Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
General
See the Glossary of defined terms at the beginning of this Annual Report on Form 10-K. In the following text, the terms “ we ,” “ our ,” “ our company ” and “ us ” may refer, as the context requires, to Liberty Latin America or collectively to Liberty Latin America and its subsidiaries.
Market Information
Our outstanding share capital comprises Class A, Class B and Class C common shares. Our Class A and Class C common shares trade on the Nasdaq Global Select Market under the symbols “LILA” and “LILAK,” respectively. Our Class B common shares are eligible to be traded on the OTC Markets under the symbol “LILAB,” although they do not have an established public trading market. The following table sets forth the range of highest and lowest prices for our Class B common shares for each of the periods indicated, as reported by Bloomberg, taking into account both opening and closing prices. Over-the-counter market prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
Class B
High Low
Year ended December 31, 2021
First quarter (a) $ 17.00 $ 17.00
Second quarter (a) $ 17.00 $ 17.00
Third quarter $ 10.25 $ 10.25
Fourth quarter $ 10.80 $ 10.30
Year ended December 31, 2020
First quarter $ 15.00 $ 15.00
Second quarter $ 17.00 $ 17.00
Third quarter (b) $ 17.00 $ 17.00
Fourth quarter (b) $ 17.00 $ 17.00
(a) During the first two quarters of 2021, no trades occurred. As such, the high and low prices shown for these periods relate to the last actual trade, which was during the second quarter of 2020.
(b) During the third and fourth quarters of 2020, no trades occurred. As such, the high and low prices shown for these periods relate to the second quarter of 2020.
Holders
As of January 31, 2022, we had the following number of holders of record of our common stock: 10,827 Class A; 24 Class B; and 24,859 Class C. The foregoing does not include the number of shareholders whose shares are nominally held by banks, brokerage houses or other institutions, but include each such institution as one record holder.
Dividends
We have not paid any cash dividends on our shares, and we have no present intention of doing so. Any future payment of cash dividends will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations. Except as noted in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and note 10 to our consolidated financial statements, there are currently no contractual restrictions on our ability to pay dividends in cash or shares.
Securities Authorized for Issuance Under Equity Compensation Plans
Information required by this item is incorporated by reference to our definitive proxy statement for our 2022 Annual General Meeting of Shareholders.
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Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
All information under this Item has been previously reported on our Current Reports on Form 8-K.
Issuer Purchase of Equity Securities
On March 17, 2020, we announced that our Directors authorized the Share Repurchase Program, which authorizes us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares, as the case may be, over two years. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares from time to time in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. On February 22, 2022, our Directors approved a new Share Repurchase Program. The new program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024.
The following table sets forth information concerning our company’s purchase of its own equity securities during the three months ended December 31, 2021:
Period Total number of shares purchased Average price
paid per share (a) Total number of
shares purchased as part of publicly
announced plans
or programs Approximate
dollar value of
shares that may
yet be purchased
under the plans or programs
October 1, 2021 through October 31, 2021:
Class A 676,100 $ 12.58 676,100 (b)
Class C — $ — —
November 1, 2021 through November 30, 2021:
Class A 718,800 $ 12.65 718,800 (b)
Class C — $ — —
December 1, 2021 through December 31, 2021:
Class A 786,700 $ 11.62 786,700 (b)
Class C 699,800 $ 11.16 699,800
Total — October 1, 2021 through December 31, 2021:
Class A 2,181,600 $ 12.26 2,181,600 (b)
Class C 699,800 $ 11.16 699,800
(a) Average price paid per share includes direct acquisition costs.
(b) At December 31, 2021, the remaining amount authorized for repurchases of Liberty Latin America Shares was $26 million.
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Stock Performance Graph
The following graph compares the changes in the cumulative total shareholder return on our Liberty Latin America Class A and Class C ordinary shares from January 2, 2018 (the day the shares began trading following the Split-Off) to December 31, 2021, to the change in the cumulative total return on the MSCI Emerging Markets NTR Index and the Nasdaq Composite TR Index (assuming reinvestment of dividends, where applicable). The graph assumes that $100 was invested on January 2, 2018.
January 2, December 31,
2018 2018 2019 2020 2021
Liberty Latin America Shares - Class A
$ 100.00 $ 67.10 $ 89.43 $ 51.58 $ 54.03
Liberty Latin America Shares - Class C
$ 100.00 $ 68.12 $ 90.98 $ 51.85 $ 53.30
MSCI Emerging Markets NTR Index
$ 100.00 $ 84.00 $ 99.48 $ 117.73 $ 114.70
Nasdaq Composite TR Index
$ 100.00 $ 95.72 $ 130.84 $ 189.61 $ 231.66
Item 6. [Reserved]
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