VAN BUREN TOWNSHIP, Mich.,
Sept. 12, 2012 /PRNewswire/ --
Visteon Corporation (NYSE: VC) today announced that the "restricted
period" relating to the net operating loss protective provisions
(the "NOL Protective Measures") contained in the company's
second amended and restated certificate of incorporation has
terminated. As a result, persons are no longer restricted from
becoming five-percent shareholders, and existing five-percent
shareholders are no longer restricted from making additional
purchases of Visteon's stock.
(Logo:
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The restricted period ended when the company's market
capitalization remained above the $1.5
billion threshold for 30 consecutive calendar days. The
charter provision is designed to protect significant tax assets in
the form of NOLs of the company, which could be impaired if a
"change of ownership" occurs under Internal Revenue Code Section
382 rules. A change in ownership can occur whenever there is a
shift in ownership by more than 50 percentage points by one or more
"five-percent shareholders" within a three-year period.
Visteon is a leading global automotive supplier that designs,
engineers and manufactures innovative climate, electronics and
interior products for vehicle manufacturers. With corporate offices
in Van Buren Township, Mich.
(U.S.); Shanghai, China; and
Chelmsford, UK; the company has
facilities in 28 countries and employs approximately 22,000 people.
Learn more at www.visteon.com.
SOURCE Visteon Corporation