Vodafone Group Plc has revealed its plan to commence a share repurchase programme of ordinary shares in the share capital of Vodafone, with a maximum consideration of €500 million. The company has given a non-discretionary instruction to Morgan Stanley & Co. International Plc for the purchase and simultaneous on-sale of ordinary shares. The purpose of the programme is to reduce share capital, with the acquired shares to be subsequently repurchased by Vodafone, held as treasury shares, and 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. The authority for the programme was granted at the 2023 Annual General Meeting, and details can be found within the 2023 Notice of Meeting on the company's website. The programme will be executed in accordance with the Listing Rules and Vodafone's general authority to make market purchases of ordinary shares.
Vodafone's shareholders will be asked to authorize another general authority at the 2024 Annual General Meeting, as the current authority expires on 30 July 2024. For more information, investors can visit the company's website, while media inquiries can be directed to [email protected].