TIDMVOD
RNS Number : 1622Q
Vodafone Group Plc
24 February 2021
NOT FOR DISTRIBUTION OR ANNOUNCEMENT, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR
OTHER JURISDICTION, IN WHICH THE DISTRIBUTION OR ANNOUNCEMENT WOULD
BE UNLAWFUL
Vodafone Group Plc Vantage Towers ITF
24 February 2021
Vodafone confirms Intention to Float Vantage Towers
-- Vantage Towers AG's listing and first day of trading on the
Regulated Market of the Frankfurt Stock Exchange (Prime Standard)
is expected to be before the end of March 2021
-- Planned IPO to target a meaningful minority free float to
create a liquid market for Vantage Towers shares
-- Vantage Towers is a leading tower infrastructure company in
Europe with approximately 82,000 macro sites across 10 countries
with the #1 or #2 tower market position in 9 of its 10 markets
-- Vantage Towers is focused on deploying the full potential of
its market leading tower infrastructure to serve the increasing
demand for connectivity across Europe, driven by data growth, 5G
roll-out and regulatory coverage obligations
-- Vantage Towers enjoys highly visible organic growth, margin
expansion and cash generation; with additional value creation
potential from investment beyond the core business (including
diversifying Vantage Towers' service offering into areas such as
fibre backhaul, IoT and edge computing) and from strategic
M&A
Vodafone Group Plc announces today that it will proceed as
planned with an initial public offering of Vantage Towers AG, a
leading tower infrastructure company in Europe. Vantage Towers AG
will seek a listing on the Regulated Market of the Frankfurt Stock
Exchange (Prime Standard), and the offering will consist solely of
a secondary sell-down of existing shares held by Vodafone GmbH.
Subject to capital market conditions, the Vantage Towers IPO is
expected to be completed by the end of March 2021. The target free
float of a meaningful minority share is expected to create a liquid
market for Vantage Towers shares.
Vivek Badrinath, Vantage Towers Chief Executive, commented:
"The IPO is an important milestone and sets the foundations for
the next stage of our growth within the dynamic towers industry. We
will be looking to capture the exciting value-creating
opportunities the sector has to offer and to build on our position
as a leading tower infrastructure company in Europe. With our
superior grid, inflation-linked revenue - secured for the long term
- and our strong balance sheet, we have a powerful base to move
forward and support our customers' need for better and more
extensive connectivity across the continent."
Vantage Towers' Investment Highlights:
-- A leading European tower infrastructure company
-- Benefiting from strong and resilient underlying demand within a growing towers market
-- Highly rated customer base - including Europe's largest
mobile operator as Vantage Towers' anchor tenant
- secured with network sharing agreements
-- Growth underpinned by long-term, inflation-linked contracts
with tenants, new build tower commitments and
increasing demand for tenancies
-- Highly attractive financial profile with margin upside and
cash flow generation supporting shareholder returns
-- Clear focus on strategic growth through investment beyond the
core business and through M&A, led by an experienced,
independent and commercially-driven management team
A leading European tower infrastructure company
Vantage Towers is a leading European tower infrastructure
company with controlling or co-controlling interests in companies
that own and operate approximately 82,000[1] macro sites across 10
European markets. In 9 of these 10 markets, Vantage Towers ranks
either first or second by number of sites.
Vantage Towers believes that the high quality and strategic
locations of its sites - built by Vodafone over many years, with a
strategic priority of having superior network differentiation -
makes them attractive to tenants. They will appeal both to current
market participants and to new market entrants looking to expand
their networks and respond to densification needs and coverage
obligations. Furthermore, Vantage Towers' average tenancy ratio of
1.39x across its macro site portfolio in its consolidated markets
as of December 31, 2020 underpins substantial co-location and
upgrade potential. This provides significant capacity for growth of
its customer base and tenancies. In the first 9 months of the year
to 31 March 2021, Vantage Towers demonstrated strong commercial
momentum by adding c.1,400 new tenancies, including c.500
previously non-committed tenancies which represented approximately
one quarter of the non-committed tenancies needed to achieve its
medium term tenancy ratio target of >1.50x.
