Telecom Italia says call notice for May 4 shareholders' meeting valid, effective
Telecom Italia announced that its board of directors met today to assess the Board of Statutory Auditors' decision to supplement the agenda of the Shareholders' Meeting due to be held on April 24, thereby granting the request made by the shareholders Elliott International LP, Elliott Associates LP and The Liverpool Limited Partnership on March 23, 2018. The board of directors confirms that the call for the TIM shareholders' meeting on May 4, 2018 is legitimate, in order to proceed with the entire renewal of the Board, in compliance with the binding market rules regulating the vote of the slates, on which the Board of Statutory Auditors did not express an opinion. "The Board of Directors, after much discussion, has therefore decided by majority vote and with the contrary vote from Directors Borsani, Calvosa, Cornelli, Frigerio and Vivarelli: to formally dissociate from the Board of Statutory Auditors' decision, which it considers erroneous and particularly serious; to confirm that the request to supplement the Agenda of the Shareholders' Meeting of 24 April 2018 submitted by the Elliott funds has been superseded, in view of the resignations of eight Directors (all of which shall come into effect before the start of the Shareholders' meeting); and to confirm the validity of the call notice for the TIM Shareholders' meeting on 4 May 2018 in order to proceed with the full renewal of the Board of Directors; to take every legal action to protect the rights and interests of all shareholders and of the Company; to set out in full the reasons for its decisions by publishing the relevant documents (opinions and accompanying preparatory note on the discussion, along with the documentation that will be made available by the Board of Statutory Auditors) on its website, to allow all TIM shareholders to have full knowledge of the Board of Directors' positions so that they can make informed decisions; to send all the documents mentioned to Consob for consideration of those matters which are within its remit. This press release has not been approved by Directors Borsani, Calvosa, Cornelli, Frigerio and Vivarelli," Telecom Italia stated.