Elliott Statement on Telecom Italia
MILAN & LONDON--(BUSINESS WIRE)--Mar 11, 2019--Elliott Advisors (UK) Limited, which advises funds (together “Elliott”) that have a substantial holding in the shares of Telecom Italia (“the Company”, or “TIM”), today published a new presentation and website at www.Time-For-TIM.com.
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Elliott’s presentation outlines the clear choice facing shareholders at the upcoming shareholder vote on March 29: a choice between stability and the continued recovery of Company value, or a return to Vivendi’s poor stewardship with its broken promises, track record of prolonged and pervasive value destruction, and contempt for good governance.
Ten months ago, those Telecom Italia shareholders that were not affiliated with Vivendi overwhelmingly voted for change, following years of mistreatment at the hands of a Vivendi-controlled Board that answered to only one shareholder. Underscoring the demand for improved governance, approximately 80% of the Company’s independent shareholders voted at the Company’s AGM on May 4 to release TIM from Vivendi’s control. In an effort to chart a new course, shareholders chose to appoint independent, credible and experienced new directors to serve on TIM’s Board.
Since losing this pivotal vote, Vivendi has increasingly demonstrated that its interests at TIM are misaligned with those of other stakeholders. Vivendi continues to disrespect the will of its fellow shareholders and has waged a series of aggressive, relentless attacks against the Company, the Board and other stakeholders. In so doing, it is obstructing the new management team’s ability to steer the Company back to stability and normality.
Vivendi has refused to enter into a constructive dialogue with Elliott, objected to the Board’s well-justified removal of TIM’s Vivendi-backed CEO Amos Genish last year, and has repeatedly threatened to continuously wage proxy fights until it successfully regains control of the Company. All of these actions are consistent with both Vivendi’s and its controlling shareholder Vincent Bolloré’s extensive track record of disdain for basic good governance practices.
Elliott believes Vivendi’s nominees are unsupportable, lack true independence, and would simply return control to a group with demonstrable conflicts of interest, related party transactions and a history of undermining TIM shareholders. Elliott believes it is time to give TIM and its independent Board stability and space to implement its strategy, to achieve much-needed reform and to deliver sustainable shareholder value. It is time for TIM to shake off the damaging management of the past and reaffirm its decision to move confidently into the future. It is time for TIM, in the words of its new CEO, to become a “normal company”.
In order to share its perspectives with its fellow shareholders, Elliott has today launched a new website, www.Time-For-TIM.com, where both the presentation and related materials are available to view and download. Interested parties are encouraged to visit the website to receive additional information and to sign up for future updates.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $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.
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Sarah Rajani CFA
Elliott Advisors (UK) Limited
+44 (0) 20 3009 1475
Verini & Associates
+39 (02) 4539 5500
Daphné Claude / Dominic Riding
Steele & Holt
+33 (0) 6 66 58 81 92 / +33 (0) 6 48 57 83 24
KEYWORD: UNITED KINGDOM EUROPE ITALY
INDUSTRY KEYWORD: TECHNOLOGY TELECOMMUNICATIONS PROFESSIONAL SERVICES FINANCE
SOURCE: Elliott Advisors (UK) Limited
Copyright Business Wire 2019.
PUB: 03/11/2019 03:00 AM/DISC: 03/11/2019 03:01 AM