Vodafone Group PLC (VOD)

[idpickering]

I was curious to see why VOD are up over 2% today, so hunted around for what might be the reason?

On the VOD page on HL, under 'Company News'. I found this;

Vodafone's Spanish business is reportedly attracting takeover interest from potential buyers.
Bloomberg cited people with knowledge of the matter as saying that the telecommunications group has been contacted by private equity and strategic suitors.

Sources said that while it's not running a formal sale process for the unit, Vodafone would consider offers at the right price.

It was understood that Vodafone's Spanish unit could be valued at more than $4bn.

Deliberations are ongoing and there's no certainty they'll result in a sale of the Spanish operations, Bloomberg said.

At 1330 BST, Vodafone shares were up 2.4% at 89.54p.

https://www.hl.co.uk/shares/shares-sear ... d0.20-2021

Ian.

[Tedx]

I was curious to see why VOD are up over 2% today, so hunted around for what might be the reason?

On the VOD page on HL, under 'Company News'. I found this;

Vodafone's Spanish business is reportedly attracting takeover interest from potential buyers.
Bloomberg cited people with knowledge of the matter as saying that the telecommunications group has been contacted by private equity and strategic suitors.

Sources said that while it's not running a formal sale process for the unit, Vodafone would consider offers at the right price.

It was understood that Vodafone's Spanish unit could be valued at more than $4bn.

Deliberations are ongoing and there's no certainty they'll result in a sale of the Spanish operations, Bloomberg said.

At 1330 BST, Vodafone shares were up 2.4% at 89.54p.

https://www.hl.co.uk/shares/shares-sear ... d0.20-2021

Ian.

Because I sold some yesterday.

[idpickering]

CDP AND VODAFONE JOIN FORCES TO INCENTIVISE SUPPLIER SUSTAINABILITY.

· New programme unlocks preferential supply chain financing rates to suppliers that score highly against environmental performance criteria

· CDP to encourage industry-wide adoption of the model, persuading even more suppliers to report on environmental performance and reduce carbon emissions

Some of the world's largest telecoms suppliers are now able to access preferential supply chain financing rates for disclosing emissions data and operating their businesses more sustainably.

CDP, a global not-for-profit organisation that runs the global environmental disclosure system helping financial institutions, companies, cities, states and regions to measure and manage their environmental impact, has joined forces with Vodafone by developing a framework to encourage suppliers to reduce their own carbon emissions.

Vodafone already asks suppliers to agree to achieving various environmental, social and governance (ESG) targets across areas like health and safety, diversity and the environment as part of its responsible supply chain commitments. In addition, some suppliers also complete an annual CDP survey that scores them on environmental performance.

CDP and Vodafone have jointly developed a framework consisting of 12 criteria from that survey - relating specifically to greenhouse gas emissions in the supply chain - as the basis for a new environmentally-linked supply chain finance programme. Vodafone suppliers will be invited to share their environmental performance score with their supply chain financing provider, and in doing so will have the opportunity to receive preferential financing rates based on their ranking.

The framework will initially be offered to suppliers, taking advantage of Vodafone's supply chain finance programme through Citi, and Vodafone will open the framework to a wider variety of suppliers and their supply chain financing providers later this year.

Vodafone believes the preferential supply chain financing rates will encourage suppliers to submit data on their environmental performance, reduce their carbon emissions overall, and ultimately contribute towards the Group's Scope 3 emissions targets (reducing emissions that aren't directly produced by the company, but are linked to its business activity). 1

In future, CDP plans to make a template of the framework available to other players in the telecoms sector, with a view to driving industry-wide adoption of the model.

https://www.investegate.co.uk/vodafone- ... 00015000W/

Ian.

[idpickering]

VOD are doing well today, with the SP being up 1.25% as I type.

I hunted around to see if this was just 'market noise', and found this on the Company News area of the VOD page on HL

Vodafone's biggest shareholder, Emirates Telecommunications Group, has upped its stake in the London-listed firm and opened talks to push for changes on its board.
In a regulatory filing on Monday, Emirates Telecommunications - also known as e& - said it had lifted its stake in Vodafone to 14.6% from 14%.

https://www.hl.co.uk/shares/shares-sear ... d0.20-2021

Ian.

[idpickering]

Iliad, Vodafone Revive Talks on European Tie-Ups.

French billionaire Xavier Niel’s Iliad SA has revived talks on a potential deal for some of Vodafone Group Plc’s continental European operations, people with knowledge of the matter said.

https://www.msn.com/en-us/money/compani ... r-AA1aniek

Ian (I hold VOD).

[idpickering]

VODAFONE APPOINTS GROUP CHIEF EXECUTIVE.

Vodafone Group Plc ("Vodafone") announces today that Margherita Della Valle has been appointed Group Chief Executive.

Jean-François van Boxmeer, Vodafone Group Chairman said:

"On behalf of the Board, I am delighted to announce the appointment of Margherita as Group Chief Executive, following a rigorous internal and external search.

