12th Mar 2021 08:11
(Alliance News) - Vodafone Group PLC on Friday said it intends to commence a new share buy-back programme on Monday next week, the details of which "will be announced in due course".
The FTSE 100-listed telecommunications company said the move comes amid the maturity of the first tranche of GBP1.72 billion 1.2% subordinated mandatory convertible bonds, with the second tranche due to mature in March 2022.
In order to satisfy the conversion of the first tranche, the Berkshire, England-headquartered company said 1.43 billion shares will be issued from treasury on Friday at a conversion price of GBP1.2055.
Vodafone shares were trading 0.9% lower in London on Friday morning at 130.62 pence each.
On Tuesday, Vodafone said its Vantage Towers spin-off may be worth nearly EUR15 billion on stock market admission before the end of March. The firm outlined the price range for the unit's upcoming initial public offering in Frankfurt.
Vantage Towers shares will fetch between EUR22.50 and EUR29.00 in its float. Vodafone explained this will imply a market capitalisation between EUR11.4 billion and EUR14.7 billion. The base offer size will be EUR2.0 billion, though Vodafone said there is flexibility to up this to EUR2.8 billion.
By Evelina Grecenko; [email protected]
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