TIDMVOD
RNS Number : 9021S
Vodafone Group Plc
19 March 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH
RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014
AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
VODAFONE GROUP PUBLIC LIMITED COMPANY LAUNCHES ANY AND ALL CASH
TER OFFERS
(Newbury, Berkshire - England) - March 19, 2021 - Vodafone Group
Plc ("Vodafone" or the "Company") announces the launch of 10
concurrent, but separate, offers to purchase for cash any and all
of the outstanding series of notes listed in the table below
(collectively, the "Notes") upon the terms of and subject to the
conditions in the offer to purchase dated March 19, 2021 (the
"Offer to Purchase") and the accompanying notice of guaranteed
delivery (the "Notice of Guaranteed Delivery," and together with
the Offer to Purchase, the "Tender Offer Documents"). The Company's
obligation to complete an Offer with respect to a particular series
of Notes is conditioned on the aggregate Purchase Price
Consideration for the Offers (excluding the applicable Accrued
interest), after taking into account Notes of each series accepted
for purchase with a higher Acceptance Priority Level, not exceeding
EUR4,000,000,000 (or the as-converted equivalent, if applicable, as
converted on the basis set forth in the Offer to Purchase) (the
"Cash Cap"), subject to the provisions herein (the "Maximum
Purchase Price Condition").
The offers to purchase with respect to each series of Notes are
referred to herein as the "Offers" and each, an "Offer." The Notes
denominated in U.S. dollars are referred to herein as "Dollar
Notes" and the Notes denominated in Euros are referred to herein as
"Euro Notes." Capitalized terms not otherwise defined in this
announcement have the same meaning as assigned to them in the Offer
to Purchase.
Holders are advised to read carefully the Tender Offer Documents
for full details of, and information on the procedures for
participating in, the Offers. All documentation relating to the
Offers, including the Tender Offer Documents, together with any
updates, are available at the following website:
https://sites.dfkingltd.com/vodafone.
Reference Fixed
Acceptance U.S. Bloomberg Yield
Priority Title of Outstanding Treasury Reference Fixed Spread (%) Fixed
Level Security CUSIP / ISIN Principal Amount Security Page(2) (basis points) (1) Price(3)
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
3.750% Notes UST 0.25%
due January 92857WBH2 / due March
1 2024 US92857WBH25 $2,000,000,000 15, 2024 FIT1 30 N/A N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
1.750% Notes
due August N/A /
2 2023 XS1372838679 EUR1,250,000,000 N/A N/A N/A -0.35 N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
4.65% Notes
due January N/A /
3 2022 XS0479869744 EUR1,250,000,000 N/A N/A N/A -0.45 N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
Floating
Rate Notes
due January 92857WBN9 /
4 2024 US92857WBN92 $1,000,000,000 N/A N/A N/A N/A $1,022.00
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
5.375% Notes
due June N/A /
5 2022 XS0304458051 EUR500,000,000 N/A N/A N/A -0.45 N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
0.500% Notes
due January N/A /
6 2024 XS1499604905 EUR750,000,000 N/A N/A N/A -0.25 N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
0.375% Notes
due November N/A /
7 2021 XS1574681620 EUR1,000,000,000 N/A N/A N/A -0.45 N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
1.250% Notes
due August N/A /
8 2021 XS1372838240 EUR751,639,000 N/A N/A N/A -0.45 N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
UST 0.125%
2.950% Notes due
due February 92857WBC3 / February
9 2023 US92857WBC38 $895,519,000.00 28, 2023 FIT1 15 N/A N/A
----------- ------------- ------------- ----------------- ----------- ---------- --------------- ------ ----------
2.50% Notes UST 0.125%
due due
September 92857WAZ3 / February
10 2022 US92857WAZ32 $597,245,000.00 28, 2023 FIT1 15 N/A N/A
(1) For information purposes only, the Purchase Price
