Balan Nair Amends Liberty Latin America Filing

TL;DR

Balan Nair updated their LILA filing, watch for changes.

AI Summary

Balan Nair, through an amendment filed on March 14, 2024, has updated their Schedule 13D filing for Liberty Latin America Ltd. The filing indicates a change in the reporting person's holdings or intentions regarding the company's Class A common shares.

Why It Matters

This amendment signals a potential shift in significant shareholder activity or strategy for Liberty Latin America Ltd., which could influence stock performance.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate changes in a significant shareholder's stake or intentions, which can introduce volatility.

Key Players & Entities

• Balan Nair (person) — Reporting Person
• Liberty Latin America Ltd. (company) — Issuer
• Class A common shares (security) — Securities subject to filing

FAQ

Key Financial Figures

• $0.01 — uer) Class A common shares, par value $0.01 per share (Title of Class of Securiti
• $14.00 — in March 2021, with exercise prices of $14.00 and $14.10, respectively. The PSARs wou
• $14 — 021, with exercise prices of $14.00 and $14.10, respectively. The PSARs would vest
• $6.1352 — the open market at an average price of $6.1352 per share. On March 1, 2024, Mr. Nair

Filing Documents

• ceoschedule13da.htm (SC 13D/A) — 65KB
• image_0.jpg (GRAPHIC) — 0KB
• 0001712184-24-000081.txt ( ) — 67KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration.

of the Statement is hereby amended and supplemented to include the following information

Item 3 of the Statement is hereby amended and supplemented to include the following information In March 2021, Mr. Nair had received an award of performance share appreciation rights (" PSARs ") to acquire 1,000,000 Class A common shares and 2,000,000 Class C common shares, par value $0.01 per share (" Class C common shares ") in March 2021, with exercise prices of $14.00 and $14.10, respectively. The PSARs would vest on March 15, 2024, subject to the attainment of the Issuer's and Mr. Nair's performance objectives for 2021 through 2023, as determined by the compensation committee. On February 22, 2024, the compensation committee determined that the performance objectives for the PSARs were met and that they would vest on March 15, 2024. However, because the exercise prices for the PSARs exceeded the market price of Class A common shares and Class C common shares on the date of filing of this Amendment (the " Filing Date "), the shares that may be acquired upon exercise of the PSARs have been excluded from the shares beneficially owned by Mr. Nair. On February 26, 2024 Mr. Nair used personal funds to purchase 16,313 Class A common shares on the open market at an average price of $6.1352 per share. On March 1, 2024, Mr. Nair acquired an additional 1,905 Class A common shares and 1,317 Class C common shares (after withholding shares for taxes) upon vesting of time-vesting restricted share units that were granted on March 15, 2023 pursuant to compensatory arrangements with the Issuer. In July 2022, the Issuer and Mr. Nair entered into an amended and restated employment agreement with respect to his continued service as the Issuer's President and Chief Executive Officer, which was effective July 28, 2022 (the " Employment Agreement "). Pursuant to the Employment Agreement, Mr. Nair received the Sign-on LILAB Award, which was split into three installments. On March 20, 2023, the third and final installment, 4 consisting of 312,500 Class B common share PSUs, wa

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer. (a) Mr. Nair may be deemed to beneficially own Class A common shares and Class B common shares of the Issuer as follows Class Actual Ownership Deemed Beneficial Ownership Number Class Percentage (1) Number Class Percentage (1) (2) Class A common shares 778,319 1.9% 1,346,881 (2) (3) (4) (5) 3.3% (2) (3) (4) (5) Class B common shares 272,500 12.2% 428,750 (6) 17.9% (4) (6) (1) Based upon approximately 40.9 million Class A common shares and 2.2 million Class B common shares, in each case, outstanding as of January 31, 2024, as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024. (2) Includes, as required by Rule 13d-3 under the Exchange Act, 139,812 Class A common shares issuable upon vesting of RSUs held by Mr. Nair and 156,250 Class B common shares issuable upon vesting of PSUs held by Mr. Nair, in each case, within 60 days after the Filing Date. (3) Includes (a) 139,812 Class A common shares issuable upon vesting of RSUs within 60 days after the Filing Date, (b) 272,500 Class A common shares issuable upon conversion of 272,500 Class B common shares held by Mr. Nair as of the Filing Date, and (c) 156,250 Class A common shares issuable upon conversion of 156,250 Class B common shares underlying PSUs that are scheduled to vest within 60 days after the Filing Date. (4) Each Class B common share is convertible, at the option of the holder, into one Class A common share. Each Class A common share is entitled to one vote, whereas each Class B common share is entitled to ten votes. These two classes of shares generally vote together as a single class on all matters. Accordingly, in the election of directors of the Issuer, Mr. Nair may be deemed to beneficially own voting equity securities representing approximately 8.0% of the voting power of the Issuer, based on the number of shares outstanding specified above and assuming that

View Full Filing

View this SC 13D/A filing on SEC EDGAR