Telenet’s shareholders approve the board of directors’ proposals
The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
Mechelen, 26 April 2023 – Telenet Group Holding NV (“Telenet” or the “Company”) (Euronext Brussels: TNET) announces that earlier today its shareholders approved the proposals from the board of directors, as published in the March 24, 2023 convening notice. This includes amongst others (i) the extension of certain board mandates for an additional four-year term and (ii) the payment of a €1.0 gross dividend per share.
Extension of board mandates
Telenet’s Annual General Shareholders’ Meeting approved the proposed reappointment of three directors: Mr. Jo Van Biesbroeck1, Mr. Manuel Kohnstamm and Mr. Enrique Rodriguez, who have each been reappointed for an additional four-year term. For more information on the Telenet board of directors, we refer to our corporate website.
Approval of a €1.0 gross dividend per share
In addition, the Annual General Shareholders’ Meeting approved the proposed gross dividend of €1.0 per share (net €0.7 per share), equivalent to an aggregate amount of €108.6 million2. As detailed in the February 16, 2023 press release, the dividend will be paid on May 5, 2023 with the Telenet shares trading ex-dividend as of the opening of the Brussels stock exchange on May 3, 2023. The record date will be May 4, 2023.
The effective payment of the dividend to both registered shareholders and holders of dematerialized shares will occur on May 5, 2023. The payment of the dividend will be subject to 30% withholding tax under Belgian law. The received net dividend per share of €0.7 can, however, differ for foreign shareholders depending on the existence of certain double tax treaties between Belgium and certain foreign countries. In order to benefit from the reduced withholding tax, shareholders will need to formally submit a tax certificate to ING Belgium, acting as paying agent on behalf of the Company, at the latest 10 calendar days after the actual payment date.
Reference is made to Liberty Global’s voluntary and conditional cash offer for the remaining Telenet shares not held by Liberty Global or Telenet (see also the press releases of Telenet and Liberty Global of March 21, 2023 and the FSMA’s press release of April 13, 2023). The gross dividend of €1.0 per share as approved by the Annual General Shareholders’ Meeting will be deducted from the offer price, as the dividend payment date will fall prior to the settlement date of the offer, resulting in an amount of €21.0 per share.
1 Mr. Jo Van Biesbroeck serves as permanent representative of JoVB BV
[2] Based on 108,609,474 dividend-entitled shares as per April 26, 2023