Benefiting from strong and resilient underlying demand within a
growing towers market
Vantage Towers benefits from having leading positions in markets
in which densification needs - driven by mobile data growth and 5G
roll out, and government-mandated coverage obligations - are
increasing demand for additional tenancies and new sites. Vantage
Towers is on track to build c.550 sites by 31 March 2021 and has
commitments to build a further c.7,100 new macro sites across its
consolidated markets by 31 March 2026.
The European tower market is in the early stages of its
evolution and Vantage Towers believes that its high quality
infrastructure, which offers superior locations and nationwide
coverage, is well-positioned to benefit from the market's growth.
The commercialisation of tower infrastructure companies, while a
developing trend in Europe, has substantial room for growth when
compared with other more mature towers markets like that in the
United States.
Highly rated customer base - including Europe's largest mobile
operator as Vantage Towers' anchor tenant - secured with network
sharing agreements
Vantage Towers' customer base is underpinned by its anchor
tenant relationship with the Vodafone Group, Europe's largest
mobile operator by mobile subscribers, as well as relationships
with other leading mobile operators. Approximately 95% of Vantage
Towers' pro forma revenues for the twelve months ended 31 March
2020 and the nine months ended 31 December 2020 were derived from
mobile operators that hold investment grade credit ratings,
providing secure and resilient cash flows. Vantage Towers'
relationship with the Vodafone Group is supported by secure,
long-term, inflation-linked contracts, which are expected to
provide predictable and growing cash flows over the medium- and
long-term.
In addition, active network sharing arrangements in place
between Vodafone and other leading mobile operators means Vantage
Towers provides critical infrastructure for two of the largest
mobile operators in each of the markets in which it operates.
Vantage Towers believes that these arrangements are differentiators
that provide significant protection against the risk of
decommissioning from future site consolidation in these markets,
both from the trend of increasing active sharing in Europe or the
in-market consolidation of mobile operators.
Growth underpinned by long-term, inflation-linked contracts with
tenants, new build tower commitments and increasing demand for
tenancies
Vantage Towers' inflation-linked contracts with Vodafone and
long-term contracts with other leading mobile operators, combined
with its BTS commitments and right of first offer on Vodafone new
build macro sites over and above these commitments, secure visible
and resilient revenue and cash flows from its existing business
with "built-in" growth.
Vantage Towers has secured commitments to construct c.7,100 new
macro sites in its consolidated footprint over the next five
financial years with Vodafone and Wind Hellas in Greece. Through
its co-controlling joint ventures in Cornerstone and INWIT, it also
has commitments for a further c.1,200 sites in the United Kingdom
over the next four years and c.2,400 sites in Italy, which INWIT is
targeting to build by the end of 2026.
Highly attractive financial profile with margin upside and cash
flow generation supporting shareholder returns
For the year to 31 March 2020 and the first 9 months of the year
to 31 March 2021, Vantage Towers' pro forma Adjusted EBITDAaL was
EUR513 million and EUR394 million, respectively, representing a pro
forma Adjusted EBITDAaL margin of 54% for both periods, and Vantage
Towers' pro forma Aggregated Adjusted EBITDAaL was EUR730 million
for the year to 31 March 2020.
Vantage Towers believes it has the ability to increase its
margins as a result of its operating leverage and expected cost
efficiencies.
Over the medium term, Vantage Towers is targeting a mid-single
digit revenue (excluding pass through revenue) compound annual
growth rate, an Adjusted EBITDAaL margin in the high fifty
percentages, and a mid-to-high single digit compound annual growth
rate of Recurring Free Cash Flow. As of 31 March 2021, Vantage
Towers is targeting a leverage ratio (defined as Net Financial Debt
to Adjusted EBITDAaL) of 4.0x.
Clear focus on strategic growth through investment beyond the
core business and through M&A, led by an experienced,
independent and commercially-driven management team
Vantage Towers has a clear strategy with multiple levers for
growth that prioritises expanding and evolving its product
portfolio and relationships with existing and new customers.
Vantage Towers believes there is additional value creation
potential from investment beyond the core business and diversifying
into areas such as fibre backhaul, IoT and edge computing. Vantage
Towers is also exploring growth through incremental organic
investments in addition to its stated guidance around the BTS and
GLBO programmes and/or strategic M&A. It has EUR1 billion of
leverage capacity for such opportunities, which can be complemented
by the issuance of equity.
