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https://www.thisismoney.co.uk/money/markets/article-11504829/Vodafone-boss-Nick-Read-ousted-shares-slump-20-year-low.html
https://www.bloomberg.com/news/articles/2022-12-05/vodafone-chief-executive-nick-read-will-step-down-at-year-end
According to the Daily Mail (This is Money), it was an emergency board meeting.
"Read was removed after an emergency board meeting on Sunday. It falls for the moment to Margherita Della Valle, the finance director, to sort out the mess."
https://www.thisismoney.co.uk/money/comment/article-11504461/ALEX-BRUMMER-Vodafone-looks-like-sitting-duck-overseas-buyers.html
Why did they need an emergency Sunday board meeting to discuss and push this through in short order? The speed of the decision-making process, the quick announcement, and the rapid timeline of Read stepping down, suggests an urgency to drive all this through before the New Year. This implies something may happen in January and suggests some event happened prior to the "emergency" board meeting being called. It's anyone's guess why things are unfolding so quickly, and currently in the absence of a profit warning one possibility is a merger. You'd think an imminent profit warning would have seen it announced and used it as an excuse to oust Read, but currently there's no hint of that.
Yes maybe Read was against any merger, so the Board ousted him now so they can move forward with it.
I agree something has brought this to the top of an agenda, and we could see the SP recover back to £1.10+ within days.
Sp is shockingly undervalued. The Uk arm alone would be worth somewhere between 15-20bln
lot of ridiculous comments on here, the fact is Vod is in dire straits, it is so bad they ousted the CEO, there is no imminent bid , just another 6 months of horrendous joyless share price unless someone can turn the business around, that is going to take a long time even it is possible.
I am sorry to inform the conspiracy theorists that there is nothing untoward as to why they got rid of Read. He wad on 4.3 million, Nick, you can stay on your money as a consultant for years if yo uagree to the bid, No says Nick I will go alone Absolute poppy****. There is no bid , just a badly run business
So a difference of opinion between Mesh & Narcus. What is blindingly obvious to me is that there is turmoil at board level & it needs sorting … fast.
My guess is that there are concerns over the declining revenue income which as we all know is desperately needed to keep servicing the massive debt pile. If it ain’t coming in it can’t pay what’s needed. The German issue is a real concern after paying so much for exposure over there & what is in no doubt is that this is / was a major f’up. Figures wise for debt are Vodafone has liabilities of €33.6b due within 12 months, and liabilities of €63.3b due beyond 12 months. Offsetting this, it had €14.7b in cash and €8.63b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by €73.6b. These figures are from earlier in the year, as we all know the latest figures were worse.
However, this deficit casts a shadow over the €40.4b company, like a colossus towering over mere mortals. So potential investors here my advice before parting with your hard earned is to watch the balance sheet closely, without a doubt. For those who continue to big this company up just ask yourself why the market thinks this is worth less than 90p a go. So as you’ve probably guessed I tend to agree with Narcus.
So you say ( why the market thinks this is worth less than 90p a go. So as you’ve probably guessed I tend to agree with Narcus.) why do 2 brokers Still have targets of £1.10 & £2.15. So they don't all agree it's worth less than 90p do they.
Gary, you list liabilities as if it's all financial debt, while ignoring the fact Vodafone Revenue is on target for over €45 Billion in the current Financial Year, with H1 revenue coming in at €22.930 Billion. Liabilities include operating expenses which are covered by revenue. If you're going to paint a picture, don't show it in the dark.
isnt 90p because Credit Suisse is a distressed seller?
The Debt markets LOVE Vodafone ....and are quite happy to roll over any debts as they come due ..... what lender doesn't want to lend ??..they wouldn't be in business if they stopped lending ....and as they pretty much know VOD can pay the yearly coupons and any debt interest payments they are all fine ....especially when they know they have assets behind the debts
VOD themselves just needs to be focused on which territorial businesses give them a satisfactory ROCE and which are struggling in the face of huge competition....
countries like Egypt and Turkey have huge population numbers and could recover in 2024 as Emerging economies improve after the flight to the Dollar of 2022 ..so selling wouldn't give them the best price unless they negotiated hard for future earnings potential within the sell price
Not here to ruffle feathers at all, just a tip for any company workers who see this, if any?
Logging into Vodafone account, password changing. The system generated a voicemail robot 5 digit message. This audio message was impossible to understand. Just impossible. I tried asking the system, resending this 5 digit code at least 10 times. All attempts were impossible to understand.
Metal Mickey Voda Robo Voice has covid and needs fixing. Please!
AltmanZ scores are well regarded measure as to an outfits balance of assets liabilities and ability to service liabilities. A score close to zero suggests a company is heading toward bankruptcy. VOD’s is -0.51.
The board actions suggest stresses not being honestly relayed to the market. Why did they buy back that bond last week then borrow more money at higher interest? Bond holders preassuring them to get them out of the bond?
Whilst they could manage their borrowings in the low rate world, this new world is pilling on the pressure of managing the debt.
Carltt...
what a stupid pointless post to put on here....
Carltt - Welcome aboard
Just for the abusive igit below, repeated message:
Vodafone workers read this:
Logging into Vodafone account, password changing. The system generated a voicemail robot 5 digit message. This audio message was impossible to understand. Just impossible. I tried asking the system, resending this 5 digit code at least 10 times. All attempts were impossible to understand.
Metal Mickey Voda Robo Voice has covid and needs fixing. Please!
I need to hear this robo voice for myself but I'm not with Vodafone
LoL, I am getting out...getting out for a walk with the dog. same old same old
This company has been in decline since nick reed took over, you only have to look at the famous ski slope charts to see that, the biggest argument Dan has always put up here is if you get rid of reed who will you replace him with, that is the biggest challenge for this company now, can they find the right person to turn this into a more profitable company, expect a lot of volatility here for some time i think
Jedclamp - if you take notice of what brokers say I respectfully suggest you shouldn’t be investing in shares. You guys need to wake up, the SP is declining daily which due to the amounts involved means that the institutional investors are selling. Or let me put it another way, you are buying what people in the know do not want. Wise up!!
They also need a Group Chief Commercial Officer because Alex Froment-Curtil leaves at the end of 2022
Gary, if someone is selling, someone is buying or a liability to buy. Anyway, didnt you say you were a broker living in the Quantocks. I dont know whether to listen to you or not. Apologies if you are not a broker
So Gary59 if you are a broker then we should listern to a word you say. !!!!!!!
In your own words.
In 6 months time we will be looking at £1.10+, that's what the new bod's want to achieve otherwise they wouldn't have got rid of Read.
This is being driven down by the PUT Options market .... plenty of contracts there ..
That recent DIV has proved another waste of time .....can buy cheaper now
Just for the igit(?!) Carltt....repeating your B0LL0CKS doesn't make it anymore relevant...