Activist investors target Vodafone.
Investors Chronicle - magazine and web content, June, 2007
Efficient Capital Structures wants Vodafone to return 73p per share to investors by gearing up and capping acquisition sizes Tim Bradshaw
A previously unknown group of Vodafone investors is pressing the mobile-phone company to change its "inefficient" capital structure and release 73p per share of value. Efficient Capital Structures, which claims former Marconi executive John Mayo among its members, wants Vodafone to create a tracker stock to expose directly the value of its "passive" 45 per cent stake in US mobile operator Verizon Wireless, which it says is hard for the market to value.
The group also wants to lever up debt by GBP34bn and put to a shareholder vote any acquisitions worth more than 1 per cent of assets (the current threshold is 25 per...
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