The percentage of votes in favor ranged from 88% – 95% across each of our three classes of stock.
The move aims to create long-term shareholder value by giving us more flexibility to facilitate investments, enhance efficiency in M&A, spinoffs and other strategies, and simplify share buybacks.
“The principal reason for the proposal is to enable future shareholder value creation by moving into a jurisdiction that makes it substantially easier to facilitate share buy-backs and self-tender offers, spin offs and split offs and other similar transactions.”
July 3 – July 13: Proxy voting
Shareholders who held shares as of July 3rd were able to submit their votes.
July 13: Court Meetings
Three separate Court meetings were held for Class A, Class B and Class C Ordinary shares holders respectively.
July 13: General Meeting
A General Meeting was held to approve ancillary corporate actions required to properly implement the Scheme. Holders of Class A and Class B Ordinary shares were entitled to vote at this meeting.
July 13: Shareholders’ Meeting
A Shareholders’ Meeting was held due to applicable rules and regulations of the SEC, which required LG to ask its Shareholders to vote, on a non-binding, advisory basis, on the Advisory Resolutions.
Aug – Nov: Court approval
Two separate court hearings to approve the Scheme will be held in August and November.
23 Nov 2023: Anticipated closing
Scheme effective date