SCHEDULE 13D/A: e&'s Stake in Vodafone Rises to 15.62% Following Share Buybacks

Emirates Telecommunications Group Company PJSC (e&) and its affiliates have increased their beneficial ownership in Vodafone Group Plc to 15.62% due to Vodafone's share repurchases, as detailed in a recent SEC filing.

Summary

• Atlas 2022 Holdings Limited, Emirates Telecommunications Group Company PJSC (e&), and Emirates Investment Authority (EIA) collectively beneficially own 3,944,743,685 Ordinary Shares of Vodafone Group Plc.
• This ownership represents approximately 15.62% of Vodafone's voting rights, an increase attributed to Vodafone Group Plc's series of Ordinary Share repurchases.
• As of February 11, 2025, the total number of Vodafone's Ordinary Shares outstanding (excluding treasury shares) was 25,253,937,012.
• Hatem Dowidar, e& Group Chief Executive Officer, was appointed as a non-executive director to the Vodafone Board on February 19, 2024.
• Minor related-party share purchases occurred in February 2025, with Gramercy Park SA (related to an EIA director) buying 1,200 shares at GBP 0.683 on February 6, 2025, and an additional 1,000 shares at GBP 0.6803 on February 13, 2025.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. The increased stake is a result of the issuer's share buybacks, which is generally positive for existing shareholders. The appointment of e&'s CEO to Vodafone's board also signals a deepening strategic relationship.

Positives

• The reporting persons' percentage ownership in Vodafone Group Plc increased to 15.62% due to Vodafone's share repurchases, which can be seen as a positive for existing shareholders as it concentrates ownership.
• The appointment of e&'s Group CEO, Hatem Dowidar, to Vodafone's board as a non-executive director on February 19, 2024, indicates a strengthening strategic relationship and potential for greater collaboration.

Future Outlook

The document primarily updates ownership percentages and does not provide explicit forward-looking statements or guidance regarding Vodafone's future performance or strategic direction from the reporting persons.

Management Comments

• Hatem Dowidar, e& Group Chief Executive Officer, was appointed to the Issuer Board as non-executive director on February 19, 2024.

Industry Context

This filing highlights the continued strategic interest of Emirates Telecommunications Group Company PJSC (e&), a major Middle Eastern telecom operator, in Vodafone Group Plc, a global telecommunications giant. The increased stake, driven by Vodafone's share repurchases, suggests e&'s long-term commitment and potential influence in Vodafone's strategic direction, aligning with broader trends of cross-border investments and consolidation within the global telecom sector.

Comparison to Industry Standards

• The document does not provide specific financial or operational results for direct comparison to industry benchmarks or specific comparable companies/projects. It focuses solely on the change in beneficial ownership percentage due to the issuer's share repurchases.

Management Changes

Related Party Transactions

• On February 6, 2025, Gramercy Park SA, a company closely related to H.E. Mohamed Hassan Al Suwaidi (a director of EIA), purchased 1,200 Ordinary Shares of Vodafone at GBP 0.683.
• On February 13, 2025, Gramercy Park SA purchased an additional 1,000 Ordinary Shares of Vodafone at GBP 0.6803.
• H.E. Mohamed Hassan Al Suwaidi, a director of EIA, beneficially owns 5,281 Ordinary Shares through Gramercy Park S.A.
• Mr. Michel Combes, a director of e&, beneficially owns 1,622,121 Ordinary Shares.
• Mr. Khalid Abdulwahid Hassan Alrustamani, a director of e&, beneficially owns 151,750 Ordinary Shares directly by AW Rostamani Group.

Stakeholder Impact

• Shareholders: The increased percentage ownership by a significant strategic investor (e&) due to share repurchases could be viewed positively, indicating confidence and potentially reducing share float, which might support share price stability. The appointment of e&'s CEO to the board could also signal a more aligned strategic direction.

Key Dates

Recommendation

Keywords

Vodafone, e&, Emirates Telecommunications Group, Emirates Investment Authority, Atlas 2022 Holdings, SEC Filing, Schedule 13D, Share Ownership, Telecommunications, Stake Increase, Share Repurchase, Corporate Governance, Non-Executive Director