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VOD Statement Includes New Capital Allocation Police And Leverage Target

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  • VOD has released a second meatier statement; outlines a EUR 160mn break fee if VOD shareholders don’t approve the transaction
  • Announces a new capital allocation framework, including dividend to be rebased to 4.5c per share (from 9c) from FY25 onwards, up to €4 billion capital return via buybacks, a new leverage policy of 2.25x-2.75x (from 2.5x) with a target to be in the bottom half of range
  • To focus on growing markets, enhancing B2B and digital service offerings for stronger European growth.
  • “We will be organising ourselves in five business divisions: Germany; European Markets; Africa; Vodafone Business; and Vodafone Investments. The structure of the Vodafone Group Executive Committee will change accordingly, and in this context, there will be a change of leadership in Vodafone Germany”
  • Details and 10am Q&A link: https://investors.vodafone.com/reports-information/results-reports-presentations
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