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Leading Independent Proxy Advisory Firm ISS Joins Glass Lewis in Recommending Shareholders Vote “For” All Proposals Related to Liberty Global’s Proposed Bermuda Redomicile
DENVER, Colorado--(BUSINESS WIRE)-- Liberty Global plc (“Liberty Global” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that independent
About this update from Liberty Global Ltd.
[{"type":"text","content":" DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global plc (“Liberty Global” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that independent proxy advisory firm Institutional Shareholder Services (“ISS”) has recommended that Liberty Global’s shareholders vote for all of the Company’s proposals in connection with Liberty Global’s intention to change the jurisdiction of incorporation of the parent company of the Liberty Global group from England & Wales to Bermuda. The ISS recommendation follows a similar recommendation from independent proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”).\n\n\nThe Board of Directors of Liberty Global is recommending that shareholders support its proposal to redomicile to Bermuda to facilitate value enhancing transactions (such as buybacks, dividends, spin-offs, divestitures and acquisitions) and reduce administrative expenses and burdens, while preserving strong accountability and corporate governance.\n\n\nIn its report, ISS concluded that “the strategic rationale for the transaction… appears sound,” noting that the transaction is expected to result in “reduced administrative burdens to consummate various value-enhancing transactions” and “material long-term cost savings.” ISS also highlighted certain shareholder protections, including “bylaw provisions to protect unaffiliated shareholders under certain related-party transactions” and “the reduction in voting requirements to effect certain M&A transactions” as reasons to support the proposal.\n\n\nThe redomiciliation would change the jurisdiction of incorporation and governing documents of the parent company, but would have no effect on Liberty Global’s operations and subsidiaries:\n\n\n\nThe transaction is not tax-driven; Liberty Global’s revenue and income would remain European-based, and its subsidiaries’ tax residence will not change.\n\n\n\nAs a Bermuda company, Liberty Global will continue trading on Nasdaq (under the symbols LBTYA, LBTYB and LBTYK) and will continue to be governed by SEC rules and regulations.\n\n\n\nLiberty Global’s day-to-day operations in all its businesses, including its joint ventures in the U.K. and the Netherlands, will be unaffected.\n\n\n\nThere will be no change in Liberty Global’s offices or headquarters, management team, board of directors or employee base and no changes to our customer ser...