Created: Jun 30, 2023 07:59 AM
Liberty Global shareholders are to vote on whether to redomicile to the island (File photograph by Blaire Simmons)
Glass, Lewis & Co, the independent proxy advisory firm, has recommended that Liberty Global plc’s shareholders vote for all of the company’s proposals in connection with its intention to change its place of incorporation from England & Wales to Bermuda, the company announced.
In its report, Liberty said, Glass Lewis concluded: “On balance, we agree with the board’s rationale that the change in domicile is in the best interests of shareholders.”
Liberty Global stated: “Liberty Global appreciates Glass Lewis’s support for our proposal to change our incorporation from England & Wales to Bermuda.
“The principal reasons for the proposal are to enable future shareholder value creation by moving to a jurisdiction that makes it substantially easier to facilitate corporate transactions, such as buybacks and self-tender offers, spin-offs and split-offs and reduce administrative burdens and expense, while maintaining robust shareholder rights and protections.
“We remain committed to our UK and European customers, employees and businesses. Bermuda’s US-style governance is more aligned with the expectations of our largely US shareholder base.”
The 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, it said.
Liberty Global’s board of directors urges shareholders to vote for all of its proposals related to its change of incorporation.
Liberty Global said its businesses operate under some of the best-known consumer brands, including Virgin Media-O2 in Britain, VodafoneZiggo in the Netherlands, Telenet in Belgium, Sunrise in Switzerland, Virgin Media in Ireland and UPC in Slovakia.
A yes vote has been described as unlikely by some analysts.
Redomiciliation would only occur after a complicated process, involving a 75 per cent approval vote for each class of shareholders, followed by two court actions.
Bagikan Berita Ini
0 Response to "Proxy advisory firm backs Liberty's move to Bermuda - Royal Gazette"
Post a Comment