New York, May 28, 2026, 08:03 EDT
- Liberty Latin America Class A (LILA) changed hands at $7.84 before Nasdaq opened, off 16 cents from the last close. Class C (LILAK) quoted at $8.01.
- John C. Malone bought 61,059 Class A shares and about 12.35 million Class C shares from Liberty Capital for $8.63 each, according to a late-Wednesday SEC filing.
- Nasdaq has scheduled when-issued trading for Liberty Latin America’s preferred-share payout to start June 1. Payment comes June 16.
Liberty Latin America Ltd. shares pointed lower in premarket U.S. trading Thursday after new filings and exchange notices clarified two big issues: John Malone’s block buy and the company’s plan to pay out preferred shares.
June 1 is set as the next big marker for the stock. Nasdaq says when-issued trading for both the common and new preferred shares should start that day. Regular trading hadn’t kicked off yet; Nasdaq lists its main session as 9:30 a.m. to 4:00 p.m. Eastern, with pre-market hours from 4:00 a.m. to 9:30 a.m.
Liberty Latin America’s special dividend isn’t cash. Shareholders will get one new 9.0% fixed-rate cumulative perpetual redeemable Series A preferred share for every 10 common shares owned at the record date. Preferred shares carry a fixed dividend and have a payout priority over common stock; cumulative means missed dividend payments stack up rather than expire.
Liberty Latin America announced its preferred shares have a $25 initial liquidation price per share, or $2.50 in liquidation preference for each common share. That totals around $500 million in aggregate liquidation preference. The first cash dividend is set to start Sept. 15 if the distribution goes through.
Malone’s filing brought in another detail. The SEC Form 4, signed May 27, reported Malone picked up the block from Liberty Capital, which used to be GCI Liberty, paying the identical $8.63 a share that Liberty Capital had paid. The filing stated GCI Liberty does not beneficially own Liberty Latin America shares after the deal.
Malone had earlier called the move “support for LLA” after a bigger deal fell through. Ron Duncan, GCI Liberty chief executive, said the board went with Malone’s bid because the larger plan was off the table. The sale will bring in $107 million in cash. Business Wire
Scotiabank lifted its price target on Liberty Latin America’s Class C shares to $7.40 from $7.10, but held the stock at Sector Perform, a neutral stance. The broker updated price targets across LatAm telecom, TheFly said.
Liberty Latin America posted first-quarter revenue of $1.083 billion, basically unchanged from last year, with operating income up 13% at $145 million. CEO Balan Nair said it was a “strong start to 2026,” as the company added 50,000 postpaid net customers in all segments. Business Wire
Cash flow is still a problem. Adjusted free cash flow came in at minus $64 million for the quarter, less negative than the $133 million loss a year ago. The company said Jamaica’s bounce back from Hurricane Melissa outpaced forecasts, but the storm still took a toll on first-quarter revenue and margins.
Regional competition is the main story. Liberty is still dealing with the Latin American telecom market where bigger size has an impact. It struck a deal with Millicom to merge their Costa Rica businesses. Last year, América Móvil took full ownership of ClaroVTR in Chile, buying out Liberty Latin America’s last stake.
The payout isn’t final yet. Liberty Latin America said the preferred-share distribution is still waiting on Exchange Act registration, Nasdaq OK, and no revocation ahead of the distribution date. The 9% preferred dividend could draw income investors, but it locks in a fixed cash cost. If Jamaica reconnections, Puerto Rico growth, or cost cuts miss, common shareholders might see less room left for buybacks or paying down debt.
The stock is moving on mechanics as much as earnings right now. June 1 is the key date—investors will watch if when-issued trading stays orderly, and if they see the new preferred shares as actual capital return or just an extra claim on a business still trying to rebuild its cash flow.
