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Vodafone to launch share buy-back programme
July 26, 2021
UK’s Vodafone Group said on Friday it means to launch additional share buy-back programmes over the course of the next eight months to in partially offset the increase in the organization’s issued share capital due to maturing of a convertible bond programme.
The mobile and broadband operator, which has roped in Goldman Sachs as principle of the program, said the buy-backs will begin on July 26 and end by Nov. 17.
Early in the day, Vodafone reported a better than expected rise in first-quarter service revenue as more stores reopened and the travel industry made a tentative return following last year’s COVID-19 disruption.
The British organization had said in May free cash flow would increment to at least 5.2 billion euros ($6.12 billion) this year, after it met its objective of “at least” 5 billion euros in the year to end-March.
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