Liberty Broadband Corporation Announces Terms of Rights Offering
December 04 2014 - 8:15AM
Business Wire
Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq:
LBRDA, LBRDK) announced today that it has determined the per share
subscription price, commencement date and expiration date for its
previously announced rights offering.
As previously announced, at 5:00 p.m., New York City time, on
December 10, 2014, Liberty Broadband intends to distribute
subscription rights to purchase shares of Series C common stock
(each, a “Series C Right”) to holders of its Series A, Series B and
Series C common stock entitled to receive the dividend. The record
date for the dividend of the Series C Rights is 5:00 p.m., New York
City time, on December 4, 2014; however, as a result of “due bill”
trading procedures, those persons acquiring shares of Liberty
Broadband’s common stock in the market following the record date
but prior to the ex-dividend date will be entitled to receive
Series C Rights. We intend to announce the ex-dividend date as soon
as it has been confirmed.
Each whole Series C Right entitles its holder to subscribe, at a
per share subscription price of $40.36, for one share of Series C
common stock pursuant to a basic subscription privilege, and also
entitles the holder to subscribe for additional shares of Series C
common stock pursuant to an oversubscription privilege. The rights
offering will commence on Thursday, December 11, 2014, and will
expire at 5:00 p.m., New York City time, on Friday, January 9,
2015, unless extended by Liberty Broadband. Trading in the Series C
Rights under the symbol “LBRKR” is expected to commence on the
Nasdaq Global Select Market on Thursday, December 11, 2014.
Materials relating to the rights offering, including a copy of the
prospectus which contains important information about Liberty
Broadband, the Series C common stock and the rights offering, and
certificates representing the Series C Rights will be distributed
on or about Monday, December 8, 2014 to the record date holders who
receive Series C Rights in the distribution. Information regarding
the rights offering, including how to obtain copies of related
materials, can be found in the final prospectus for the rights
offering to be filed with the Securities and Exchange Commission.
The final prospectus can also be accessed on our website at
www.libertybroadband.com. The completion of the Series C Rights
distribution remains subject to the satisfaction of conditions,
including the receipt of the opinion of tax counsel. Further, the
board of directors of Liberty Broadband reserves the right to not
complete the rights offering at any time, including following the
completion of the distribution of the Series C Rights, and for any
reason.
None of Liberty Broadband, its board of directors or any
committee of its board of directors is making any recommendation to
rightsholders as to whether to exercise or sell their Series C
Rights. This press release is for informational purposes only and
is not an offer to purchase or a solicitation of an offer to sell
shares of Series C common stock. Rightsholders should carefully
read the prospectus insofar as it relates to the rights offering
before making any decisions with respect to their Series C
Rights.
About Liberty Broadband
Corporation
Liberty Broadband Corporation is comprised of, among other
things, its interest in Charter Communications, its subsidiary
TruePosition and a minority equity investment in Time Warner
Cable.
Liberty Broadband CorporationCourtnee Ulrich, 720-875-5420
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