Azul S.A. announces to the market that its controlling shareholder reduced its non-voting position from 11,432,352 preferred shares, representing 3.34% of this class of shares, to 2,116,004 preferred shares during the month of March of 2020. The Company clarifies that there was no change in the position of his 622,406,638 common (voting) shares.
David Neeleman, founder and controlling shareholder, stated that he had entered a personal loan in 2019 totaling US$30 million using part of his Azul shares as guarantee, since he had no intention to sell his shares because of his belief in the Company’s potential. The impact of the Covid-19 pandemic in the markets, however, triggered a margin call on his loan, and given the speed of the developments and the fact that David had other investments in the sector with no liquidity including TAP and Breeze, there was no time to access other sources of capital. As a result, the banks were required to execute the margin call on his loans. David reaffirms that he did not actively sell any of his Azul shares.