on the preferred shares, asking about the dividend payout structure through 2032 and whether Cosan is obligated to repurchase them at maturity. She also asked if the call spread on Vale shares was unwound following the asset disposal.
Answer
Executive Rodrigo Alves explained that Cosan is not obligated to repurchase the preferred shares in 2032, though the option exists. The dividend is a variable percentage of actual dividends paid by the underlying businesses and the shares have a cost step-up over time. He also confirmed that Cosan still holds the call spread but intends to divest it, with the timing dependent on financial market conditions.