Consideration in respect of the Fixed Yield Notes (as defined
below) will, when determined in the manner described in the Offer
to Purchase on the basis of a Settlement Date of March 30, 2021, be
EUR1,050.83 per EUR1,000 in principal amount of the 1.750% Notes
due August 2023, EUR1,041.54 per EUR1,000 in principal amount of
the 4.65% Notes due January 2022, EUR1,069.46 per EUR1,000 in
principal amount of the 5.375% Notes due June 2022, EUR1,021.39 per
EUR1,000 in principal amount of the 0.500% Notes due January 2024,
EUR1,005.38 per EUR1,000 in principal amount of the 0.375% Notes
due November 2021 and EUR1,006.92 per EUR1,000 in principal amount
of the 1.250% Notes due August 2021. Should the Settlement Date in
respect of any Fixed Yield Notes accepted for purchase pursuant to
the relevant Offer differ from March 30, 2021, the relevant
Purchase Price Consideration will be recalculated, all as further
described in the Offer to Purchase. For avoidance of doubt, the
same Purchase Price Consideration will apply to Notes tendered
pursuant to Guaranteed Delivery Procedures, despite the Guaranteed
Delivery Settlement Date differing from the Settlement Date, and
similarly the Accrued Interest that will be paid in addition to
such Purchase Price Consideration will be based upon the Settlement
Date whether or not Notes are tendered pursuant to Guaranteed
Delivery Procedures.
(2) The page on Bloomberg from which the Dealer Managers will
quote the bid-side price of the applicable Reference U.S. Treasury
Security.
(3) Per $1,000 in principal amount of Fixed Price Notes (as
defined below) validly tendered and accepted for purchase.
Purpose of the Offers
The primary purpose of the Offers is to acquire the maximum
principal amount of Notes for which the aggregate purchase price
(excluding the applicable Accrued Interest) for the Notes does not
exceed the Cash Cap.
Purchase Price Consideration for the Fixed Yield Notes
Upon the terms and subject to the conditions set forth in the
Tender Offer Documents, Holders who validly tender and whose 1.750%
Notes due August 2023, 4.65% Notes due January 2022, 5.375% Notes
due June 2022, 0.500% Notes due January 2024, 0.375% Notes due
November 2021 or 1.250% Notes due August 2021 (collectively, the
"Fixed Yield Notes") are accepted for purchase by us, will receive
the applicable Purchase Price Consideration for each EUR1,000
principal amount of such Fixed Yield Notes, which will be payable
in cash.
The Purchase Price Consideration for each EUR1,000 principal
amount of Fixed Yield Notes validly tendered and accepted by us
pursuant to the Offers will be determined in accordance with
standard market practice, as described in the Offer to Purchase,
and is intended to reflect a yield to maturity of the Fixed Yield
Notes on the Settlement Date based on the applicable Fixed Yield
specified in the table above. The calculation of the Purchase Price
Consideration applicable to each series of Fixed Yield Notes is
also described by the formula set forth in Annex A-2 to the Offer
to Purchase.
The Purchase Price Consideration in respect of the Fixed Yield
Notes will, when determined in the manner described in the Offer to
Purchase on the basis of a Settlement Date of March 30, 2021, be
EUR1,050.83 per EUR1,000 in principal amount of the 1.750% Notes
due August 2023, EUR1,041.54 per EUR1,000 in principal amount of
the 4.65% Notes due January 2022, EUR1,069.46 per EUR1,000 in
principal amount of the 5.375% Notes due June 2022, EUR1,021.39 per
EUR1,000 in principal amount of the 0.500% Notes due January 2024,
EUR1,005.38 per EUR1,000 in principal amount of the 0.375% Notes
due November 2021 and EUR1,006.92 per EUR1,000 in principal amount
of the 1.250% Notes due August 2021. Should the Settlement Date in
respect of any of the Fixed Yield Notes accepted for purchase
pursuant to the relevant Offer differ from March 30, 2021, the
relevant Purchase Price Consideration will be recalculated, all as
further described in the Offer to Purchase.
