Vodafone increases shareholding in Vodafone-Panafon

Vodafone Group Plc has announced result of its public offer of shares in Vodafone-Panafon Hellenic Telecommunications Company SA (Panafon), which ended on January 22, 2004.

Vodafone Group Plc has announced the results of its public offer of shares in Vodafone-Panafon Hellenic Telecommunications Company SA (Panafon), which ended on January 22, 2004.

On December 1, 2003, the day that Vodafone announced the launch, the group owned directly and indirectly approximately 406 million shares in Panafon, representing 74.795% of Panafon's share and voting capital.

Vodafone has purchased 87,094,515 Shares in the market since December 3, 2003.

These purchases represented 16.030% of Panafon's share and voting capital, at a price per share of €6.18 or below, for a total consideration of approximately €538m.

Following payment on January 30, 2004 of the offer price of €6.18 per share, Vodafone will have acquired 40,220,500 shares in the offer, or 7.403% of Panafon's share and voting capital, for a total of €249m.

After acquiring the shares, Vodafone will own directly and indirectly a total of 533,684,215 Panafon shares, or 98.228% of Panafon's share and voting capital.