Vantage Towers' management team has significant technology and
mobile network infrastructure experience and extensive
relationships within the mobile industry. The management team is
supported by a robust corporate governance framework that affords
it significant independence and a management incentive plan that
targets growth in non-Vodafone revenues.
Capital Structure and Dividend Policy
Vantage Towers has been assigned an investment grade rating by
each of Moody's and S&P and has committed external financing
ready to be put in place upon completion of the IPO. The Company is
on track for a 4.0x leverage ratio at 31 March 2021, enabling it to
balance growth, investments and returns. Vantage Towers' dividend
policy is to pay out 60% of Recurring Free Cash Flow (including
dividends from joint ventures) annually and intends to a pay a
dividend of EUR280 million in respect of this financial year, to be
paid in July 2021. This capital structure and dividend policy will
ensure Vantage Towers retains leverage capacity for organic growth
beyond the business plan and/or strategic M&A while providing
for an attractive cash distribution policy for shareholders.
Governance Information
The Supervisory Board of Vantage Towers comprises nine members,
of which four are independent, led by independent Chair Dr. Rüdiger
Grube. The other independent members of the Supervisory Board are
Katja van Doren, Chair of the Company's Remuneration &
Nomination Committee, CFO and CHRO of RWE Generation, Chuck Green,
Chair of the Company's Audit, Risk and Compliance Committee, former
CFO of Crown Castle and a founder of the African tower company
Helios Towers and Terry Rhodes, founder and previously CEO of Eaton
Towers, the pan-African tower company.
The Supervisory Board members are diverse and bring deep
expertise in the towers sector and across the telecommunications
industry, alongside strong operational and M&A experience and
high standards of financial and technical expertise.
IPO Syndicate
Vodafone and Vantage Towers have engaged BofA, Morgan Stanley
and UBS as Joint Global Co-ordinators, and Barclays, Berenberg, BNP
Paribas, Deutsche Bank, Goldman Sachs and Jefferies as Joint
Bookrunners.
About Vantage Towers
Vantage Towers is a leading towers company in Europe with
approximately 82,000 macro sites in 10 countries, connecting
people, businesses and devices in cities and rural areas.
The company was founded in 2020. Its headquarters are in
Düsseldorf, Germany. Vantage Towers' portfolio includes towers,
masts, rooftop sites, Distributed Antenna Systems (DAS) and Small
Cells. By building, operating and leasing this passive
infrastructure to Vodafone and other network operators, Vantage
Towers is making a significant contribution to better connectivity
and the sustainable digitization of Europe.
For more information, please visit our website at
www.vantagetowers.com, follow us on Twitter at @VantageTowers or
connect with us on LinkedIn at
www.linkedin.com/company/vantagetowers.
About Vodafone
Vodafone is a leading telecommunications company in Europe and
Africa. Our purpose is to "connect for a better future" and our
expertise and scale gives us a unique opportunity to drive positive
change for society. Our networks keep family, friends, businesses
and governments connected and - as COVID-19 has clearly
demonstrated - we play a vital role in keeping economies running
and the functioning of critical sectors like education and
healthcare.
Vodafone is the largest mobile and fixed network operator in
Europe and a leading global IoT connectivity provider. Our M-Pesa
technology platform in Africa enables over 45 million people to
benefit from access to mobile payments and financial services. We
operate mobile and fixed networks in 21 countries and partner with
mobile networks in 48 more. As of 31 December 2020 we had over 300
million mobile customers, more than 27 million fixed broadband
customers, over 22 million TV customers and we connected more than
118 million IoT devices.
We support diversity and inclusion through our maternity and
parental leave policies, empowering women through connectivity and
improving access to education and digital skills for women, girls,
and society at large. We are respectful of all individuals,
irrespective of race, ethnicity, disability, age, sexual
orientation, gender identity, belief, culture or religion.
Vodafone is also taking significant steps to reduce our impact
on our planet by reducing our greenhouse gas emissions by 50% by
2025 and becoming net zero by 2040, purchasing 100% of our
electricity from renewable sources by 2025, and reusing, reselling
or recycling 100% of our redundant network equipment.
For more information, please visit www.vodafone.com, follow us
on Twitter at @VodafoneGroup or connect with us on LinkedIn at
www.linkedin.com/company/vodafone.
