UK-based mobile giant Vodafone has turned down a restructuring call by Efficient
Capital Structures (ECS), a hedge fund backed by telecom equipment maker Marconi,
unlock up to $75 billion to shareholders.
Plc''s former CEO John Mayo sent a letter to Vodafone earlier this week saying
that restructuring could release £17 to £38 billion pounds in shareholder
value and asked that four resolutions be put to vote at the company''s 24 July
replied late last night saying that its board had reviewed the proposals and ''''unanimously
concluded that continued execution of its clearly stated strategy will deliver
greater value for shareholders.''''
said the proposed resolutions seek to allow shareholders to give directions to
the board at lower voting thresholds and limit its ability to make acquisitions.
It would also
significantly constrain the board''s flexibility in managing Vodafone''s global
business and implementing its successful strategy to deliver value to shareholders.
said that the requirement to seek shareholder approval for
acquisitions at the low levels would place it at a material disadvantage in competing