The Board of Vodafone Group Plc ("the Company") has considered the market reaction to the Group's Interim Management Statement, issued on 22 July 2008, and has decided to introduce a £1 billion share repurchase programme with immediate effect. This action reflects the Board's belief that the share price significantly undervalues Vodafone.
Shares will be purchased on market on the London Stock Exchange in accordance with shareholder approval obtained at the Company’s Annual General Meeting ("AGM") in July 2007 and subject to the renewal of that approval at the Company's AGM on 29 July 2008.
The maximum share price payable for any shares will be no greater than 105% of the average of the middle market closing price of the Company's share price on the London Stock Exchange for the five business days immediately preceding the trade date on which any shares are purchased. Any shares repurchased will be held in treasury.
For further information:
Vodafone Group
Investor Relations
Tel: +44 (0) 1635 664447
Media Relations
Tel: +44 (0) 1635 664444
