LONDON (Thomson Financial) - Vodafone Group Plc. said it has decided to
introduce a 1 billion pound share repurchase programme with immediate effect, as
it believes its share price significantly undervalues the company.
The announcement comes after Vodafone shares declined 13.57 percent to 129
pence in reaction to the telecom major's disappointing trading statement issued
on Tuesday.
Vodafone added that the maximum price payable for shares will not be more
than 105 percent of the average of the middle market closing price on the London
Stock Exchange for the five business days before the trade date on which any
shares are purchased. The company added that the shares repurchased will be held
in treasury.
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