Liberty Global has distributed tracking stock for its operations in Latin America and the Caribbean – the LiLAC Group – as part of its plans to spin off these assets.
Liberty completed distribution of the LiLAC stock to shareholders yesterday, with these new ordinary shares to begin regular trading today on the NASDAQ and the OTC Link trading system.
“The launch of our LiLAC tracking stock is an exciting event, which we believe will enhance long-term equity value for shareholders,” said Liberty Global CEO, Mike Fries.
“Our cable operations in Chile and Puerto Rico are two of the most advanced platforms in the region. Both businesses have consistently delivered strong financial results and should continue to generate mid- to high-single-digit rebased OCF growth going forward.
“LiLAC is also uniquely positioned to exploit the highly fragmented landscape characterised by low broadband and pay TV penetrations.”
Liberty said in May that it will distribute one share of the corresponding class of LiLAC Group ordinary shares for 20 Liberty Global shares held by each shareholder of Class A, B and C ordinary shares.
The LiLAC Group tracking stock is designed to be a “pure-play” cable stock focused on Latin America and the Caribbean, giving shareholders the opportunity to invest directly in the region.
The LiLAC Group consists of Liberty Global’s Chilean cable business, VTR, and its 60% interest in Puerto Rican cable company, Liberty Cablevision.
Last month, the managing director for Liberty Global’s Central and Eastern European (CEE) region, Betzalel Kenigsztein, moved internally to work across the company’s Latin American operations.
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