Purchase Price Consideration for the Fixed Spread Notes
Upon the terms and subject to the conditions set forth in the
Tender Offer Documents, Holders who validly tender and whose 3.750%
Notes due January 2024, 2.950% Notes due February 2023 or 2.50%
Notes due September 2022 (together, the "Fixed Spread Notes") are
accepted for purchase by the Company, will receive the applicable
Purchase Price Consideration for each $1,000 principal amount of
such Fixed Spread Notes, which will be payable in cash.
The applicable Purchase Price Consideration in respect of the
Fixed Spread Notes will be calculated at the Price Determination
Time. The Purchase Price Consideration for each series of Fixed
Spread Notes will be determined in accordance with standard market
practice, as described in the Offer to Purchase, using the sum
of:
(i) the reference yield, as calculated by the Dealer Managers in
accordance with standard market practice, that corresponds to the
bid-side price of the relevant Reference U.S. Treasury Security
specified in the table above for such series of Fixed Spread Notes
appearing at the Price Determination Time on the Bloomberg
Reference Page specified in the table above for such series of
Fixed Spread Notes (or any other recognized quotation source
selected by the Company in consultation with the Dealer Managers if
such quotation report is not available or manifestly erroneous)
(such reference yield, the "Dollar Reference Yield"), plus
(ii) the Fixed Spread specified in the table above for such
series of Fixed Spread Notes (such sum, the "Dollar Offer
Yield").
Accordingly, the applicable Purchase Price Consideration payable
by us for each $1,000 principal amount of each series of Fixed
Spread Notes accepted by us pursuant to the Offers will equal:
(i) the present value on the Settlement Date, as determined at
the Price Determination Time, of $1,000 principal amount of such
Fixed Spread Notes due on the scheduled maturity date of such Fixed
Spread Notes and all scheduled interest payments on such principal
amount of such Fixed Spread Notes to be made from (but excluding)
the Settlement Date up to (and including) such scheduled maturity
date, discounted to the Settlement Date in accordance with standard
market practice, at a discount rate equal to the applicable Dollar
Offer Yield, minus
(ii) the applicable Accrued Interest per $1,000 principal amount of such Fixed Spread Notes;
with such total amount being rounded to the nearest cent per
$1,000 principal amount of such Fixed Spread Notes. The calculation
of the Purchase Price Consideration applicable to each series of
Fixed Spread Notes is also described by the formula set forth in
Annex A-1 to the Offer to Purchase.
Purchase Price Consideration for the Fixed Price Notes
Upon the terms and subject to the conditions set forth in the
Tender Offer Documents, Holders who validly tender and whose
Floating Rate Notes due January 2024 (the "Fixed Price Notes") are
accepted for purchase by us, will receive the applicable
Consideration for each $1,000 principal amount of such Fixed Price
Notes, which will be payable in cash.
The Purchase Price Consideration for each $1,000 principal
amount of Fixed Price Notes validly tendered and accepted by us
pursuant to the Offers will be the applicable Fixed Price specified
in the table above.
All Notes accepted in the Offers will be cancelled and retired
by the Company.
Accrued Interest
In addition to the applicable Consideration, Holders whose Notes
are accepted for purchase will be paid the applicable Accrued
Interest. Interest will cease to accrue on the Settlement Date for
all Notes accepted in the Offers.
Maximum Purchase Price Consideration Condition
The Company's obligation to complete an Offer with respect to a
particular series of Notes is conditioned on the aggregate Purchase
Price Consideration for the Offers (excluding any applicable
Accrued Interest) not exceeding the Cash Cap of EUR4,000,000,000
(or the as-converted equivalent, if applicable, as converted on the
basis set forth in the Offer to Purchase), unless waived by us as
provided in the Tender Offer Documents. Notwithstanding any other
provision in Tender Offer Documents to the contrary, if at the
Expiration Time for a particular Offer, the aggregate Purchase
Price Consideration payable for such series of validly tendered
Notes (together with the aggregate Purchase Price Consideration
payable for all validly tendered Notes of each series with a higher
Acceptance Priority Level and that are accepted for purchase), is
greater than the Cash Cap, then the Company will not be obligated
to accept for purchase such series of Notes and may terminate the
Offer with respect to such series of Notes.
