Shareholder Group Urges Vodafone to Liquidate Verizon Wireless Stake

Press Release - June 8, 2007

A consortium of shareholders within the international wireless giant, Vodafone Group, is calling on the company to spin off its 44.4% stake in America’s second largest cell phone operator., Verizon Wireless.

Vodafone acknowledged yesterday that it had received a letter from the group, known as Efficient Capital Structures, urging it to sell its Verizon stake and return the estimated 40-billion cash windfall to shareholders.

Investors have long grumbled about Vodafone’s staunch determination to hold its Verizon interest, but this is the first official move to force a sale. Efficient Capital Structures is asking the company to table four motions at its annual general meeting next month, and allow shareholders to vote on the issue of Verizon Wireless ownership.

Vodafone’s corporate leaders say they are reviewing the group’s recommendations and will respond “in due course.”