Vodafone plans to launch additional share buy-back programmes this month
Reuters
Published Jul 23, 2021 17:38
Updated Jul 23, 2021 18:00
(Reuters) -UK's Vodafone Group (LON:VOD) said on Friday it intends to launch additional share buy-back programmes over the next eight months to partially offset the increase in the company's issued share capital due to maturing of a convertible bond programme.
The mobile and broadband operator, which has roped in Goldman Sachs (NYSE:GS) as principal of the programme, said the buy-backs will start on July 26 and end by Nov. 17.
Earlier in the day, Vodafone reported a better-than-expected rise in first-quarter service revenue as more stores reopened and tourism made a tentative return following last year's COVID-19 disruption.
The British company had said in May free cash flow would increase to at least 5.2 billion euros ($6.12 billion) this year, after it met its target of "at least" 5 billion euros in the year to end-March.
($1 = 0.8499 euros)
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Written By: Reuters
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