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Wednesday 23rd July 2008
In a move which is as much about good investment as it is about showing confidence in the future, Vodafone has announced a £1 billion share buy back program which will see the group buy shares in the open market for cancellation. By reducing the number of shares in issue this will push the earning per share figure higher and if it all goes to plan should see support appear at of around current levels.
The move follows the earlier announcement that results for this year will not hit analysts expectation as operations in the UK and Spain to name but two are hit by the economic downturn. The group is also going through something of a transitional period with a new Chief Executive set to take office and Arun Sarin retire from the group which he has done so much to shape.
Even though Vodafone shares have been under pressure since the profit warning there is a feeling that now the bad news is out of the way, the company can regroup and start to tackle the problems of slowing activity and price pressure in the sector. The installation of the new Chief Executive next week will also herald a new start for the company in many ways. |
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