Elliott Advisors (UK) Limited Statement on Telecom Italia
Elliott Advisors (UK) Limited (“Elliott”), which advises funds (together “Elliott”) which collectively have an interest in the ordinary and saving shares of Telecom Italia (the “Company”, “TIM”), today welcomes TIM’s Board of Auditors’ unanimous decision to carry Elliott’s request to supplement the agenda of the Company’s upcoming Annual Shareholders’ Meeting (“AGM”) to be held on April 24, 2018. The terms requested are (i) the revocation of the five directors whose deferred resignations were tendered at the Company’s March 22 Board meeting, and (ii) the appointment of six directors, in the persons of Fulvio Conti, Massimo Ferrari, Paola Giannotti De Ponti, Luigi Gubitosi, Dante Roscini and Rocco Sabelli, to replace the six directors who recently resigned.
The Board of Auditors’ decision follows Vivendi’s cynical and self-serving attempt to suppress shareholder democracy through the apparently coordinated resignations of seven of its directors, an action currently under investigation by the Italian market regulator Consob. Given this decision, should shareholders support Elliott’s proposal to reinstate a fully empowered, independent Board of Directors at the upcoming AGM on April 24, Elliott does not believe another shareholder meeting on May 4 should take place.
Elliott looks forward to the Company publishing its supplement to the AGM agenda without further delay, and with that, to the prospect of a truly independent Board. Elliott hopes the Board of Auditors’ decision will finally bring to an end Vivendi’s reign of disregard and deliberate abuse of shareholder rights and looks forward to the Company moving one step closer to a new era of best practice corporate governance and sustained value creation for all its stakeholders.
Further information and full materials, including Elliott’s Shareholder Letter and Shareholder Nominee biographies are available to view and download at www.TransformingTIM.com .
Elliott Management Corporation manages two multi-strategy funds which combined have over $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
Our approach to TIM is consistent with our approach to many of our current and previous investments. We have invested a significant amount of time and resources into understanding TIM, including hiring numerous advisors and consultants with whom we have worked together closely. We believe strongly in the value conclusions that we have drawn as a result of this effort.
Sarah Rajani CFA
Elliott Advisors (UK) Limited
+44 (0) 20 3009 1475
Verini & Associates
+39 (02) 4539 5500
+39 (06) 42171 201
+34 (91) 7012170
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
EGON-ZEHNDER/MOBIUS20.9.2018 08:03 | pressemeddelelse
Egon Zehnder and Mobius Executive Leadership Formalize Exclusive Strategic Partnership
TWISPAY20.9.2018 08:02 | pressemeddelelse
Twispay Teams up with Blue Air to Expand Digital Payments
ALIBABA-GROUP20.9.2018 06:02 | pressemeddelelse
Alibaba A.I. Labs Launches Hospitality Robot
CELLTRION20.9.2018 04:05 | pressemeddelelse
Celltrion Signs 'Incubation' Agreement with Emory University for Development of New Drugs for Atherosclerosis
NV-RIMINI-STREET,-INC.20.9.2018 01:02 | pressemeddelelse
Rimini Street Obtains Australian Single Touch Payroll Certification
CT-BATTEA-GLOBAL-LITIGAT20.9.2018 00:36 | pressemeddelelse
Litigation Researchers Believe - Dutch Court Ruling - Big Blow to Petrobras’ Arbitration Strategy
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum