Vodafone begins share buyback

In its latest report to the market Vodafone announced that it would use this year's Verizon dividend to buy back its own shares. It looks like this may well have begun.

The instruction to Barclays will run for the period from 10 December 2012 and end no later than 20 February 2013 (the "Period"), for an amount of no greater than £550 million, as is determined in accordance with the agreement between Vodafone and Barclays.

The purchase of Shares in the Period by Vodafone following the agreement with Barclays and the £1.5 billion share buyback programme will be executed at all times only in accordance with Vodafone's authority to make market purchases of Shares.

http://www.4-traders.com/VODAFONE-GROUP-PLC-4006195/news/Vodafone-Group-plc-Transaction-in-Own-Shares-15583873/

Vodafone Group PLC (VOD.LN) said Tuesday that it has purchased 7.5 million of its ordinary shares on the London Stock Exchange from Barclays Capital Securities Ltd. at 161.4013 pence per share, which will be held in treasury.

http://www.4-traders.com/VODAFONE-GROUP-PLC-4006195/news/Vodafone-Group-plc-Vodafone-Group-Buys-Back-7-5-Million-Shares-161-4013P-15586686/

Given the share price has lagged recently the size of this buyback may help support the price, but whether the low (Vodafone - where's the bottom?) is in for the company remains to be seen.