Emirates Telecommunication Grp PJSC e& announces increased investment in Vodafone (9255I)
December 07 2022 - 6:13AM
UK Regulatory
TIDMVOD
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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END
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