For more information, please contact:
Investor Relations Media Relations
Investors.vodafone.com Vodafone.com/media/contact
ir@vodafone.co.uk GroupMedia@vodafone.com
Registered Office: Vodafone House, The Connection, Newbury,
Berkshire RG14 2FN, England. Registered in England No. 1833679
Basis of Preparation
KPIs and financial terms
A number of Alternative Performance Measures ("APMs") are
presented in this announcement. These APMs, which are not
considered to be a substitute for or superior to IFRS measures,
provide stakeholders with additional helpful information on the
performance of the business.
Adjusted EBITDA is operating profit before depreciation on
lease-related right of use assets, depreciation, amortization and
gains/losses on disposal for fixed assets, and excluding impairment
losses, restructuring costs arising from discrete restructuring
plans, other operating income and expense and significant items
that are not considered by management to be reflective of the
underlying performance of Vantage Towers.
Adjusted EBITDAaL is Adjusted EBITDA less recharged capital
expenditure revenue, and after depreciation on lease-related right
of use assets and deduction of interest on lease liabilities.
Recharged capital expenditure revenue represents direct recharges
to Vodafone of capital expenditure in connection with upgrades to
existing Sites.
Aggregated Adjusted EBITDAaL is Adjusted EBITDAaL for the
operations in which Vantage Towers has a controlling interest plus
Vantage Towers' ownership share of the Adjusted EBITDAaL of INWIT
and Cornerstone.
Net Financial Debt is defined as long-term borrowings,
short-term borrowings, borrowings from Vodafone Group companies and
mark-to-market adjustments, less cash and cash equivalents and
short-term investments and excluding lease liabilities.
Net Financial Debt to Adjusted EBITDAaL is Net Financial Debt
divided by Adjusted EBITDAaL for a rolling 12-month period.
Recurring Free Cash Flow is Recurring Operating Free Cash Flow
less tax paid and interest paid and adjusted for operating working
capital.
Recurring Operating Free Cash Flow is Adjusted EBITDAaL plus
depreciation on lease-related right of use assets and interest on
lease liabilities, less cash lease costs and maintenance capital
expenditure. On a pro forma basis cash lease costs are calculated
based on the sum of depreciation on lease-related right of use
assets and interest on lease liabilities that were incurred by
Vantage Towers excluding the effects from lease reassessment of the
IFRS 16 lease liability and right of use asset on the sum of the
associated depreciation on lease-related right of use assets and
interest on lease liabilities, which have a non-cash impact in the
respective period. Maintenance capital expenditure is defined as
capital expenditure required to maintain and continue the operation
of the existing tower network and other Passive Infrastructure,
excluding capital investment in new Sites or growth
initiatives.
Glossary
"Active Equipment" customer equipment used to receive and transmit
mobile network signals, which is attached to Vantage
Towers' Sites
========================= ==========================================================
"BTS" built-to-suit arrangements which corresponds to
committed new build site programs and related services
that have been contracted with different clients,
including ad-hoc capital expenditure which might
be required
========================= ==========================================================
"Company" Vantage Towers AG
========================= ==========================================================
"Consolidated the European tower infrastructure business in Germany,
markets" Spain, Greece, Portugal, Romania, Czech Republic,
Hungary and Ireland in which Vantage Towers has
a controlling interest
========================= ==========================================================
"Cornerstone" Cornerstone Telecommunications Infrastructure Limited
========================= ==========================================================
"DAS" distributed antenna system, which is a network of
spatially separated antenna nodes connected to a
common source that boosts wireless connectivity
within a geographic area or structure
========================= ==========================================================
"Densification" the requirements for enhanced connectivity within
a specific area
========================= ==========================================================
"GLBO" ground lease buyout
========================= ==========================================================
"INWIT" Infrastrutture Wireless Italiane S.p.A.
