Vodafone Group Plc ('Vodafone') today announces the outcome of its public offer for the outstanding shares in Vodafone Telecel-Comunicates Pessoais, S.A. ('Telecel') that it did not already own (the 'Offer'). The results of the Offer were assessed at a Special Market Session of the Euronext Lisbon which took place today. The acceptance period for the Offer ended on 31 March 2003.
After acquiring the Telecel shares tendered in the Offer, Vodafone will own directly and indirectly a total of 202,972,612 Telecel shares, representing approximately 94.4% of the share capital of Telecel and 94.6% of the total voting rights in Telecel. Payment of the Offer price of EUR 8.50 per share in respect of the Telecel shares tendered will be made on 4 April 2003.
As Vodafone's shareholding exceeds 90% of the voting rights in Telecel, Vodafone intends to exercise its rights under Portuguese law to implement a compulsory acquisition procedure in order to acquire 100% of the shares in Telecel. De-listing of the Telecel shares will occur automatically upon the registration by the CMVM (the Portuguese Securities Market Commission) of the implementation of the compulsory acquisition procedure.
For further information contact:
Vodafone Group Plc
Tim Brown, Group Corporate Affairs Director
Melissa Stimpson, Director of Group Investor Relations
Bobby Leach, Head of Group Financial Media Relations
Darren Jones, Senior Investor Relations Manager
Tel: +44 (0) 1635 673310
Goldman Sachs International
Simon Dingemans
Tel: +44 (0) 20 7774 1000
Tavistock Communications
Lulu Bridges / John West
Tel: +44 (0) 20 7600 2288
Notes for editors:
- Since 27 March 2003, Vodafone increased its shareholding in Telecel through market purchases of 2,868,975 Telecel shares on the Euronext Lisbon, representing approximately 1.3% of the total voting rights in Telecel, at a price per Telecel share of EUR 8.50 or below and for an aggregate consideration of approximately EUR 24 million.
This announcement has been issued by Vodafone Group Plc and is the sole responsibility of Vodafone Group Plc and has been approved solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Goldman Sachs International.