Business
Share Buyback Programme
Share Buyback Programme.
About this update from Vodafone Group Public Limited Company
[{"type":"text","content":"\n \n \n \n \n \n \n 16 November 2022\n \n \n \n \n \n \n \n \n SHARE BUYBACK PROGRAMME\n \n \n In March 2019, Vodafone Group Plc ('Vodafone') issued a two-tranche mandatory convertible bond ('MCB'), the first tranche of which (£1,720,000,000 1.20 per cent. Subordinated Mandatory Convertible Bonds; ISIN XS1960588850) matured on 12 March 2021, and the second tranche of which (£1,720,000,000 1.50 per cent.; ISIN XS1960589668) matured on 12 March 2022. On 9 March 2022 Vodafone announced that it had concluded its share buyback programme in relation to the first tranche of the MCB, neutralising the dilution that occurred on conversion of the first tranche of the MCB into Vodafone ordinary shares in March 2021. In order to satisfy the conversion of the second tranche of the MCB, 1,518,629,693 shares were issued from existing shares held in treasury. Between 17 March 2022 and 15 November 2022, Vodafone undertook an irrevocable and non-discretionary share buy-back programme to reduce the issued share capital of Vodafone to partially offset the increase in the issued share capital as a result of the maturing of the second tranche of the MCB. Vodafone today announces it will commence a new irrevocable and non-discretionary share buy-back programme (the 'New Programme'). The sole purpose of the New Programme is to further reduce the issued share capital of Vodafone to offset the increase in the issued share capital as a result of the maturing of the second tranche of the MCB. Following completion of the New Programme, the increase in the issued share capital as a result of the maturing of the second tranche of the MCB will be fully offset.\n \n \n Further details of the New Programme\n \n \n Vodafone has given irrevocable and non-discretionary instructions to Goldman Sachs International ('Goldman Sachs') in relation to the New Programme, which will commence on 16 November 2022 and will end no later than 15 March 2023 (the 'Designated Period'). Goldman Sachs will act as principal during the New Programme and will make its trading decisions concerning the timing of the purchases of Vodafone's ordinary shares independently of Vodafone. \n \n \n The number of ordinary shares permitted to be purchased by Vodafone, pursuant to the authority granted by the shareholders at the Annual General Meeting of Vodafone on 26 July 2022 (the '202...