Efficient Capital Structures said it could increase its current 24m pounds (47.8bn) by 35bn pounds ($69.7bn) to allow a mammoth dividend to be returned to investors. It also wants the company’s 45% holding in US carrier Verizon to be hived into a separate structure so its value can be identified by investors.

A company with Vodafone’s resources is constantly subjected to demands for greater rewards to shareholders, and it has faced a hostile reaction to moves to expand into developing markets. The group wants to restrict the amount Vodafone can spend on acquisitions without seeking shareholder approval.

The credibility of the proposals has been undermined that they have been masterminded by John Mayo, former chief finance officer at Marconi who was fired by the company after a profit warning in 2002. Mayo claims he tried unsuccessfully to persuade the board to sell the company at the top of the market.