Vodafone Group Plc (‘Vodafone’) today announces the outcome of its public offer for the outstanding shares in Vodafone Telecel-Comunicações Pessoais, S.A. (‘Telecel’) that it did not already own (the ‘Offer’). The results of the Offer were assessed at a Special Market Session of the Euronext Lisbon, which took place today. The acceptance period for the Offer ended on 31 March 2003.
After acquiring the Telecel shares tendered in the Offer, Vodafone will own directly and indirectly a total of 202,972,612 Telecel shares, representing approximately 94.4% of the share capital of Telecel and 94.6% of the total voting rights in Telecel. Payment of the Offer price of EUR 8.50 per share in respect of the Telecel shares tendered will be made on 4 April 2003.
As Vodafone’s shareholding exceeds 90% of the voting rights in Telecel, Vodafone intends to exercise its rights under Portuguese law to implement a compulsory acquisition procedure in order to acquire 100% of the shares in Telecel. De-listing of the Telecel shares will occur automatically upon the registration by the CMVM (the Portuguese Securities Market Commission) of the implementation of the compulsory acquisition procedure.
