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Vodafone Group PLC - Berkshire, England-based telecommunications company - Launches three cash
tender offers for total USD5.4 billion in notes due in 2038, 2043 and 2048. For the notes due May 2038, Vodafone offers to tender USD1.0 billion in 5.0% notes; for the notes due February 2048, it offers to tender USD1.4 billion in 4.375% notes; and for the notes due May 2048, it offers to tender USD3.0 billion in 5.25% notes. Says the tender offers are to be used for managing its outstanding debt portfolio.
I guess this is good news if they can get it all away as they can then pay off/down all the current debt
weak bullish for a rise tomorrow. ADR seemed to fair better and blue after hours
Etisalat came out of India in 2012 and said it intended to reenter.
Until today, E& had c.6 .2% indirect stake in VI (via 13% stake in VOD) and is now c 2.4% indirect. Interesting if the 5G funding comes from UAE
I think VOD would just like the whole thing to go away, so nothing is probably the correct valuation.
Vod closing Sp 10th Feb
Velo 88.9p
Newsid 87.7p
SlartiB 96.8p
WayzGoose 98.6p
Entries closed
Atb
surely we get an RNS to be clear. 18.3% of nothing is nothing
"As a result of this, the Aditya Birla Group’s stake will stand at 31.8%, while Vodafone Plc’s stake will be at 18.3%."
This is different than reported back in January, I thought it was going to be the other way around with Aditya Birla Group owning 17.8% and Vodafone's stake reducing to 28.5%, post the Government equity deal. If this article's correct, Vodafone's stake will drop from 47.6% to 18.3%, whereas the Aditya Birla Group stake will actually increase. If the article hasn't got it the wrong way around, then there must have been some sort of deal around Aditya Birla Group injecting a large amount of fresh capital, with Vodafone maybe agreeing to take the biggest shareholding hit.
'What percentage of Company will they now own after the transaction?'
'As a result of this, the Aditya Birla Group’s stake will stand at 31.8%, while Vodafone Plc’s stake will be at 18.3%. This is a reduction from the existing stake of 75% held by the two promoters.'
https://www.msn.com/en-in/money/markets/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16-133-cr-dues-into-equity/ar-AA179GTW
'....Therefore, the IDEA share price jumped because the going concern challenges that most analysts were expecting have now improved. It also gives the company more breathing space as it battles stiff competition....'
https://invezz.com/news/2023/02/06/vodafone-idea-share-price-surge-could-be-short-lived/
Phew! Only just posting in time by the skin of my teeth, this week.
88.9 please Roofer.
'we see a low probability of Vodafone Idea raising a meaningful amount of external capital'
GS must be disappointed at Aditya commitment.
Vod downside risk reduces in meantime
Maybe to early to get excited following a relief excitement pop
Reuters
The move by the government will only reduce about 7% of the company's 2.2 trillion rupees outstanding debt as of September 2022, which would result in no immediate free cash flow savings, Goldman Sachs analysts said in a note.
"Given the elevated debt profile, continued market share erosion and meaningful network gap versus peers, we see a low probability of Vodafone Idea raising a meaningful amount of external capital," Goldman analysts said.
'What percentage of Company will they now own after the transaction?'
Gov has taken 33.14%. VOD had 47.6%... I imagine there are related transactions within the group to unwind/ execute in the next phase
What percentage of Company will they now own after the transaction?
'Can they sell of shares'
LoL they originally bought from Hutch Essar.
A billionaire investor with a conglomerate needing asset leverage might pick them up if they are for sale. Depends if there are any billionaire investors who want to get in with the Indian Gov....
SP will be up 50% at 10 crore when the debt converts I am guessing
Can they sell of shares?
Presumably VOD will now include the carrying value of its investment in the group accounts, currently zero.. VOD share of 48Bn shares after the conversion. Should hear something just in time for the Q4/FY reporting I guess?
Added some more here this morning on the back of the India equity debt conversion
https://www.reuters.com/business/media-telecom/indias-vodafone-idea-rises-after-order-convert-2-bln-govt-dues-into-equity-2023-02-06/
gla dyor etc
87.7 for me please
96.8p for me please
Vod idea up 25% as India government prefers equity conversion. Up today then !!!!!!??
Wayzgoose. " Will keep taking div till takeoff" uh, uh. Sounds like rap crap to me! but I like it!? Just keep adding. The only way is up.
Please put me down for 98.6p. At some point this is going to fly!
I keep adding, will keep taking div till takeoff.
Marge has the hot seat until at least the end of May.