In March 2019, Vodafone Group Plc ('Vodafone') issued a two-tranche mandatory convertible bond ('MCB'), the first tranche of which (£1,720,000,000 1.20 per cent. Subordinated Mandatory Convertible Bonds; ISIN XS1960588850) matured on 12 March 2021, and the second tranche of which is due to mature in March 2022. In order to satisfy the conversion of the first tranche of the MCB, 1,426,710,898 shares were issued from existing shares held in treasury. Vodafone today announces it will commence a new irrevocable and non-discretionary share buy-back programme on 22 March 2021 (the 'Programme'). The sole purpose of the Programme is to reduce the issued share capital of Vodafone to partially offset the increase in the issued share capital as a result of the maturing of the first tranche of the MCB.
Vodafone currently intends to launch additional share buy-back programmes over the next 12 months to reduce the issued share capital of Vodafone, to further offset the increase in the issued share capital as a result of the maturing of the first tranche of the MCB, before the second tranche of the MCB matures in March 2022. Details of any such programmes, including the target number of shares to be repurchased, would be announced before any trading under such programmes begins.
https://www.investegate.co.uk/vodafone- ... 15018687S/