Duco Sickinghe, CEO Telenet, transfers shares and vested warrants to independent Foundation

  • Duco Sickinghe confirms neutrality towards bid of Liberty Global, Inc.


- Today Telenet has been informed by Duco Sickinghe, CEO of Telenet, that he is transfering his shares and his vested warrants of Telenet, which are subject of the takeover bid by Liberty Global, Inc. ("LGI") as announced on 20 September 2012, to a so-called "Stichting Administratiekantoor" (or Foundation), established under Dutch law.

As part of this transaction, Mr. Sickinghe wishes to emphasize his neutrality towards the bid and to prevent any conflict of interest. Telenet has also been informed by Mr. Sickinghe that he is committed and motivated to continue to manage Telenet as CEO and to realize further growth.


Transfer of Duco Sickinghe's shares and warrants to a Foundation
Mr. Sickinghe has informed Telenet that he is transferring his 296,025 Telenet shares and 856,256 vested Telenet warrants (the latter with approval of the Remuneration Committee) to a "blind trust", that will be outside of his reach during the bid. For practical reasons a Foundation ("Stichting Administratiekantoor") under Dutch law was formed. This Foundation will issue certificates to Mr. Sickinghe representing the financial rights in the shares and warrants. The Foundation is the legal owner of the shares and warrants and can decide completely autonomously on (i) a possible transfer of the shares and warrants - i.e. in the context of the present takeover bid -, (ii) the timing of such transfer, and (iii) the price at which such transfer will take place. The non-vested warrants are not transferred to this Foundation as Mr. Sickinghe has no title to them yet. The stock options are not covered by the takeover bid and thus not transferred to the Foundation either.

Independent board
Telenet was informed that the board of the Foundation will consist of three independent persons:

  • Mr. Sjoerd E. Eisma (former partner of the Dutch law firm De Brauw Blackstone Westbroek; former professor University of Leiden and University of Amsterdam; supervisory director at Hal Holding NV and Robeco Group NV);
  • Mr. Luc Philips (former CFO of KBC Group; independent director at i.a. ThromboGenics NV);
  • Mr. Dirk Heremans (professor emeritus KU Leuven; honorary member of the Commission of Banking and Finance; independent director at KBC Group).

Functioning of the Foundation during the period of the bid
Mr. Sickinghe informed Telenet of the most important aspects of the functioning of the Foundation during the period of the bid - although the Foundation will continue to exist after the bid - which have been summarized as follows:

  • The directors of the Foundation can decide completely autonomously on a total or partial transfer or non-transfer of the shares and warrants and/or on a total or partial exercise or on-exercise of the warrants. They do not need any approval from Mr. Sickinghe to do so.
  • Mr. Sickinghe has explicitly waived his rights to hold the directors responsible for their decisions in this respect.
  • The directors of the Foundation will not communicate on their decision with Mr. Sickinghe and Mr. Sickinghe will not influence their decision in any way.
  • Mr. Sickinghe cannot exchange his certificates for the underlying shares and warrants.
  • The directors of the Foundation have not had any direct business of personal relations with Mr. Sickinghe, Telenet and/or LGI.
  • The directors of the Foundation cannot be dismissed by Mr. Sickinghe. The directors can co-opt new members to the board if one of them should resign or decease.

Press release

PDF 88 KB
Download

Share

Latest stories

Website preview
BASE evolves its internet and TV offering to better match today’s usage needs
Mechelen, 12 May 2026 - From 22 June, BASE will further evolve its internet and television portfolio to better reflect today’s usage habits and customer expectations. The updated offers provide clearer choices across different connectivity needs, with improved performance, more relevant features, and options that better match how customers use internet and TV today. As part of this portfolio evolution, certain service conditions will be adjusted to align with the added features and value provided. BASE’s mobile offers are not impacted by these changes.
press.telenet.be
Website preview
Telenet brings Belgian football back home
Mechelen, 4 May 2026 - Telenet and DAZN have signed a distribution agreement for Belgian football. As a result, from next season onwards, Telenet customers will once again be able to watch all Jupiler Pro League matches live via Telenet. The agreement applies for the remainder of DAZN’s current rights period.
press.telenet.be
Website preview
Wyre, Telenet, Proximus and Fiberklaar sign agreements on gigabit network collaboration in Flanders
Malines, 30 april 2026 - Wyre bv, Telenet bv, Proximus nv and Fiberklaar bv have signed long-form agreements on the intended network collaboration to support the further deployment of high-speed gigabit networks across Flanders. This is a new step forward towards an effective collaboration, designed to extend the reach of gigabit-capable infrastructure, enabling more consumers to benefit from faster connectivity while reducing the need for duplicated civil works. The agreement remains subject to regulatory approval.
press.telenet.be

About Telenet SA

As a provider of entertainment and telecommunication services in Belgium, Telenet group is always looking for the perfect experience in the digital world for its customers. Under the brand name Telenet, the company focuses on offering digital television, high-speed Internet and fixed and mobile telephony services to residential customers in Flanders and Brussels.

Under the brand name BASE, it supplies mobile telephony, internet and television in Belgium. The Telenet Business department serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. More than 3,000 employees have one aim in mind: making living and working easier and more pleasant.

Telenet group is part of Telenet Group Holding NV and is a 100% owned subsidiary of Liberty Global. Liberty Global is one of the world’s leading converged video, broadband and communications companies, innovating and empowering people in six countries across Europe to make the most of the digital revolution. For more information, we refer to www.telenet.be

The Telenet newsroom can be found at press.telenet.be

corporate.telenet.be

Liersesteenweg 4 2800 Mechelen BTW BE 0473.416.418 RPR Antwerpen, afd. Mechelen