Virgin Media 2006 Annual Report Download - page 47

(b) Not applicable.
(c) Purchases of Equity Securities by the Issuer
Period
(a)
Total Number of
Shares (or Units)
Purchased
(b)
Average Price
Paid per Share
(or Unit)
(c)
Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs
(d)
Maximum Number
(or Approximate
Dollar Value of
Shares (or Units)
That May Yet Be
Purchased Under the
Plans or Programs
May 17, 2006 6,027(1) $ 27.51 — $ —
Total 6,027 $ 27.51 — $ —
(1) In connection with the merger with Telewest, the U.K. tax rules caused a deemed tax liability to be created for holders of
restricted stock who were subject to U.K. tax. Prior to May 17, 2006, Robert C. Gale, our Vice President−Controller, held 32,275
shares of our common stock and restricted stock units, including 17,250 shares of restricted stock vesting in three equal
instalments of 5,750 shares on each of May 6, 2006, May 6, 2007 and May 6, 2008. As a result of the merger, Mr. Gale incurred
a tax liability with respect to his shares of restricted stock. To satisfy this tax liability, which we paid in cash, we withheld 2,009
shares of common stock from each 5,750 share tranche. The average price paid per share shown in column (b) is our mid−market
share price on May 17, 2006, the date of this transaction. Accordingly, 3,741 shares of common stock were delivered in
satisfaction of the shares of restricted stock that vested on May 6, 2006, and 3,741 shares of common stock remain subject to
restrictions that will lapse (subject to Mr. Gale’s continued employment) on each of May 6, 2007, and May 6, 2008.
Item 6. Selected Financial Data
The selected consolidated financial information presented below should be read in conjunction with the consolidated financial
statements and notes thereto and the information contained in our Management’s Discussion and Analysis of Financial Condition and
Results of Operations appearing elsewhere in this annual report. Historical results are not necessarily indicative of future results.
On July 4, 2006, we acquired 100% of the outstanding shares and options of Virgin Mobile Holdings (UK) plc, or Virgin Mobile,
through a U.K. Scheme of Arrangement. Virgin Mobile is the largest mobile virtual network operator in the United Kingdom, with
approximately 4.5 million customers.
On March 3, 2006, NTL merged with a subsidiary of Telewest, which changed its name to NTL Incorporated. Because this
transaction is accounted for as a reverse acquisition, the financial statements included in this Form 10−K for the period through
March 3, 2006 are those of NTL, which is now known as Virgin Media Holdings Inc. For the period since March 3, 2006 these
financial statements reflect the reverse acquisition of Telewest. See note 1 to the consolidated financial statements of Virgin Media
Inc.
On May 9, 2005, we sold our operations in the Republic of Ireland. We have restated the historical consolidated financial
information to account for the Ireland operations as a discontinued operation. The assets and liabilities of the Ireland operations have
been reclassified as assets held−for−sale and liabilities of discontinued operations, respectively, and the results of operations of the
Ireland operations have been removed from our results of continuing operations for all periods presented.
Following the disposal of our operations in the Republic of Ireland, all of our revenue from continuing operations and
substantially all of our assets are denominated in U.K. pounds sterling. Consequently, we now report our results in pounds sterling.
Financial information for all periods presented has been restated accordingly.
We entered into an agreement for the sale of our Broadcast Operations on December 1, 2004 and closed the sale on January 31,
2005. As of December 31, 2004, we accounted for the Broadcast operations
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Source: VIRGIN MEDIA INVESTM, 10−K, March 01, 2007