Vodafone Group Plc €500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE
August 07 2024 - 2:00AM
RNS Regulatory News
RNS Number : 4528Z
Vodafone Group Plc
07 August 2024
07 August 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 US$0.20 20/21 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 Goldman Sachs International
(GSI) in relation to the purchase by GSI acting as riskless
principal during the period commencing on 7 August 2024 and ending
no later than 29 November 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 GSI 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 2024 Annual General Meeting
("2024 AGM") pursuant to
which the Company is authorised to repurchase up to 4,053,092,397
Ordinary Shares. The sole purpose of the Programme is to reduce
share capital. Ordinary Shares acquired by GSI 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 2024 AGM can be found within the 2024 Notice of Meeting on our
website.
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