Liberty Latin America (LILA) chair adds Series A preferred stake after dividend
Rhea-AI Filing Summary
Liberty Latin America Ltd. Executive Chairman Michael T. Fries increased his exposure to the company’s preferred equity. He received 99,953 Series A Preference Shares through a special stock dividend and later purchased 49,382 additional Series A Preference Shares at a weighted-average price of $20.3862, bringing his direct holdings in this class to 149,335 shares. He also acquired 6,129 Restricted Share Units tied to Series A Preference Shares via anti-dilution adjustments to existing awards, which vest on March 15, 2027. Fries continues to hold fully vested share appreciation rights over 489,999 Class C and 238,333 Class A common shares at adjusted exercise prices.
Positive
- None.
Negative
- None.
Insights
Analyzing...
Insider Trade Summary
Net Buyer: 149,335 shares
Net Buy
5 txns
Insider
FRIES MICHAEL T
Role
Executive Chairman
Bought
49,382 shs ($1.01M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Series A Preference Shares F2 | 49,382 | $20.3862 | $1.01M |
| holding | Share Appreciation Rights A F6, F7 | -- | -- | -- |
| holding | Share Appreciation Rights C F6, F8 | -- | -- | -- |
| Other | Restricted Share Units P F3, F4, F5 | 6,129 | $0.00 | $0.00 |
| Other | Series A Preference Shares F1 | 99,953 | $0.00 | $0.00 |
Holdings After Transaction:
Restricted Share Units P — 6,129 shares (Direct);
Series A Preference Shares — 149,335 shares (Direct);
Share Appreciation Rights A — 238,333 shares (Direct);
Share Appreciation Rights C — 489,999 shares (Direct)
Footnotes (8)
- F1. On May 21, 2026, the Issuer announced that an authorized committee of the Issuer's board of directors declared a special dividend on each of its outstanding common shares payable on June 16, 2026 to all holders of record as of 5:00 p.m., New York City time, on June 1, 2026 consisting of a special dividend of 0.10 shares of newly issued 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preferred Shares (the "Preferred Shares"), having an initial liquidation price of $25 per Preferred Share (the "Dividend"). As a result of the Dividend, the reporting person directly received 99,953 Preferred Shares.
- F2. The price reflects a weighted average of purchases made at prices ranging from $20.20 to $20.50. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares purchased at each separate price.
- F3. Each Restricted Share Unit P ("RSU") represents a right to receive one share of the Issuer's Series A Preference Shares at settlement.
- F4. In connection with the Dividend, all RSUs with respect to the Issuer's common stock ("Original RSUs") were adjusted pursuant to the anti-dilution provisions of the incentive plans under which the RSU awards held by the reporting person were granted. Each holder of an Original RSU was entitled to receive an RSU with respect to a number of Preferred Shares equal to 0.10 multiplied by the number of shares of common stock underlying the Original RSU, subject to the same terms and conditions as the Original RSU. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.
- F5. The Restricted Share Units vest in full on March 15, 2027.
- F6. The derivative security is fully vested.
- F7. This share appreciation right award ("SAR") was previously reported as a SAR relating to 166,667 shares of the Issuer's common stock at a base price of $21.58 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.
- F8. This SAR was previously reported as a SAR relating to 333,333 shares of the Issuer's common stock at a base price of $21.39 and was adjusted as a result of the Dividend. In connection with the Dividend, all SARs held by the reporting person with respect to the Issuer's common stock were adjusted pursuant to the anti-dilution provisions of the incentive plan under which such award was granted, such that the number of shares subject to, and the base price of, such SAR were adjusted. These adjustments were approved by the compensation committee of the Issuer's board of directors pursuant to Rule 16b-3.
Key Figures
Open-market or private purchase: 49,382 shares
Purchase price: $20.3862 per share
Preferred shares after purchase: 149,335 shares
+5 more
8 metrics
Open-market or private purchase
49,382 shares
Series A Preference Shares bought on 2026-06-25
Purchase price
$20.3862 per share
Weighted-average price; trades ranged from $20.20 to $20.50
Preferred shares after purchase
149,335 shares
Direct Series A Preference Share holdings following 2026-06-25 transaction
Special dividend received
99,953 shares
Series A Preference Shares granted via special dividend on 2026-06-16
Dividend ratio
0.10 shares
Series A Preferred Shares per outstanding common share in special dividend
Liquidation price
$25 per Preferred Share
Initial liquidation price of 9.0% Series A Preferred Shares
RSUs granted
6,129 units
Restricted Share Units P tied to Series A Preference Shares
Share appreciation rights positions
489,999 and 238,333 shares
Underlying Class C and Class A shares for fully vested SARs
Key Terms
Share Appreciation Rights, Restricted Share Units, anti-dilution provisions, 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preferred Shares, +1 more
5 terms
anti-dilution provisions financial
"RSUs were adjusted pursuant to the anti-dilution provisions of the incentive plans"
Anti-dilution provisions are contract terms that protect an investor’s percentage ownership when a company issues new shares at a lower price than the investor originally paid. They work like an automatic recalculation of split pieces when a pie gets cut into more slices, preserving the investor’s relative stake and reducing unexpected losses of ownership and voting power, which matters because it affects potential control, future returns, and valuation of an investment.
Rule 16b-3 regulatory
"These adjustments were approved by the compensation committee pursuant to Rule 16b-3"
Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
At what price did Michael T. Fries purchase Liberty Latin America (LILA) Series A Preference Shares?
On June 25, 2026, Michael T. Fries purchased 49,382 Series A Preference Shares at a weighted-average price of $20.3862 per share. Footnote disclosure states individual trade prices ranged between $20.20 and $20.50 for these purchases.
What equity awards and derivatives linked to Liberty Latin America (LILA) does Michael T. Fries hold?
Michael T. Fries holds 6,129 Restricted Share Units tied to Series A Preference Shares vesting on March 15, 2027, plus fully vested share appreciation rights over 489,999 Class C and 238,333 Class A common shares at adjusted exercise prices of $14.5600 and $15.1000, respectively.