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LONDON - Vodafone Group (LON:VOD) Plc announced Thursday it will commence a €500 million share repurchase program effective immediately, with the initiative set to run through November 10, 2025.
The telecommunications company has instructed Goldman Sachs International to execute the buyback as a non-discretionary program. Goldman Sachs will purchase Vodafone (NASDAQ:VOD) ordinary shares on the London Stock Exchange (LON:LSEG) and various Multilateral Trading Facilities, then sell these shares back to Vodafone.
According to the company’s statement, the buyback’s sole purpose is to reduce Vodafone’s share capital. Shares acquired through the program will be held as treasury shares before being either canceled or allocated to employee share awards.
The repurchase falls within the authorization granted by shareholders at Vodafone’s 2024 Annual General Meeting, which permits the company to buy back up to 4.05 billion ordinary shares.
All purchases will comply with regulatory standards for buyback programs, including price and volume conditions set out in UK regulations that were derived from EU Commission Delegated Regulation following Brexit.
Vodafone’s shares are listed on the London Stock Exchange under ordinary shares with a value of US$0.20 20/21 each.
The announcement comes as part of Vodafone’s ongoing capital allocation strategy, based on information provided in the company’s press release.
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