REG - Vodafone Group Plc - EUR500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE

VodafoneAnnouncement

15/05/2024 07:00

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RNS Number : 4352O  Vodafone Group Plc  15 May 2024

15 May 2024

 

 

 

Vodafone Group Plc

€500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE

 

 

 

Vodafone Group Plc ("Vodafone") today announces that it will commence a share
repurchase programme of ordinary shares in the share capital of Vodafone of
20 US cents each (the "Ordinary Shares") up to a maximum consideration of
€500 million (the "Programme").

 

Vodafone announces that it has given a non-discretionary instruction to Morgan
Stanley & Co. International Plc ("Morgan Stanley") in relation to the
purchase by Morgan Stanley, acting as riskless principal during the period
commencing on 15 May 2024 and ending no later than 15 August 2024, of Ordinary
Shares for a target expense amount of no greater than €500 million and the
simultaneous on-sale of such Ordinary Shares by Morgan Stanley to Vodafone.

 

Any purchase of Ordinary Shares done in relation to this announcement will be
carried out on the London Stock Exchange and Multilateral Trading Facilities,
as defined by the Directive 2014/65/EU on markets in financial instruments
(including the delegated and implementing acts adopted under it) as
implemented, retained, amended, extended, re-enacted or otherwise given effect
in the United Kingdom from 1 January 2021 and as amended or supplemented in
the United Kingdom thereafter, and executed in accordance with the Listing
Rules and Vodafone's general authority to make market purchases of Ordinary
Shares granted by shareholders at the 2023 Annual General Meeting ("2023 AGM")
pursuant to which the Company is authorised to repurchase up to 2,699,430,143
Ordinary Shares. That General Authority expires on 30 July 2024, the date of
Vodafone's 2024 Annual General Meeting, when Vodafone's shareholders will be
asked to authorise another such general authority. The sole purpose of the
Programme is to reduce share capital. Ordinary Shares acquired by Morgan
Stanley will be subsequently repurchased by Vodafone, held as treasury shares
and then either cancelled or allocated to employee share awards as they fall
due.

 

The Ordinary Shares will be purchased in accordance with the price and volume
conditions set out in the Commission Delegated Regulation (EU) 2016/1052 of 8
March 2016 supplementing Regulation (EU) No 596/2014 of the European
Parliament and of the Council with regard to regulatory technical standards
for the conditions applicable to buyback programmes and stabilisation measures
as implemented, retained, amended, extended, re-enacted or otherwise given
effect in the United Kingdom from 1 January 2021 and as amended or
supplemented in the United Kingdom thereafter.

 

Details of the authority granted at the 2023 AGM can be found within the 2023
Notice of Meeting on our website.

 

 

 For more information, please contact:
 Investor Relations:  i (https://investors.vodafone.com) nvestors.vodafone.com  ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  Media Relations:  Vodafone.com/media/contact (https://Vodafone.com/media/contact)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)
                      (https://investors.vodafone.com)

 

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