Elliott Discloses Increased Shareholding in Telecom Italia
Elliott Advisors (UK) Limited, which advises funds (together “Elliott”) disclosed today that it has worked with J.P. Morgan Securities plc to build its position in the ordinary shares of Telecom Italia (the “Company” or “TIM”) to approximately 9%.
Elliott also released an investor presentation outlining its case for change at the Company that can be viewed at: www.transformingTIM.com
The presentation includes the following key takeaways:
- TIM is uniquely positioned in the Italian market and operates an outstanding collection of assets that, if properly managed, should produce substantial, consistent returns for its shareholders while enhancing a nationally strategic infrastructure asset.
- However, poor stewardship under the Vivendi-controlled Board has resulted in deeply troubling corporate governance issues, a valuation discount and no clear strategic path forward.
- Elliott believes a Board composed of truly independent directors is the most efficient and effective way to improve governance and performance at TIM.
- Shareholders have the opportunity to unlock significant value at the Company by supporting our proposal, of which the principal pillar is the full independence of TIM’s Board so that the Company can start focusing on creating value for all shareholders.
Founded in 1977, Elliott Management Corporation is one of the oldest private investment firms of its kind under continuous management. The firm’s investors include pension funds, private endowments, charitable foundations, family offices, 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 closely together with our business associates. We believe strongly in the value conclusions that we have drawn as a result of this effort.
For more information, please visit our dedicated website www.transformingTIM.com .
Elliott Management Corporation
Michael O’Looney, +1-212-478-2687
Verini & Associati
Marcella Verini, +39 02 45395500
+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
ABB22.4.2018 12:02 | pressemeddelelse
ABB Showcases World-Leading e-Vehicle Fast Chargers and Launches AI Readiness Index at Hannover
PSE20.4.2018 17:15 | pressemeddelelse
PSE: APM Forum 2018 Focus on Digitalisation for the Process Industries
APERTA20.4.2018 16:03 | pressemeddelelse
Aperta Provides Electronic Funds Transfer (EFT) in Cayman Islands
SECO-SPA20.4.2018 15:41 | pressemeddelelse
FII Tech Growth Invests in SECO
SCHLUMBERGER-LIMITED20.4.2018 13:07 | pressemeddelelse
Schlumberger Announces First-Quarter 2018 Results
MA-BIOGEN20.4.2018 12:32 | pressemeddelelse
Biogen and Ionis Expand Strategic Collaboration to Develop Drug Candidates for a Broad Range of Neurological Diseases
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum