Vodafone has reacted swiftly to the biggest sell-off of its shares in its history with a £1bn share buy-back programme designed to boost confidence in its flagging valuation.
The mobile phone giant said yesterday it would ask shareholders to approve the buy-back at next Wednesday's annual meeting, after a 14 per cent fall in its share price on Tuesday. That plunge was prompted by a warning from Vodafone that it anticipated revenues to be lower than expected this year, with an economic slowdown in many of its key markets depressing sales.
"Vodafone has considered the market reaction to the group's interim management statement and has decided to introduce a £1bn share repurchase programme with immediate effect," the company said. "This action reflects the board's belief that the share price significantly undervalues Vodafone." Senior executives at Vodafone were taken aback by the savage market reaction to its warning, particularly since many areas of the business, especially in emerging markets, are continuing to perform well.
source : http://www.independent.co.uk/
1 comment:
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