VODAFONE AIRTOUCH PLC
7 September 1999
Vodafone AirTouch to Redeem AirTouch Class C Preferred
Stock
Vodafone AirTouch Plc today announced that on 28
September 1999, its majority owned subsidiary, AirTouch
Communications, Inc. will redeem all of the outstanding
shares of its 4.25% Class C convertible preferred stock,
series 1996 (NYSE: ATI pfC). Pursuant to the terms of
the Certificate of Designation, Preferences and Rights
relating to the AirTouch Class C preferred stock,
AirTouch will redeem each share of AirTouch Class C
preferred stock for an amount of Vodafone AirTouch ADSs
having a value of fifty dollars ($50). Based on the
closing price of a Vodafone AirTouch ADSs of $202.50 on
Friday, 3 September 1999 this would be equivalent to
approximately 0.25 of a Vodafone AirTouch ADS.
Dividends on the AirTouch Class C preferred stock will
cease to accrue on the redemption date.
As more fully described in the Certificate of
Designation, Preferences and Rights of the AirTouch Class
C preferred stock, each share of AirTouch Class C
preferred stock is presently convertible at the option of
the holder into approximately 0.69 of a Vodafone AirTouch
ADS plus approximately $12.41 in cash. This represents
the total consideration that a holder of 1.379 shares of
AirTouch common stock would have received in the merger
between AirTouch Communications, Inc. and Vodafone Group
Plc, which was completed on 30 June 1999, had such holder
converted the AirTouch Class C preferred shares into
AirTouch common shares prior to the merger. Based on the
closing price of the Vodafone AirTouch ADSs on Friday, 3
September 1999 of $202.50 per ADS, total consideration
would be equivalent to approximately $152 per share of
Class C preferred stock.
Additional details regarding the scheduled redemption is
set forth in a notice that is being mailed to holders of
AirTouch Class C preferred stock. To be effective, any
conversion notice would need to be received by Bank of
New York, by no later than 5:00 pm Eastern Time on
Monday, 27 September 1999.
For further information contact:
Tim Brown
Investor Relations Director
Vodafone AirTouch Plc
Telephone (01635) 33251
or
Melissa Stimpson, Senior Investor Relations Manager
Vodafone AirTouch Plc
Telephone: 01635 33251
or
Lulu Bridges
Tavistock Communications
Telephone: 0171 600 2288
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