Vodafone shareholders vigorously rejected all proposals from activist investor Efficient Capital Structures (ECS) at the company's annual meeting. Although there was modest support for forcing Vodafone to secure shareholder approval for bids over £1bn, many private investors spoke out against ECS backer John Mayo, formerly of Marconi.
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Vodafone's first-quarter results showed organic revenue growth of 1.4 per cent in Europe and 18.2 per cent in the rest of the world. European data revenues were particularly strong, rising 29 per cent. Dresdner Kleinwort expects adjusted earnings of 11.1p this year.
