SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 6-K
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2007

(Commission File No. 001-32221) ,
 

 
GOL LINHAS AÉREAS INTELIGENTES S.A.
(Exact name of registrant as specified in its charter)
 
GOL INTELLIGENT AIRLINES INC.
(Translation of Registrant's name into English)
 


Rua Gomes de Carvalho 1,629
Vila Olímpia
05457-006 São Paulo, São Paulo
Federative Republic of Brazil
(Address of Regristrant's principal executive offices)



Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F ______

Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.

Yes ______ No ___X___

If "Yes" is marked, indicated below the file number assigned to the
registrant in connection with Rule 12g3-2(b):


GOL ANNOUNCES PERIOD FOR RECONSIDERATION
OF SHARE SUBSCRIPTION

São Paulo, May 30, 2007 – GOL Linhas Aéreas Inteligentes (NYSE: GOL and Bovespa: GOLL4), Brazil’s low-cost, low-fare airline, informs its shareholders pursuant to Instruction No. 358/02 of the Brazilian Securities Commission (CVM), that 6,083,212 preferred shares were subscribed and paid for in the Company’s preemptive rights offering.

Because not all preferred shares offered in the preemptive rights offering were subscribed for, and as resolved by the Board of Directors of GOL, the capital increase with regard to the preemptive rights offering shall only be partially ratified in the amount of shares subscribed for in the offering. In view of this resolution, GOL is required under the applicable Brazilian regulations to grant to its shareholders the possibility to reconsider the subscription of any shares subscribed. This opportunity is not granted to holders of our American Depositary Receipts (ADRs) that have subscribed for ADRs in the preemptive rights offering.

According to CVM order CVM/SEP/GEA-4 No. 166/2007 of May 28th, 2007, the common and preferred shareholders will have the period of ten days, counted from the date of this release, to reconsider their decision to subscribe for our preferred shares in the preemptive rights offering. After such period, the Board of Directors will partially ratify the capital increase, and the preferred shares and ADRs effectively subscribed will be issued on or about June 15, 2007.

About GOL Linhas Aéreas Inteligentes

GOL Linhas Aéreas Inteligentes is one of the most profitable and fastest growing low-cost, low-fare airlines in the industry worldwide. GOL provides frequent service on routes connecting all of Brazil’s major cities as well as primary destinations in Argentina, Bolivia, Chile, Paraguay, Peru and Uruguay through its more than 630 daily flights to 58 major airports. GOL offers daily flights to more destinations in Brazil than any other domestic airline while providing customers with the most convenient flight schedules in the country. GOL operates a young, modern fleet of Boeing 737s, the safest and most comfortable aircraft of its class, with low maintenance, fuel and training costs, and high aircraft utilization and efficiency ratios. In addition to safe and reliable service, which stimulates GOL’s brand recognition and customer satisfaction, the Company’s single class of service is recognized as the best value proposition in the market. GOL’s growth plans include increasing frequencies in existing markets and adding service to additional markets in both Brazil and other high-traffic South American travel destinations. GOL shares are listed on the NYSE and the Bovespa. GOL: here everyone can fly!

For more information, flight times and fares, please access our site at www.voegol.com.br or call: 0300-789-2121 in Brazil, 0810-266-3131 in Argentina, 800-1001-21 in Bolivia, 0004 055 127 in Uruguay, 009 800 55 1 0007 in Paraguay, 1 888 0042 0090 or 1230 020 9104 in Chile, 0800 52 900 in Peru and 55 11 2125-3200 in other countries.


CONTACT: GOL Linhas Aéreas Inteligentes S.A.

Investor Relations    Corporate Communications 
Ph: (5511) 3169 6800    Ph: (5511) 3169 6967 
E-mail: ri@golnaweb.com.br    E-mail: 
Site: www.voegol.com.br/ir    comunicacaocorporativa@golnaweb.com.br 
 
Media – Brazil & Latin America    Media – U.S. & Europe 
MVL Comunicação; D. Barbará and E.    Edelman; G. Juncadella and M. Smith 
Oliveira    Ph: +1 (212) 704-4448 / 704-8196 
Ph: (5511) 3049-0349 / 0341    E-mail:gabriela.juncadella@edelman.com 
E-mail: daniela.barbara@mvl.com.br              meaghan.smith@edelman.com 
eduardo.oliveira@mvl.com.br     

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice.



 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 30, 2007

 
GOL LINHAS AÉREAS INTELIGENTES S.A.
 
By:
/S/  Richard F. Lark, Jr.

 
Name:   Richard F. Lark, Jr.
Title:     Executive Vice President – Finance, Chief Financial Officer
 

 

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.