========================= ==========================================================
"IoT" Internet of Things
========================= ==========================================================
"Macro sites" the physical infrastructure, either ground-based
or located on the top a building where communications
equipment is placed to create a cell in a mobile
network including streetworks and long-term mobile
sites
========================= ==========================================================
"Passive Infrastructure" an installation comprising a set of different elements
located at a Site and used to provide support to
the Active Equipment, examples include power supply,
security and equipment cooling systems
========================= ==========================================================
"Site" the Passive Infrastructure on which Active Equipment
is mounted as well as its physical location
========================= ==========================================================
"Small Cells" low-powered radio access nodes used in the completion
of macrocells and in areas of high traffic concentration
========================= ==========================================================
"Tenancy ratio" the total number of tenancies (including both Vodafone
and another mobile network operator where there
is existing active sharing on a macro site) of Vantage
Towers divided by the total number of macro sites
========================= ==========================================================
"Tenants" customers
========================= ==========================================================
IMPORTANT NOTICE
This announcement constitutes neither an offer to sell nor a
solicitation to buy securities. The planned offering and listing of
the shares of Vantage Towers AG on the Frankfurt Stock Exchange
(Frankfurter Wertpapierbörse) will be made solely by means of, and
on the basis of, a securities prospectus which is to be published.
An investment decision regarding the publicly offered securities of
Vantage Towers should only be made on the basis of the securities
prospectus. The securities prospectus will be published promptly
upon approval by the Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin) and will be available free of
charge from Vantage Towers, Prinzenallee 11 - 13, D-40549,
Düsseldorf, Germany, or on the Vantage Towers website).
The information contained herein does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities referred to herein in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration, exemption from registration or qualification under
the securities laws of any jurisdiction.
This announcement is not for distribution, directly or
indirectly, in or into the United States (including its territories
and possessions, any State of the United States and the District of
Columbia), Australia, Canada or Japan. This announcement does not
constitute or form a part of any offer or solicitation to purchase
or subscribe for securities in the United States, Australia, Canada
or Japan. The securities mentioned herein have not been, and will
not be, registered under the United States Securities Act of 1933
(the "Securities Act").
The securities may not be offered or sold in the United States
except pursuant to an exemption from the registration requirements
of the Securities Act. There will be no public offer of securities
in the United States.
In any EEA Member State, other than Germany, this communication
is only addressed to and is only directed at "qualified investors"
in that Member State within the meaning of Article 2(e) of
Regulation (EU) 2017/1129 (the "Prospectus Regulation").
In the United Kingdom, this publication is being distributed
only to and is directed only at persons who are "qualified
investors" within the meaning of Article 2 of the Prospectus
Regulation as it forms part of retained EU law in the United
Kingdom as defined in the European Union (Withdrawal) Act 2018 (as
amended) (i) who have professional experience in matters relating
to investments falling within the definition of "investment
professionals" in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Order"), or (ii) are persons who are high net worth bodies
corporate, unincorporated associations and partnerships and the
trustees of high value trusts, as described in Article 49(2)(a) to
(d) of the Order or (iii) persons to whom this communication may
otherwise be lawfully communicated (all such persons together being
referred to as "Relevant Persons").
The securities are available only to, and any invitation, offer
or agreement to subscribe, purchase or otherwise acquire such
securities will be available only to or will be engaged in only
with, Relevant Persons. Any person who is not a Relevant Person
should not act or rely on this document or any of its contents.
Forward-looking Statements
This announcement contains "forward-looking statements" within
the meaning of the US Private Securities Litigation Reform Act of
1995.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"will", "anticipates", "aims", "could", "may", "should", "expects",
"believes", "intends", "plans", "prepares" or "targets" (including
in their negative form or other variations). By their nature,
forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty because they relate to events and
depend on circumstances that may or may not occur in the future.
There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied
by these forward-looking statements. All subsequent written or oral
forward-looking statements attributable to Vodafone or any member
of the Vodafone Group, including Vantage Towers AG or any member of
Vantage Towers, or any persons acting on their behalf are expressly
qualified in their entirety by the factors referred to above. No
assurances can be given that the forward-looking statements in this
document will be realised. Any forward-looking statements are made
of the date of this announcement.
Subject to compliance with applicable law and regulations,
neither Vodafone nor Vantage Towers AG nor BofA Securities Europe
SA, Morgan Stanley Europe SE, UBS AG London Branch, Barclays Bank
Ireland PLC, Joh. Berenberg, Gossler & Co. KG, BNP PARIBAS,
Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe SE and
Jefferies GmbH (together, the "Underwriters") nor their respective
affiliates intend to update, review, revise or conform any forward
looking statement contained in this announcement to actual events
or developments whether as a result of new information, future
developments or otherwise, and do not undertake any obligation to
do so.
