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Company Law

Analysis - guidance - compliance

30 JUL 2014


Chancery Division
Henderson J
1 May 2014
[1] At a hearing on 21 February 2014 I sanctioned a scheme of arrangement (“the Scheme”) between Vodafone Group Plc (“the Company”) and its shareholders pursuant to sections 895 to 899 of the Companies Act 2006 (“the 2006 Act”). At a further hearing later the same day, I also confirmed the various reductions of capital contained in the Scheme. In terms of value, the Scheme was one of the largest ever to have come before the court, involving as it did the sale by the Company of its 45% stake in a joint venture with Verizon Communications Inc. (“Verizon”) for a headline consideration of US $130 billion, and a return of value by the Company to its shareholders of approximately US $84 billion. In addition, the detailed terms of the Scheme were of very considerable complexity.
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