the Redomiciliation, if there will be a vote undertaken by separate classes the threshold would be reduced from 75% (under English law) to a majority of votes cast within each class. As is currently the case, separate class votes would still be required for a variety of transactions, including a transaction which varies or abrogates the rights of a class, for example, by the creation of preferred stock or tracking stock, and business combination transactions with related parties. All of this is set forth in more detail in the Proxy Statement.
We believe that reducing the approval thresholds for transactions requiring a class vote as a Bermuda company is positive for our shareholders. It will enable transactions determined by our board to be in the best interests of our shareholders to move forward if supported by a majority of the votes in the impacted class and not be subject to hold up by a small group of shareholders whose interests may not be aligned with the interests of Liberty Global shareholders more broadly.
Continuing Commitment to Europe
We remain committed to our businesses in the U.K. and the rest of Europe. Over the years we have invested billions of dollars in critical infrastructure in the jurisdictions where we operate, and our ongoing commitments will not be altered by the Redomiciliation.
Manner of Voting
The Redomiciliation will be effected pursuant to a scheme of arrangement (the “Scheme”) under English law and will be subject to approval by Liberty Global’s shareholders and the High Court of Justice of England and Wales (the “Court”). To obtain the shareholder approvals required to effect the Scheme, Liberty Global will be holding special Court-ordered back-to-back meetings of each class of its ordinary shares, covering substantially similar matters, as well as a related general meeting of holders of Liberty Global’s voting shares. In addition to these shareholder meetings, due to applicable SEC rules and regulations, we are also asking our shareholders at a separate meeting to vote on a non-binding, advisory basis, on certain governance changes that we are proposing as part of the Redomiciliation.
The meetings are scheduled for July 13, 2023, commencing at 5:00 p.m. Mountain time. If the Scheme is approved by the requisite vote of shareholders at these meetings, and subject to the satisfaction (or if not satisfied, to the extent permitted by applicable law, waiver) of certain other conditions described in the Proxy Statement, Liberty Global will make a subsequent application to the Court for it to approve the Scheme and currently expects to complete the Redomiciliation in the second half of 2023.
Detailed information on the Scheme, Liberty Global’s business rationale for pursuing the transaction and the voting requirements necessary to effect the Redomiciliation are included in the Proxy Statement.
Forward-Looking Statements
This communication contains certain statements which are, or may be deemed to be, “forward-looking statements” with respect to the financial condition, results of operations and business of Liberty Global and certain plans and objectives of Liberty Global with respect to the Redomiciliation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are statements of future expectations that are based on current expectations, assumptions and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results, performance or events to differ materially from those expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects”, “is expected”, “is subject to”, “budget”, “scheduled”,
