Vodafone investors reject rebels' plans

LONDON - Vodafone shareholders yesterday attacked John Mayo, the former finance director of Marconi, for wasting time by calling on the mobile phone operator to ratchet up its debt position and spin off its US division.

Efficient Capital Structures, the small rebel investor group backed by Mayo, had hoped to get "double-digit" support for its proposals at Vodafone's annual meeting.

Fewer than 5 per cent of Vodafone's shareholders voted to support demands to spin off the company's 45 per cent stake in Verizon Wireless, and only 3.2 per cent backed calls to ramp up debt massively by issuing a £34 billion ($87 billion) bond.

- INDEPENDENT