Duco places Telenet shares in blind trust

Telenet CEO Duco Sickinghe has emphasized his neutral stance in Liberty Global’s bid for the Belgian cablenet.

In a statement Telenet said that Sickinghe wanted to prevent any conflict of interest. “Telenet has also been informed by Mr Sickinghe that he is committed and motivated to continue to manage Telenet as CEO and to realize further growth,” the company said.

296,025 Telenet shares and 856,256 vested Telenet warrants have been placed in a “blind trust”, created through a Foundation (Stichting Administratiekantoor) under Dutch law. Three independent directors have been appointed to manage the foundation.

Telenet is currently in dispute with Liberty Global over its €35 per share bid for those shares it doesn’t already own. An independent assessment made on behalf of Telenet by Lazard put a value on Telenet shares of between €37 and €42.