They provide financial institutions, their primary customers, with product platforms encompassing consumer credit, debit, prepaid and commercial payments. Visa Net, their secure, centralized, global processing platform, enables them to provide financial institutions and merchants with a wide range of product platforms, transaction processing and related value-added services. Based on the size of their network, the strength of the Visa brand and the breadth and depth of their products and services, they believe they are the leading electronic payments company in the world.
Visa operates in the global payments industry, which is undergoing a major shift from paper-based payments, such as cash and checks, to card-based and other electronic payments. This shift has driven significant growth in card-based payments globally. According to The Nilson Report, global card purchase transactions grew at a compound annual growth rate, or CAGR, of 14% over the period from 2000 to 2006. The Nilson Report forecasts global card purchase transactions to increase at a CAGR of 11% from 2006 to 2012, with particularly strong growth in Asia/Pacific, Latin America and Middle East/Africa Visa Inc. as incorporated as a Delaware stock corporation in May 2007 and the Visa global enterprise was reorganized in October 2007. Prior to the reorganization, Visa operated as five corporate entities related by ownership and membership. Major Stock Holders prior to Offering: •Bank of America Corporation •Citigroup Inc •JPMorgan Chase & Co •National City Corporation •U. S. Bancorp They created a multi-class structure in order to: Allow stockholder decisions generally to be made by, and a majority of their board of directors to consist of independent directors elected by, their class A stockholders and not by their financial institution customers that hold their class B and class C common stock; and •Implement a key principle of the retrospective responsibility plan, which is that liability for certain litigation, which they refer to as the covered litigation, would remain with the members of Visa U. S. A. , as holders of their class B common stock through adjustments to the conversion rate for such stock.
The Essay on Global Warming 21
Is it hot in here, or is it just me? That’s the question young Billy asked himself one excruciatingly hot day. The air was thick with humidity and the sweat poured off him like the rain of a heavy spring downpour as he delivered his mid-day papers in his hometown of Seattle. Normally, he would not have thought twice about this kind of heat. Normally, it isn’t 90 degrees in April. This isn’t a far- ...
Currently, no public market exists for their class A common stock. They have applied to list their class A common stock on the New York Stock Exchange under the symbol “V. ” Their shares of class B and class C common stock are held by their financial institution customers, generally carry no voting rights, will not be listed and are subject to transfer restrictions. See “Description of Capital Stock. ” A portion of their class B and class C common stock is subject to mandatory redemption pursuant to their amended and restated certificate of incorporation.
They intend to redeem 123,216,659 shares of class B common stock and 143,037,934 shares of class C In March 2008, they completed their Initial Public Offering, or IPO. As a result of their IPO, the financial institutions that hold their class B and class C common stock represent a minority of the outstanding shareholder interest of Visa Inc. Giving effect to these redemptions, the number of shares outstanding and the number of shares of class A common stock issuable upon conversion of the class B and class C common stock immediately following this offering would be 406,000,000 shares of class A common stock.
The Term Paper on The Creation of a Common Market for Financial Services in the European Union
Of all the global achievements in the last 50 years, economic integration in Europe may be considered as the most notable of all. From a continent separated by war and differences in culture, Europe has proceeded to become an economic and political leader today. The formation of the European Union (EU), the accession of the 15 European countries to the Community, and the introduction of a single ...
Option to purchase additional shares: 40,600,000 shares of class A common stock Common stock outstanding after this offering: In connection with their October 2007 reorganization and in order to implement their retrospective responsibility plan, they issued different classes and series of shares reflecting the different rights and obligations of Visa financial institution members and Visa Europe based on the geographic region in which they are located.
Class A common stock is being offered to the public pursuant to this prospectus. Class B common stock is held by financial institution customers that are members of Visa U. S. A. Class C (series I) common stock is held by financial institution customers that are associated with Visa Canada and their AP, LAC and CEMEA regions. Class C (series II, III and IV) common stock is held by Visa Europe. However, an investment in their class A common stock involves a high degree of risk.
You should carefully consider each of the following risk factors and all other information set forth in this prospectus before investing in their class A common stock. Any of the following risks, if realized, could materially and adversely affect their revenues, operating results, profitability, financial condition, prospects for future growth and overall business. In that case, the trading price of their class A common stock could decline and you could lose all or part of their investment.
Giving pro forma effect to the transactions described above and the October 2008 redemption and subsequent conversion as if each occurred promptly following the closing of this offering, the number of shares outstanding and the number of shares of class A common stock issuable upon the conversion of the class B and class C common stock would be 406,000,000 Class A Common Stock Outstanding or Issuable Upon Conversion of Class B and C Common Stock.
