Liberty Global shareholders have voted overwhelmingly for our proposal to change our place of incorporation to Bermuda from England and Wales.

 

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. 

Key Points

Bermuda's U.S-style governance is more aligned with the expectations of our largely U.S shareholder base.
Redomicile will make it easier for companies with multiple classes of stock like ours to undertake a range of transactions.
The move will lower the voting threshold from 75% to a simple majority, reducing the risk that a small group of shareholders can block key motions.
Redomicile is not being pursued for tax purposes.
There will be no impact on the day-to-day running of the company.
We remain committed to our UK and European customers, employees and businesses.

“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.”
Mike Fries, CEO

Timeline

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

Key documents