REG - Emirates Telecom Grp Vodafone Group Plc - e& announces increased investment in Vodafone

VodafoneAnnouncement

07/12/2022 11:15

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RNS Number : 9255I  Emirates Telecommunication Grp PJSC  07 December 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "UK TAKEOVER CODE")

FOR IMMEDIATE RELEASE

7 December 2022

e& announces increased investment in Vodafone Group plc ("Vodafone")

Emirates Telecommunications Group Company PJSC ("e&") (formerly known as
Etisalat Group) announces today that, through its wholly-owned
subsidiary Atlas 2022 Holdings Limited, it has increased its stake in
Vodafone to aggregate 3,015.5 million shares, representing 11% of Vodafone's
issued share capital (excluding treasury shares).

The rationale of e&'s investment in Vodafone is unchanged from the
original investment, as announced on 14 May 2022, which is to gain significant
exposure to a world leader in connectivity and digital service at an
attractive valuation.  e& has no intention to make an offer for Vodafone.
This is a statement to which Rule 2.8 of the UK Takeover Code applies.

Atlas 2022 Holdings Limited was established solely for the purpose of holding
the shares in Vodafone.

Rule 2.8 statement

e& hereby confirms that it does not intend to make an offer for Vodafone.
This is a statement to which Rule 2.8 of the UK Takeover Code applies. For the
purposes of Rule 2.8 of the UK Takeover Code, e&, on behalf of itself and
any person acting in concert with it, reserves the right to announce or
participate in an offer or possible offer for Vodafone and/or to take any
other action which would otherwise be restricted under Rule 2.8 of the UK
Takeover Code within six months after the date of this announcement in the
following circumstances:

(a) with the agreement of the board of directors of Vodafone;

(b) following the announcement by or on behalf of a third party of a firm
intention to make an offer for Vodafone;

(c) following the announcement by Vodafone of a proposal for a "whitewash" (as
referred to in Note 1 of the Notes on Dispensations from Rule 9 of the UK
Takeover Code) or for a reverse takeover (as defined in the UK Takeover Code);
or

(d) if there has been a material change of circumstances (as determined by the
Panel on Takeovers and Mergers).

 

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