-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MulNh+cfS+TGhnRCwDdOttCieeEwz8XakT31jq4fOH9cqg364k8NAM5N32fWwNiL s0z8wM1u4iE8nKoOun8I6A== 0001104659-06-057038.txt : 20060825 0001104659-06-057038.hdr.sgml : 20060825 20060825094515 ACCESSION NUMBER: 0001104659-06-057038 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060825 FILED AS OF DATE: 20060825 DATE AS OF CHANGE: 20060825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VODAFONE GROUP PUBLIC LTD CO CENTRAL INDEX KEY: 0000839923 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10086 FILM NUMBER: 061054254 BUSINESS ADDRESS: STREET 1: VODAFONE HOUSE STREET 2: THE CONNECTION CITY: NEWBURY, BERKSHIRE STATE: X0 ZIP: RG14 2FN BUSINESS PHONE: 011-44-1635-33251 MAIL ADDRESS: STREET 1: VODAFONE HOUSE STREET 2: THE CONNECTION CITY: NEWBURY, BERKSHIRE STATE: X0 ZIP: RG14 2FN FORMER COMPANY: FORMER CONFORMED NAME: VODAFONE GROUP PUBLIC LIMITED CO DATE OF NAME CHANGE: 20020807 FORMER COMPANY: FORMER CONFORMED NAME: VODAFONE AIRTOUCH PUBLIC LIMITED CO DATE OF NAME CHANGE: 19990629 FORMER COMPANY: FORMER CONFORMED NAME: VODAFONE GROUP PUBLIC LIMITED CO DATE OF NAME CHANGE: 19960514 6-K 1 a06-18700_16k.htm CURRENT REPORT OF FOREIGN ISSUER

Form 6-K

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

Report of Foreign Private Issuer

 

Pursuant to Rules 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

Dated  August 25, 2006

 

VODAFONE GROUP

PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

 

 

VODAFONE HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN, ENGLAND (Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

 

Form 20-F__ü___

 

Form 40-F_____

 

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes______

 

No__ü___

 

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

 


                This Report on Form 6-K contains a news release issued by Vodafone Group Plc on August 25, 2006, entitled “SALE OF 25% INTEREST IN PROXIMUS”.


 

25 August 2006

 

SALE OF 25% INTEREST IN PROXIMUS

 

Vodafone today announces that it has agreed to sell its 25% interest in Proximus to Belgacom for a consideration of €2.0 billion in cash.  Belgacom already owns 75% of Proximus which is the leading mobile operator in Belgium.

The consideration implies an Enterprise Value to EBITDA1 multiple of 7.2x for the financial year ending 31 March 2007.  Net cash proceeds to Vodafone are anticipated to be €2.0 billion (£1.4 billion).

Vodafone and Proximus have also signed a revised long-term Partner Network Agreement in Belgium with an initial five year term. This will enable Proximus and Vodafone customers to continue to benefit from Vodafone’s global products and services such as Vodafone live!, Vodafone Mobile Connect Card, Blackberry from Vodafone and international roaming services, including preferred roaming arrangements. In addition, the two companies will continue to co-operate in serving international corporate customers.

Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone, said:

“We have enjoyed a long and successful relationship with Belgacom, and together have built the leading mobile operator in Belgium. We do not, however, see ourselves as the most appropriate long-term holder of this minority stake.   In line with our strategy of actively managing our portfolio and maximising returns, we have achieved an attractive price with this sale.   I am also pleased that our customers will continue to benefit from our products and services in Belgium through a renewed long-term Partner Network Agreement with Proximus.”

The sale is subject to certain regulatory approvals and is expected to close before 31st December 2006. The sale proceeds will be used to reduce Vodafone’s net indebtedness.

This transaction does not materially affect Vodafone’s proportionate mobile revenue and EBITDA outlook for the financial year ending 31 March 2007. However, Vodafone will no longer receive anticipated dividend income from Proximus of approximately £150m this year and there will be a corresponding reduction in the Group’s free cash flow outlook for the financial year ending 31 March 2007.


 

As a result of the transaction, Vodafone currently anticipates recording a gain on disposal of approximately £0.45 billion in its results for the year ending 31 March 2007 and will cease recording its share of the result of its 25% interest in Proximus from the date of closing of the sale.

-ends-

For further information:

Vodafone Group

 

Investor Relations

 

Media Relations

Telephone: +44 (0) 1635 664447

 

Telephone: +44 (0) 1635 664444

 

 

Notes to Editors

 

About Vodafone

 

Vodafone is the world’s leading international mobile telecommunications group with equity interests in 27 countries across 5 continents with 186.8 million proportionate customers worldwide as at 30 June 2006 as well as 33 partner networks. For further information, please visit www.vodafone.com

 

About Proximus

 

Proximus is the trading name of Belgacom Mobile SA.  Proximus is the mobile telephony market leader in Belgium and is 75% owned by the Belgacom Group and 25% owned by Vodafone.  For further information, please visit www.proximus.be

 

About Belgacom

 

The Belgacom Group (Belgacom S.A. and its subsidiaries) is the largest telecommunications company in Belgium and a market leader in many fields, particularly in wholesale and retail fixed line services, mobile communications, Internet and broadband data transmission services.  For further information, please visit www.belgacom.be

 

1 Proximus EBITDA estimate for fiscal year 2007 is based on a consensus of research analysts’ estimates.

 

For illustrative purposes an exchange rate of £0.68:€1 has been used.

 

 

 

© Vodafone Group 2006. VODAFONE, the Vodafone logos, Vodafone live! and Vodafone Mobile Connect are trade marks of the Vodafone Group. Other product and company names mentioned herein may be the trade marks of their respective owners.


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

 

 

 

VODAFONE GROUP

 

 

PUBLIC LIMITED COMPANY

 

 

(Registrant)

 

 

 

 

 

 

 

 

 

Dated: August 25 , 2006

 

By: /s/  S R SCOTT

 

 

Name: Stephen R. Scott

 

 

Title:  Company Secretary

 

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