Vodafone 2005 Annual Report Download - page 113

Financials |111
The shares held by the Vodafone Group Employee Trust are to satisfy the potential award of shares under the Group’s Long Term Incentive Plan and Short Term Incentive Plan.
The shares held by subsidiary companies are in respect of an employee share option plan. Treasury shares are held in relation to the share purchase programme described
in “Operating and Financial Review and Prospects – Liquidity and Capital Resources”. Details of all shares purchased in the year are shown below:
Total number of shares Maximum value of
Average price paid per purchased under publicly shares that may be
Total number of shares share, inclusive of announced share purchased under the
Period purchased transaction costs (pence) repurchase programme(2) programme (£m)(1)
27 – 31 May 2004 46,000,000 129.97 46,000,000 2,940
1 – 30 June 2004 515,000,000 125.49 515,000,000 2,294
1 – 31 July 2004 246,000,000 119.75 246,000,000 1,999
1 – 31 August 2004 284,000,000 124.07 284,000,000 1,647
1 – 30 September 2004 305,100,000 130.46 305,100,000 1,249
16 – 30 November 2004 217,900,000 145.35 217,900,000 1,932
1 – 31 December 2004 393,200,000 142.45 393,200,000 1,372
1 – 31 January 2005 427,800,000 140.66 427,800,000 770
1 – 28 February 2005 282,500,000 139.52 282,500,000 376
1 – 31 March 2005 267,500,000 140.58 267,500,000 –
Total for year ended
31 March 2005 2,985,000,000 134.00 2,985,000,000 –
1 – 30 April 2005 321,000,000 139.33 321,000,000 4,053
1 – 12 May 2005 84,500,000 139.00 84,500,000 3,935
Note:
(1) On 25 May 2004, the Company announced it was allocating £3.0 billion to the share purchase programme to cover the year to May 2005. This superseded the £2.5 billion announced on the set up of the programme in November 2003. On 16 November
2004, the Company announced that it was increasing the allocation to around £4 billion completing by March 2005. On 24 May 2005, the Company announced target purchases of £4.5 billion for the 2006 financial year, including those purchased
between 1 April 2005 and 23 May 2005 under irrevocable purchase instructions. Shares have been repurchased in accordance with the approval given by shareholders at the AGM on 30 July 2003 (maximum of 6,800,000,000 shares), which expired on
27 July 2004, and 27 July 2004 (maximum of 6,600,000,000 shares), which expires on 26 July 2005. Shareholder approval will be sought at the AGM on 26 July 2005 for additional shares to be purchased in the 2006 financial year.
(2) No shares were purchased outside the publicly announced share repurchase programme.
24.Non-equity minority interests
2005 2004
£m £m
Preferred shares 853 875
Non-equity minority interests comprise class D and E preferred shares issued by Vodafone Americas, Inc. An annual dividend of $51.43 per class D and E preferred share is
payable quarterly in arrears. The dividend for the year amounted to £46 million (2004: £50 million). The aggregate redemption value of the class D and E preferred shares is
$1.65 billion. The holders of the preferred shares are entitled to vote on the election of directors and upon each other matter coming before any meeting of the shareholders
on which the holders of ordinary shares are entitled to vote. Holders are entitled to vote on the basis of twelve votes for each share of class D or E preferred stock held. The
maturity date of the 825,000 class D preferred shares is 6 April 2020. The 825,000 class E preferred shares have a maturity date of 1 April 2020. The class D and E
preferred shares have a redemption price of $1,000 per share plus all accrued and unpaid dividends.