If the Maximum Purchase Price Consideration Condition is not
satisfied with respect to every series of Notes because the
aggregate Purchase Price Consideration payable for all validly
tendered Notes is greater than the Cash Cap, then the Company will,
in accordance with the acceptance priority levels set forth above
(each, an "Acceptance Priority Level") (with 1 being the highest
Acceptance Priority Level and 10 being the lowest Acceptance
Priority Level), accept for purchase all validly tendered Notes of
a given series so long as the Cash Cap is equal to or greater than
the aggregate Purchase Price Consideration (excluding any
applicable Accrued Interest) necessary to purchase any and all
Notes of such series validly tendered and not validly withdrawn,
plus the aggregate Purchase Price Consideration (excluding any
applicable Accrued Interest) necessary to purchase any and all
validly tendered and not validly withdrawn Notes of all series
having a higher Acceptance Priority Level than such series of
Notes, subject to the condition with respect to Non-Covered Notes
further described below. For purposes of determining whether the
aggregate Purchase Price Consideration exceeds the Cash Cap, the
Company will assume that all Notes delivered pursuant to the
Guaranteed Delivery Procedures will be validly tendered at or prior
to the Guaranteed Delivery Date, and the Company will not
subsequently adjust the series of Notes that it is accepting for
purchase in accordance with the Acceptance Priority Levels if any
such Notes are not so delivered.
If the Maximum Purchase Price Consideration Condition is not
satisfied for a particular series of Notes (each such series of
Notes, the "Non-Covered Notes"), at any time at or prior to the
Expiration Time, then no Non-Covered Notes will be accepted for
purchase. However, if there is any series of Notes having a lower
Acceptance Priority Level than the Non-Covered Notes for which the
Maximum Purchase Price Consideration Condition is met (excluding,
for purposes of such determination, the Purchase Price
Consideration necessary to purchase any and all validly tendered
and not validly withdrawn Non-Covered Notes), then all Notes of
such series having a lower Acceptance Priority Level will be
accepted for purchase, until there is no longer any series of Notes
with a lower Acceptance Priority Level for which the Maximum
Purchase Price Consideration Condition is met.
It is possible that any series of Notes with any Acceptance
Priority Level will fail to meet the Maximum Purchase Price
Consideration Condition and therefore will not be accepted for
purchase even if one or more series with a lower Acceptance
Priority Level is accepted for purchase. If any series of Notes is
accepted for purchase under the Offers, all Notes of that series
that are validly tendered and not validly withdrawn will be
accepted for purchase. No series of Notes will be subject to
proration pursuant to the Offers.
For further details on the procedures for tendering the Notes,
please refer to the Offer to Purchase, including the procedures set
out under the heading "Description of the Offers-Procedures for
Tendering Notes" in the Offer to Purchase.
Offers Period and Results
The Offers commenced today, March 19, 2021 and will end at 5:00
p.m., New York City time, on March 26, 2021, unless extended or
earlier terminated with respect to any Offer by the Company in its
sole discretion, subject to applicable law.
The relevant deadline set by any intermediary or the applicable
Clearing System for the submission of tender instructions will be
earlier than this deadline.
The results of the Offers are expected to be announced on March
29, 2021. The acceptance of Notes for purchase is conditional on
the satisfaction of the conditions of the Offers as provided in
"Description of the Offers-Conditions to the Offers," including the
Maximum Purchase Price Consideration Condition. In respect of
accepted Notes that are delivered at or prior to the Expiration
Time, the Company expects the Settlement Date to occur on the
second business day after the Expiration Time, March 30, 2021. In
respect of accepted Notes that are delivered pursuant to the
guaranteed delivery procedures described below, the Company expects
the Guaranteed Delivery Settlement Date to occur on the business
day after the Guaranteed Delivery Date, March 31, 2021.
The Company has retained HSBC Bank plc, Merrill Lynch
International, MUFG Securities EMEA plc, NatWest Markets Plc and
RBC Capital Markets, LLC / RBC Europe Limited as Dealer Managers
and D.F. King Ltd. as Information and Tender Agent (the
"Information and Tender Agent") for the purposes of the Offers.
