Vodafone Group Plc is making a rescue one-for-277 share exchange offer for cellular air time reseller Hawthorn Leslie Plc, valuing the struggling company at UKP2.9m, 1.54p a share against 2.5p in the market; Vodafone has also conditionally agreed to procure redemption of the UKP16m convertible loan stock 2007 of Hawthorn Leslie held by Svenska Handelsbanken and repay outstanding loan facilities from Svenska, which brings the total cost of the transaction up to about UKP31.5m.
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