Margherita has a strong track record during her long career at Vodafone in marketing, operational, commercial and financial positions. Over the last few months as interim Group Chief Executive, the Board and I have been impressed with her pace and decisiveness to begin the necessary transformation of Vodafone. Margherita has the full support of myself and the Board for her plans for Vodafone to provide better customer experience, become a simpler business and accelerate growth."

Margherita Della Valle, Vodafone Group Chief Executive said:

"I am honoured to have been appointed as Group Chief Executive. Vodafone has a unique position in Europe and Africa with strong customer relationships, networks and people.

To realise our potential Vodafone needs to change. We know we can do better. My focus will be to improve the service for our customers, simplify our business and grow."

https://www.investegate.co.uk/vodafone- ... 35097486X/

Ian.

[idpickering]

VODAFONE AND e& FORM STRATEGIC RELATIONSHIP ACROSS EUROPE, THE MIDDLE EAST AND AFRICA.

Vodafone Group Plc ("Vodafone") and Emirates Telecommunications Group Company PJSC ("e&") today announced that they have agreed a strategic relationship that brings the two operators closer together in certain aspects of their businesses.

As part of this strategic relationship, Vodafone and e& have entered into a relationship agreement that establishes e& as a cornerstone shareholder of Vodafone (the "Relationship Agreement"). This is the next phase in a strategic relationship that began in May 2022, when e& made its original investment in Vodafone.

https://www.investegate.co.uk/announcement/7521717

Ian (I hold, and am topping up my holdings of VOD in a few days).

[idpickering]

FY23 Preliminary results.

Margherita Della Valle, Group Chief Executive, commented:

"Today I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change.

My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business."

· FY23 performance slowdown in line with expectations

· Germany remains under pressure with -1.6%* service revenue growth and -6.1%* adjusted EBITDAaL growth

· Good performance in Vodafone Business with 2.6%* service revenue growth

· Group revenue increased by 0.3% to €45.7 billion driven by growth in Africa and higher equipment sales, offset by lower European service revenue and adverse exchange rate movements

· Adjusted EBITDAaL declined by 1.3%* to €14.7 billion due to higher energy costs, and commercial underperformance in Germany

· Gain on disposal of Vantage Towers supporting significant increase in operating profit and basic EPS

· Adjusted free cash flow of €4.8 billion, reflecting lower adjusted EBITDAaL and tax phasing

· Significant reduction in net debt to €33.4 billion, proforma net debt to adjusted EBITDAaL improved to 2.5x

· Total dividends per share are 9.0 eurocents, including a final dividend per share of 4.5 eurocents

And later;

Dividends

Dividends will continue to be declared in euros, aligning the Group's shareholder returns with the primary currency in which we generate free cash flow, and paid in euros, pounds sterling and US dollars. The foreign exchange rate at which future dividends declared in euros will be converted into pounds sterling and US dollars will be calculated based on the average World Markets Company benchmark rates over the five business days during the week prior to the payment of the dividend.

The Board is recommending total dividends per share of 9.0 eurocents for the year. This includes a final dividend of 4.5 eurocents compared to 4.5 eurocents in the prior year.

The ex-dividend date for the final dividend is 8 June 2023 for ordinary shareholders, the record date is 9 June 2023 and the dividend is payable on 4 August 2023. Dividend payments on ordinary shares will be paid directly into a nominated bank or building society account.

https://www.investegate.co.uk/announcement/7528159

Ian (I hold).

[funduffer]

Some comment on VOD from the Guardian:

https://www.theguardian.com/business/ni ... SApp_Other

Definitely a company that needs radical changes.

I hold, but will not top up until there is some sort of a turnaround.

FD

[idpickering]

Publication of Supplement to Prospectus.

The following supplementary prospectus produced in connection with the €30,000,000,000 Euro Medium Term Note Programme of Vodafone Group Plc has been approved by the Financial Conduct Authority and is available for viewing:

Supplementary Prospectus dated 22 May 2023 (the "Supplement") relating to the €30,000,000,000 Euro Medium Term Note Programme of Vodafone Group Plc.

The Supplement should be read and construed in conjunction with the base prospectus dated 22 September 2022 relating to the €30,000,000,000 Euro Medium Term Note Programme of Vodafone Group Plc (as so supplemented, the "Prospectus").

To view the Supplement, please paste the following URL into the address bar of your browser.

https://investors.vodafone.com/sites/vo ... lement.pdf

https://www.investegate.co.uk/announcement/7537959

Ian.

[idpickering]

Notice of Annual General Meeting.

The Company announces today that its 2023 Annual General Meeting ("AGM") will be held on Tuesday, 25 July 2023 at 10.00 am at The Pavilion, Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN and live webcast over the internet.

In connection with this, the Notice of AGM and the Forms of Proxy have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism, in accordance with Listing Rule 9.6.1. The Notice of AGM is also available on the Company's website at vodafone.com/agm.

Shareholders will be able to submit comments or questions for consideration by the Directors at the meeting. Questions can also be submitted to VodafoneAGMQuestions@equiniti.com by 6.30 pm on Friday, 21 July 2023.

https://www.investegate.co.uk/announcement/7547402

Ian.

