During its annual meeting (July 24th), some Vodafone shareholders will perhaps present restructuring options able to increase the value to investors by about $76bn. One of the first measures is to spin-off its 45% stake in Verizon Wireless, by issuing "tracking shares" in the unit. The demand is mainly coming from ECS, Efficient Capital Structures, and John Mayo, the former deputy chief executive of Marconi, which found that Vodafone is undervalued because it has an inefficient capital structure. Analysts, however, remain skeptical about ECS' estimates on how much value the proposals would create. A second proposal is to limit how much Vodafone can spend on acquisitions in any one year without seeking shareholder approval. Vodafone said that the proposals would undermine its future and autonomy and accordingly rejects the proposals. The proposal will, however, be discussed at the annual meeting, but it is unlikely that the shareholders will accept ECS' s proposals.