Georgeson has been appointed by Vodafone Group Plc ('Vodafone') to administer a programme to trace Vodafone shareholders who may have unclaimed cash entitlements due to them resulting from Vodafone’s sale of its interest in Verizon Wireless to Verizon Communications Inc.
Following the approval by the shareholders at the Court Meeting and General Meeting held on 28 January 2014 and the subsequent approval by the Court on 21 February 2014 Vodafone approved the proposal to sell its US group whose principal asset was its 45% interest in Verizon Wireless, to Verizon Communications Inc. ('Verizon') for $130 billion.
Under the terms of this proposal, Vodafone made a return of value to its shareholders totalling approximately $84 billion. This was in the form of both cash and Verizon shares. In addition, Vodafone undertook a share consolidation and replaced all previous Vodafone ordinary shares in issue.
Following this return of value and consolidation, shareholders were eligible for a cash payment, new Verizon shares and new Vodafone shares (together the 'Consideration').
What is the Return of Value?
On 2 September 2013, Vodafone announced its agreement to sell its US group whose principal asset is its 45% interest in Verizon Wireless to Verizon Communications Inc. The offer was approved by Vodafone shareholders during the Court and General Meetings held on 28th January 2014. The offer consisted of a return of value to shareholders which was to be made partly in cash and partly in Verizon shares.
Under the final terms of the offer, Vodafone shareholders received $0.4928005* per Vodafone ordinary share held previously (equating to £0.2955476 or €0.3585438). Shareholders were also entitled to receive 0.0263001 of a Verizon share for every Vodafone share held.
*Please note that the cash payment for shareholders who elected to receive sterling was initially made in dollars. The sterling equivalent was remitted based on exchange rates obtained in the market between 24 and 25 February 2014. These exchange rates are US$ to sterling 1.667415 and US$ to euro 1.374450. Please note that these exchange rates are not relevant for the calculation of tax.
What is the share consolidation?
Further to the Return of Value, a share consolidation of the Vodafone shares was approved. As a result Vodafone shareholders received six new shares in the company for every 11 previously held. The existing shares were then cancelled.
What are shareholders now entitled to?
Under the terms of the offer, shareholders are now entitled to a cash payment, new shares in Verizon and a consolidated Vodafone shareholding. There may also be dividends due in both companies. The details of the entitlements due are detailed on the claim form or can be confirmed by contacting us
The Georgeson Programme
Georgeson have been appointed to trace ‘missing’ holders and advise them of the cash entitlements due.
As part of the programme, we can also:
- Update the registrar for Vodafone with the new registered details
- Instruct the registrar for Vodafone to sell the new ordinary shares*
*please refer to the postal dealing terms and conditions in the booklet enclosed with your Claim Pack for details of the dealing service and the charges
The register for Verizon common stock is maintained by Computershare in the USA. For details of your shareholding, you can contact them on toll free +1866 725 6576 or email Verizon@computershare.com