Questions regarding procedures for tendering Notes may be
directed to D.F. King Ltd. at +44 20 7920 9700 (London), +1 (212)
269-5550 (New York City) or +1 (877) 732-3614 (New York City
toll-free), or by email to vodafone@dfkingltd.com. Questions
regarding the Offers may be directed to HSBC Bank plc at +1 888
HSBC 4LM (toll free), +1 (212) 525 5552 or +44 20 7992 6237 (in
London), or by email to liability.management@hsbcib.com, Merrill
Lynch International at +1 (888) 292-0070 (toll free), +1 (980)
387-3907 or +44-20-7996-5420 (in London) or by email to
dg.lm-emea@bofa.com, to MUFG Securities EMEA plc at +1 (877)
744-4532 (toll free), +1 (212) 405-7481 or +44 20 7577 4218 (in
London) or by email to DCM-LM@int.sc.mufg.jp, to NatWest Markets
Plc at +1 (866) 884-2071 (toll free), +1 (203) 897 6166 or +44 20
7678 5222 (in London) or by email to
liabilitymanagement@natwestmarkets.com and to RBC Capital Markets,
LLC / RBC Europe Limited at +1 (877) 381-2099 (toll free), +1 (212)
618-7843 or +44 20 7029 7063 (in London) or by email to
liability.management@rbccm.com.
This announcement is for informational purposes only and does
not constitute an offer to sell, or a solicitation of an offer to
buy, any security. No offer, solicitation, or sale will be made in
any jurisdiction in which such an offer, solicitation, or sale
would be unlawful. The Offers are only being made pursuant to the
Offer to Purchase. Holders of the Notes are urged to carefully read
the Offer to Purchase before making any decision with respect to
the Offers.
The distribution of announcement in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement
comes are required by each of the Company, the Dealer Managers and
the Information and Tender Agent to inform themselves about and to
observe any such restrictions.
This announcement is made by Vodafone Group Plc and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of domestic law in the
United Kingdom by virtue of the European Union (Withdrawal) Act
2018 (the "EUWA") ("UK MAR"), encompassing information relating to
the Offers described above. For the purposes of UK MAR and Article
2 of Commission Implementing Regulation (EU) 2016/1055 as it forms
part of domestic law in the United Kingdom by virtue of the EUWA,
this announcement is made by Rosemary Martin, Group General Counsel
and Company Secretary of Vodafone.
Offer and Distribution Restrictions
Italy
None of the Offers, this announcement, the Offer to Purchase or
any other document or materials relating to the Offers have been or
will be submitted to the clearance procedures of the Commissione
Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian
laws and regulations. Each Offer is being carried out in Italy as
an exempted offer pursuant to article 101-bis, paragraph 3-bis of
the Legislative Decree No. 58 of 24 February 1998, as amended (the
"Financial Services Act") and article 35-bis, paragraph 4 of CONSOB
Regulation No. 11971 of 14 May 1999, as amended. Holders or
beneficial owners of the Notes that are located in Italy can tender
Notes for purchase in the Offers through authorized persons (such
as investment firms, banks or financial intermediaries permitted to
conduct such activities in the Republic of Italy in accordance with
the Financial Services Act, CONSOB Regulation No. 20307 of 15
February 2018, as amended from time to time, and Legislative Decree
No. 385 of 1 September 1993, as amended) and in compliance with
applicable laws and regulations or with requirements imposed by
CONSOB, the Bank of Italy or any other Italian authority.
Each intermediary must comply with the applicable laws and
regulations concerning information duties vis-à-vis its clients in
connection with the Notes and/or the Offers.
