As previously announced, the Series C common stock traded on a
when-issued basis on the Nasdaq Global Select Market under the symbol
"LMCKV" during the period commencing on
The adjustment to the conversion rate was made pursuant to section 12.04(c) of the indenture for the Cash Convertible Notes, which applies to stock dividends made by Liberty to holders of LMCA in shares of its capital stock other than LMCA. In accordance with section 12.04(c), Liberty has adjusted the conversion rate for the Cash Convertible Notes due to the stock dividend pursuant to the following formula:
|
|
|
CR = CR0 x |
SP0 |
|||||||||
| where |
SP0 - FMV |
CR = the new conversion rate in effect immediately after the open of business on the ex-dividend date for the stock dividend (15.7760 shares).
CR0 = the conversion rate in effect immediately prior to the open of business on the ex-dividend date for the dividend (5.5882 shares).
SP0 = the average of the last reported sale prices of shares
of LMCA over the ten consecutive trading day period ending on, and
including, the trading day immediately preceding the ex-dividend date
for the dividend (
FMV = the fair market value (as determined by Liberty's board of directors) of the shares of LMCK as of the open of business on the ex-dividend date for the dividend.
Liberty's board of directors determined "FMV" for purpose of the
foregoing formula based on the average of the last reported sale prices
of shares of LMCK in the when-issued trading market, over the same
period as that used to determine "SP0" -- the ten consecutive
trading day period ending on, and including, the trading day immediately
preceding the ex-dividend date for the stock dividend (
The adjusted conversion rate of 15.7760 is effective immediately prior
to the opening of business on
About
Source:
News Provided by Acquire Media
