Niel family builds 19.87% equity-linked position in Vodafone (VOD)
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Vodafone Group Plc reports a TR-1 notification of major holdings under UK Disclosure Guidance and Transparency Rules. The notified holder controls 19.87% of Vodafone’s voting rights, representing 4,574,743,685 voting rights, all through financial instruments rather than directly held shares.
The position is held via several Equity Linked Arrangements capable of cash and/or physical settlement, with maturity dates on 22 February 2027 and 6 July 2027, each potentially extendable subject to conditions. Entities linked to the Niel Family Group, including Maya SAS and Vega SAS, are listed as the controlling persons and controlled undertakings in relation to this exposure.
Positive
- None.
Negative
- None.
Key Figures
Total voting rights via instruments: 4574743685
Total voting rights percentage: 19.87%
Equity Linked Arrangement tranche: 630000000
+4 more
7 metrics
Total voting rights via instruments
4574743685
Total number of voting rights held through financial instruments (Section 7 and 8.B2)
Total voting rights percentage
19.87%
Aggregate percentage of Vodafone voting rights held via financial instruments
Equity Linked Arrangement tranche
630000000
Number of voting rights for the Equity Linked Arrangement expiring 22 February 2027
Equity Linked Arrangement tranche
1314914562
Number of voting rights for each of two Equity Linked Arrangements expiring 6 July 2027
Equity Linked Arrangement tranche
1314914561
Number of voting rights for a further Equity Linked Arrangement expiring 6 July 2027
Percentage per 630M tranche
2.74
Percent of voting rights represented by the 630,000,000 voting-right Equity Linked Arrangement
Percentage per 1.3149B tranche
5.71
Percent of voting rights for each 1,314,914,562 voting-right Equity Linked Arrangement
Key Terms
TR-1 notification of major holdings, Equity Linked Arrangement, Disclosure Guidance and Transparency Rules, voting rights attached to shares, +2 more
6 terms
TR-1 notification of major holdings regulatory
"Vodafone Group Plc ('Vodafone' or the 'Company') publishes the below TR-1 notification of major holdings"
Equity Linked Arrangement financial
"Equity Linked Arrangement | 22 February 2027 (see Additional Information)"
Disclosure Guidance and Transparency Rules regulatory
"under the FCA's Disclosure Guidance and Transparency Rules"
Disclosure guidance and transparency rules are the standards and regulations that require companies to share clear, timely information about their finances, risks, operations and material events. They matter to investors because consistent, honest reporting is like a car’s dashboard — it reveals the data you need to judge safety and performance and make informed buying or selling decisions. Strong disclosure reduces surprises and helps keep markets fair and efficient.
cash settlement financial
"capable of either or both of physical and/or cash settlement"
Cash settlement is a process where, instead of exchanging physical assets like stocks or commodities, the parties involved settle the difference in value with money after a contract ends. For investors, it simplifies transactions by avoiding the need to handle or deliver the actual asset, making it quicker and more convenient to complete trades. This method ensures a straightforward way to settle agreements based on their final value.
physical settlement financial
"including the right to request early physical settlement, in whole or in part"
Physical settlement is when the actual item, like a commodity or product, is delivered to the buyer after a trade, instead of just settling with money. For example, if you buy a barrel of oil through a contract with physical settlement, you will receive the oil itself. It matters because it ensures the real thing changes hands, not just the price.
FAQ
What major holding in Vodafone (VOD) is disclosed in this TR-1 notification?
The notification discloses that a holder has 19.87% of Vodafone’s voting rights, corresponding to 4,574,743,685 voting rights. This exposure is held entirely through equity-linked financial instruments rather than directly owned Vodafone shares.
How is the 19.87% Vodafone (VOD) interest structured?
The 19.87% interest is held via several Equity Linked Arrangements listed as financial instruments. These instruments together provide exposure to 4,574,743,685 voting rights, with no voting rights currently attached to directly held Vodafone shares.
Who is behind the notified major holding in Vodafone (VOD)?
The table names Maya SAS and Vega SAS, and references the Niel Family Group. For each, the percentage of voting rights through financial instruments is shown as 19.87%, matching the total notified position.
What financial instruments are used to gain exposure to Vodafone (VOD)?
The exposure is via Equity Linked Arrangements classified under DTR 5.3.1R(1)(b). Individual instruments cover 630,000,000 and multiple tranches of 1,314,914,562 voting rights, contributing to the aggregate 4,574,743,685 voting rights.
When do the Vodafone (VOD) Equity Linked Arrangements expire?
One Equity Linked Arrangement expires on 22 February 2027 and three expire on 6 July 2027. The 2027 expiries may, subject to conditions, be extended to 22 May 2027 and 6 January 2028, respectively.
Are the Vodafone (VOD) equity-linked instruments physically or cash settled?
The instruments are described as capable of either or both physical and cash settlement. Whether, and to what extent, each is physically or cash settled depends on the outcome and timing of certain regulatory conditions.