Closing of Verizon Wireless Transaction and Vodafone Italy Transaction
OREANDA-NEWS. Vodafone Group Plc (“Vodafone”) announces that the scheme of arrangement and the reductions of capital of Vodafone relating to the disposal of its US group whose principal asset is its 45% interest in Verizon Wireless (“VZW”) and the Return of Value were today approved by the Court. The VZW Transaction and Vodafone’s related acquisition of the outstanding minority stake in Vodafone Italy have now completed.
Vodafone confirms that the total cash amount to be returned to shareholders pursuant to the Return of Value will be USD 23.886 billion, equivalent to USD 0.49 for each existing ordinary share. As noted in the announcement on 19 February 2014, this will be in addition to the distribution of Verizon common shares to eligible shareholders.
Where shareholders are due to receive their cash in sterling or euro, the exact amount received will depend on the exchange rates obtained in the markets during the week commencing 24 February 2014.
The consolidation of Vodafone’s ordinary shares on the basis of a ratio of 6 new ordinary shares for every 11 existing ordinary shares will take effect at 8.00 a.m. (London time) on 24 February 2014. Once the share consolidation has completed, Vodafone will have 26,438,136,936 new ordinary shares in issue (excluding 2,373,727,362 ordinary shares held in Treasury).
The nominal value of the new ordinary shares will be 2020/21 US cents and existing share certificates will cease to be valid. Shareholders who are eligible for the Vodafone Share Account (“VSA”) and have not opted out of the VSA will receive a statement of ownership in due course. Shareholders who are not eligible for the VSA or who have opted out will receive new share certificates.