United Kingdom
The communication of this announcement and the Offer to Purchase
and any other documents or materials relating to the Offers is not
being made and such documents and/or materials have not been
approved by an authorised person for the purposes of section 21 of
the Financial Services and Markets Act 2000. Accordingly, such
documents and/or materials are not being distributed to, and must
not be passed on to, the general public in the United Kingdom. The
communication of such documents and/or materials as a financial
promotion is only being made to those persons in the United Kingdom
falling within the definition of investment professionals (as
defined in Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the "Financial Promotion
Order")) or persons who are within Article 43(2) of the Financial
Promotion Order or any other persons to whom it may otherwise
lawfully be made under the Financial Promotion Order.
France
The Offers are not being made, directly or indirectly, and
neither this announcement, the Offer to Purchase nor any other
document or material relating to the Offers has been or shall be
distributed, to the public in the Republic of France other than to
qualified investors (investisseurs qualifiés) within the meaning
ascribed to them in, and in accordance with, Article 2(e) of the
Regulation (EU) 2017/1129. Neither this announcement nor the Offer
to Purchase has been or will be submitted for clearance to nor
approved by the Autorité des Marchés Financiers.
Belgium
Neither the Offer to Purchase nor any other brochure, document
or material related thereto have been, or will be, submitted or
notified to, or approved by, the Belgian Financial Services and
Markets Authority (Autorité des services et marchés
financiers/Autoriteit voor Financiële Diensten en Markten). In
Belgium, the Offers do not constitute public offerings within the
meaning of Articles 3, --1, 1deg and 6 of the Belgian Law of April
1, 2007 on takeover bids (loi relative aux offres publiques
d'acquisition/wet op de openbare overnamebiedingen), as amended or
replaced from time to time. Accordingly, the Offers may not be, and
are not being advertised, and this Offer to Purchase, as well as
any brochure, or any other material or document relating thereto
(including any memorandum, information circular, brochure or any
similar document) may not, have not and will not be distributed,
directly or indirectly, to any person located and/or resident
within Belgium, other than those who qualify as qualified investors
(investisseurs qualifiés/qekwalificeerde beleggers), within the
meaning of Article 2, e), of Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 on the
prospectus to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing
Directive 2003/71/EC acting on their own account. Accordingly, the
information contained in this Offer to Purchase or in any brochure
or any other document or material relating thereto may not be used
for any other purpose, including for any offering in Belgium,
except as may otherwise be permitted by law, and shall not be
disclosed or distributed to any other person in Belgium.
General
This announcement does not constitute an offer to buy or the
solicitation of an offer to sell Notes (and tenders of Notes in the
Offers will not be accepted from Holders) in any circumstances in
which such offer or solicitation or acceptance is unlawful. In
those jurisdictions where the securities, blue sky or other laws
require the Offers to be made by a licensed broker or dealer and
any Dealer Manager or any of the Dealer Managers' affiliates is
such a licensed broker or dealer in any such jurisdiction, the
Offers shall be deemed to be made by such Dealer Manager or such
Dealer Manager's affiliate, as the case may be, on behalf of the
Company in such jurisdiction.
Forward-Looking Information
This announcement contains certain forward-looking statements
which reflect the Company's intent, beliefs or current expectations
about the future and can be recognized by the use of words such as
"expects," "will," "anticipate," or words of similar meaning. These
forward-looking statements are not guarantees of any future
performance and are necessarily estimates reflecting the best
judgment of the senior management of the Company and involve a
number of risks and uncertainties that could cause actual results
to differ materially from those suggested by the forward-looking
statements. As a consequence, these forward-looking statements
should be considered in light of various important factors that
could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements, which
include, without limitation, the risk factors set forth in the
Offer to Purchase. The Company cannot guarantee that any
forward-looking statement will be realized, although it believes it
has been prudent in its plans and assumptions. Achievement of
future results is subject to risks, uncertainties and assumptions
that may prove to be inaccurate. Should known or unknown risks or
uncertainties materialize, or should underlying assumptions prove
inaccurate, actual results could vary materially from those
anticipated, estimated or projected. The Company undertakes no
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances or to
reflect the occurrence of unanticipated events, except as required
by applicable law.
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END
TENFLFSFVVIALIL
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March 19, 2021 08:45 ET (12:45 GMT)
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