Vodafone Group Plc EUR500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE
15 May 2024 - 4:00PM
RNS Regulatory News
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.
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