LiLAC to Launch $300 Million Share Buyback Program
November 06 2016 - 8:32PM
Business Wire
Liberty Global plc (“Liberty Global” or the “Company”) announced
today that its Liberty Global Latin America and Caribbean Group
(“LiLAC Group”) will launch a $300 million stock repurchase program
(the “Program”) for LiLAC ordinary shares (NASDAQ: LILA, LILAK).
The purchases will be funded by LiLAC liquidity and free cash flow.
The program will commence immediately and runs until year-end
2019.
Mike Fries, Chief Executive Officer, said, “The establishment of
this buyback program for LiLAC tracking stock demonstrates
confidence in our business and its prospects, as well as our belief
that the LiLAC shares are presently undervalued by the market. This
buyback program, which will be fully funded by LiLAC itself, also
confirms our continued commitment to capital returns and our
intention to continue pursuing our levered equity value creation
strategy in this region.”
Under the Program, LiLAC Class A ordinary shares, LiLAC Class C
ordinary shares, or any combination of LiLAC Class A and LiLAC
Class C ordinary shares may be acquired from time to time. The
program may be effected through open market transactions and/or
privately negotiated transactions, which may include derivative
transactions. The timing of the repurchase of shares pursuant to
the Program will depend on a variety of factors, including market
conditions and applicable law. The Program may be implemented in
conjunction with brokers for the Company and other financial
institutions with whom the Company has relationships within certain
pre-set parameters and purchases may continue during closed periods
in accordance with applicable restrictions. The Program may be
suspended or discontinued at any time.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the company’s share buyback
program and the expected effects thereof and other information and
statements that are not historical fact. These forward-looking
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by these statements. These risks and uncertainties include factors
detailed from time to time in our filings with the Securities and
Exchange Commission including the most recently file Forms 10-K and
10-Q. These forward-looking statements speak only as of the date of
this release. We expressly disclaim any obligation or undertaking
to disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in our
expectations with regard thereto or any change in event, conditions
or circumstances on which any such statement is based.
About Liberty Global
Liberty Global is the world’s largest international TV and
broadband company, with operations in more than 30 countries across
Europe, Latin America and the Caribbean. We invest in the
infrastructure that empowers our customers to make the most of the
digital revolution. Our scale and commitment to innovation enables
us to develop market-leading products delivered through
next-generation networks that connect our 29 million customers who
subscribe to over 60 million television, broadband internet and
telephony services. We also serve 10 million mobile subscribers and
offer WiFi service across seven million access points.
Liberty Global’s businesses are comprised of two stocks: the
Liberty Global Group (NASDAQ: LBTYA, LBTYB and LBTYK) for our
European operations, and the LiLAC Group (NASDAQ: LILA and LILAK,
OTC Link: LILAB), which consists of our operations in Latin America
and the Caribbean.
The Liberty Global Group operates in 12 European countries under
the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and
UPC. The LiLAC Group operates in over 20 countries in Latin America
and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas
Movil and BTC. In addition, the LiLAC Group operates a subsea fiber
network throughout the region in over 30 markets.
For more information, please visit www.libertyglobal.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161106005055/en/
Liberty Global plcInvestor Relations:Oskar
Nooij, +1 303 220 4218Christian Fangmann, +49 221 8462 5151John
Rea, +1 303 220 4238orCorporate
Communications:Matt Beake, +44 20 8483 6428Rebecca Pike,
+44 20 8483 6216
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