Business
Liberty Global Shareholders Vote in Favor of Change of Jurisdiction of Incorporation
DENVER--(BUSINESS WIRE)-- Liberty Global plc (Liberty Global) (NASDAQ: LBTYA, LBTYB and LBTYK) announces today that its shareholders have voted in favor of
About this update from Liberty Global Ltd.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nLiberty Global plc (Liberty Global) (NASDAQ: LBTYA, LBTYB and LBTYK) announces today that its shareholders have voted in favor of the company’s proposal to change its jurisdiction of incorporation from England and Wales to Bermuda. The change of incorporation facilitates value-enhancing transactions and reduces administrative burdens and expenses, while preserving strong accountability and corporate governance.\n\n\nLiberty Global’s shareholders voted strongly in favor of all proposals related to the change in jurisdiction at a series of special meetings held yesterday. The percentage of votes in favor from 88 – 95% of votes cast across each of the company’s three classes of stock. Liberty Global will now proceed with the relevant legal and regulatory procedures to effect the change. These procedural steps include court hearings in England and the closing, if conditions are met, would not occur until November of 2023.\n\n\nLiberty Global stated the following regarding the outcome of yesterday’s special meetings:\n\n\n“We are pleased that shareholders strongly supported our proposal to change our jurisdiction of incorporation from England and Wales to Bermuda. The change in jurisdiction will make it substantially easier to plan and execute value enhancing corporate transactions – including buybacks, dividends, spin-offs, cross-border divestitures and acquisitions – while also reducing administrative burdens and expenses. We remain committed to our businesses in the U.K. and the rest of Europe with our market-leading customer services and products, extensive in-country employment and critical infrastructure investment.”\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\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\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\...