Surprise move on Retelit. While waiting for the shareholders' meeting on April 27, in which the new board of directors of the company will be nominated, a real coup de scene arrives in the last few hours.
Bousval's Libyan shareholders, who currently hold 14,37% of the TLC group, have entered into a syndicate agreement with the German investment fund Axxion (which has risen from 5% to 9,99% in recent weeks) and with Shareholder Value Management (which has a very small share). The purpose of the agreement, which collects 24,36 percent of the capital, is to appoint the new board of directors and respond to the moves of the Mincione consortium which announced a few weeks ago that it had risen to 8,97% of the capital and that, on the basis of various option contracts with some Retelit shareholders, it has a potential stake of 19,2% but in theory it could even reach close to 30%.
"In the last three years - the director of Shareholder Value Management, Gianluca Ferrari told Radiocor - the current top management has managed the company well and we are confident that they are the right people to lead the company towards the ambitious objectives set out in the plan to 2022. Retelit has a very interesting opportunity: to become a platform for consolidating the sector and the candidates for the board we are proposing have extensive experience in M&A activity. Furthermore, we intend to do everything possible to ensure that Retelit has corporate governance focused on honesty and transparency for the benefit of all shareholders".
The consortium, grouped in the newco Fiber 4.0, also includes the London financier Giorgetti and the Bergamo real estate developer Luca Cividini. Also in this case the goal is to appoint the new board of directors, however marking a turning point with respect to the current management which brought Retelit to the first dividend in history in 2018.
Among the candidates for the board of directors are Pardi, Protto and Ferrari himself. Shareholder Value Management is the advisor to the Frankfurter Aktienfonds fuer Stiftungen fund managed by Axxion.
