Vega corporation Co., Ltd.

Vega announced that its counterparty banks will purchase e&'s entire Vodafone stake of 3.94 billion shares, representing 16.21% of Vodafone's share capital and 17.13% of its voting rights, at £1.104792 per share for hedging purposes, with settlement expected soon. Separately, Vega has entered into an additional financial instrument relating to an additional 2.74% of Vodafone's voting rights. Subject to regulatory approvals, the financial instruments are expected to physically settle, giving Vega approximately 18.80% of Vodafone's share capital and 19.87% of its voting rights, likely by year-end. Vega described its investment as a long-term, strategic minority shareholding and reiterated it does not intend to make an offer for Vodafone, remaining bound by Rule 2.8 of the City Code on Takeovers and Mergers.

Vodafone Group and Emirates Telecommunications Group Company, known as e&, have terminated their relationship agreement dated 11 May 2023. e& has signed a binding agreement with Vega, an acquisition vehicle wholly owned by the Niel family group, to sell its entire stake of 3,944,743,685 ordinary shares in Vodafone, representing around 16.21% of Vodafone's share capital and 17.13% of its total voting rights, for a total consideration of 112.5 pence per share. The consideration comprises approximately 110.5 pence in cash and a final dividend of 2.02 pence per share. Hatem Dowidar, who was appointed to Vodafone's board as e&'s nominee director, has resigned with immediate effect. Vodafone shares last closed at 97.76 pence, down 0.22%.