[Breelander]

MERGER OF VODAFONE UK & THREE UK

TO CREATE ONE OF EUROPE'S LEADING 5G NETWORKS

https://www.investegate.co.uk/announcem ... k-/7574821

[Tedx]

...a few more regulatory hoops to jump through I think - but good news for VOD shareholders (70-odd pence a share )

[Breelander]

...a few more regulatory hoops to jump through I think - but good news for VOD shareholders (70-odd pence a share )

The City seems to agree with you, VOD jumped 3% to 75p on the announcement.

[monabri]

https://www.telegraph.co.uk/business/20 ... y-package/

"Mr Read, who left Vodafone in December after four years as chief executive, received a payout of £3.9m in the year to March, which included a £900,000 annual bonus. He was also handed £270,000 in the first three months of 2023 for his work advising the board and will be paid more than £730,000 over the remainder of his 12-month notice period.

In its annual report published today, Vodafone also said it will provide £7,000 towards legal fees linked to his departure, as well as £50,000 to help him find a new job."

Worth every penny!

Seriously rewarded for abject failure. I wonder which company will employ him next (please let it not be one we Lemons hold!)

[idpickering]

Update on Co-Control Partnership for Vantage Towers

Further to the announcement of a co-control partnership for Vantage Towers on 9 November 2022, Vodafone Group Plc ("Vodafone") announces that, based on commitments secured by the consortium of long-term infrastructure investors led by Global Infrastructure Partners and KKR (together the "Consortium"), Vodafone will receive further proceeds of €500 million, taking total net proceeds to €5.4 billion and the Consortium's ownership in Oak Holdings GmbH ("Oak Holdings") to 40%.

Vodafone has agreed with the Consortium a further 6 month window to acquire additional shares in Oak Holdings at the same price, up to a maximum of 50% ownership, by the end of 2023. Vodafone's 12 month option to pursue a sell-down to a 50% ownership stake in Oak Holdings outside of lock-up provisions and other restrictions will now commence on 1 January 2024.

https://www.investegate.co.uk/announcem ... p-/7638251

Ian.

[idpickering]

Vodafone Q1 FY24 Trading Update.

· Group service revenue growth of 3.7%* (Q4: 1.9%*), or 1.8%* (Q4: 0.5%*) excluding Turkey

· Broad-based service revenue improvement across almost all European markets

· Germany service revenue improved to -1.3%* (Q4: -2.8%*), supported by broadband price increases

· Vodafone Business: service revenue growth accelerated to 4.5%* (Q4: 2.9%*) driven by a strong performance in digital services

· Africa: Vodacom service revenue growth 9.0%* (Q4: 7.0%*), improved trend in South Africa, strong growth in Egypt

· FY24 guidance1 re-iterated: Adjusted EBITDAaL c.€13.3 billion and Adjusted free cash flow of c.€3.3 billion

https://www.investegate.co.uk/announcem ... e-/7649581

Ian.

[idpickering]

VODAFONE APPOINTS GROUP CHIEF FINANCIAL OFFICER.

Vodafone Group Plc ("Vodafone") announces today the appointment of Luka Mucic as Chief Financial Officer and as an Executive Director of Vodafone, effective from 1 September 2023.

Margherita Della Valle, Vodafone Group Chief Executive said: "I am thrilled that Luka will be joining the Vodafone team. He has a strong track record of international leadership, corporate repositioning and value-creation. Luka is joining us at a critical time as we undertake the transformation of Vodafone."

Luka Mucic said: "I am very excited to be joining Vodafone at this important stage of the Group's development. I look forward to working with Margherita and the team in delivering Vodafone's strategic priorities of Customers, Simplicity and Growth."

Jean-François van Boxmeer, Vodafone Group Chair said: "Following a rigorous international and cross-sector search, I am delighted Luka is joining the Board. He brings with him extensive experience in finance, international business - particularly in Germany - and technology."

https://www.investegate.co.uk/announcem ... er/7649626

Ian.

[idpickering]

The next dividend due to be paid on 04 Aug 23 will be Sterling: 3.86370 p per share.

https://investors.vodafone.com/individu ... /dividends

Ian.

[idpickering]

NATIONAL ROAMING AGREEMENT WITH 1&1 IN GERMANY

Vodafone Group Plc ("Vodafone") announces today that Vodafone GmbH ("Vodafone Germany") and 1&1 Mobilfunk GmbH ("1&1") have agreed a long-term national roaming partnership, which will deliver 5G mobile coverage nationwide to 1&1's customers from the second half of calendar 2024.

Key terms of the agreement

· Exclusive national roaming partnership, supporting current and future mobile technologies

· Long-term commercial agreement of up to 18 years, with gradual implementation during FY25

· 1&1 wholesale unitary costs indexed to Vodafone's mobile network cost, to reflect the impact of inflation and technology evolution over time, providing long-term visibility to both parties

The agreement is expected to be accretive to Group cashflow from FY26.

https://www.investegate.co.uk/announcem ... y-/7671473

Ian.