This announcement contains certain pro forma financial
information of Vantage Towers for the year to 31 March 2020 and the
first 9 months of the year to 31 March 2021 (together, the "PF
Financial Information"). The PF Financial Information has been
prepared for illustrative purposes only and, by its nature,
addresses a hypothetical situation and does not, therefore,
represent Vantage Towers' actual results of operations. Such
information may not, therefore, give a true picture of Vantage
Towers' results of operations nor is it indicative of its
results.
This announcement also contains certain financial measures that
are not recognized under International Financial Reporting
Standards ("IFRS"). These non-IFRS measures are presented because
Vantage Towers believes that they and similar measures are widely
used in the markets in which it operates as a means of evaluating a
company's operating performance and financing structure. They may
not be comparable to other similarly titled measures of other
companies and are not measurements under IFRS or other generally
accepted accounting principles.
This announcement does not purport to contain all information
required to evaluate Vantage Towers and/or its financial position.
Financial information (including percentages) has been rounded
according to established commercial standards. Certain market
positioning data about Vantage Towers included in this announcement
is sourced from third party sources. Third party industry
publications, studies and surveys generally state that the data
contained therein have been obtained from sources believed to be
reliable, but that there is no guarantee of the fairness, quality,
accuracy, relevance, completeness or sufficiency of such data. Such
research and estimates, and their underlying methodology and
assumptions, have not been verified by any independent source for
accuracy or completeness and are subject to change without notice.
Accordingly, Vodafone and Vantage Towers expressly disclaim any
responsibility for, or liability in respect of, such information
and undue reliance should not be placed on such data.
The Underwriters are acting exclusively for Vantage Towers and
the selling shareholder and no-one else in connection with the
planned IPO. They will not regard any other person as their
respective clients in relation to the planned IPO and will not be
responsible to anyone other than Vantage Towers and the selling
shareholder for providing the protections afforded to its clients,
nor for providing advice in relation to the offering, the contents
of this announcement or any transaction, arrangement or other
matter referred to herein.
In connection with the planned IPO, the Underwriters and their
respective affiliates may take up a portion of the shares offered
in the planned IPO as a principal position and in that capacity may
retain, purchase, sell, offer to sell for their own accounts such
shares and other securities of Vantage Towers AG or related
investments in connection with the planned IPO or otherwise. In
addition, the Underwriters and their respective affiliates may
enter into financing arrangements (including swaps or contracts for
differences) with investors in connection with which the
Underwriters and their respective affiliates may from time to time
acquire, hold or dispose of shares of Vantage Towers AG. The
Underwriters do not intend to disclose the extent of any such
investment or transactions, other than in accordance with any legal
or regulatory obligations to do so.
None of the Underwriters or any of their respective directors,
officers, employees, advisers or agents accepts any responsibility
or liability whatsoever for or makes any representation or
warranty, express or implied, as to the truth, accuracy or
completeness of the information in this release (or whether any
information has been omitted from the release) or any other
information relating to Vantage Towers, whether written, oral or in
a visual or electronic form, and howsoever transmitted or made
available, or for any loss howsoever arising from any use of this
release or its contents or otherwise arising in connection
therewith.
References to Vodafone are to Vodafone Group Plc and references
to Vodafone Group are to Vodafone Group Plc and its subsidiaries
unless otherwise stated. References to Vantage Towers refers to
Vantage Towers AG, its subsidiaries and equity investments.
Vodafone, the Vodafone Speech Mark Devices, Vodacom and The future
is exciting. Ready? are trade marks owned by Vodafone. Vantage
Towers is a trade mark owned by Vantage Towers. Other product and
company names mentioned herein may be the trade marks of their
respective owners.
THIS DOCUMENT IS NOT A PROSPECTUS BUT AN ADVERTISEMENT AND
INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED
TO IN THIS ADVERTISEMENT EXCEPT ON THE BASIS OF THE INFORMATION
CONTAINED IN THE PROSPECTUS.
[1] Reflects 100% of INWIT's macro sites and 100% of
Cornerstone's macro sites
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