Telco closed the 2013-2014 financial year with a loss of 952,5 million. This is what can be read in a note released at the end of the board meeting of the holding company which holds the reference stake in Telecom Italia (equal to 22,4% of the capital). During the meeting, the demerger was also unanimously approved, the start of the process of demerger and liquidation of the company. The operation will be subject to the go-ahead from the Brazilian, Argentine and Italian authorities. “The Board has acknowledged the communications of the shareholders Assicurazioni Generali, Mediobanca and Intesa Sanpaolo dated 16 June – reads the press release -, with which they exercised the right to request the demerger of Telco pursuant to the shareholders' agreement”.
The BoD "therefore unanimously approved the project for the partial demerger of the company - continues Telco -, as a result of which the assignment of the pertinent share of the investment held by Telco in Telecom Italia (22,4% of the ordinary capital), i.e.: 14,77% in the newco controlled by Telefónica, 4,32% in that of the Generali Group and 1,64% in each of the newco controlled by Intesa Sanpaolo and Mediobanca respectively”.
In the context of the demerger, Telco is expected to fully repay the bank loan (660 million as at 30 April 2014) and the bond loan subscribed by the shareholders (1.750 million of nominal value plus 70 million in interest accrued as at 30 April). , in addition to the interest that will accrue up to the repayment date, through resources deriving from shareholder loans in favor of Telco, to be disbursed in proportion to the shareholding shares of the shareholders in the Company immediately before the execution of the demerger. Therefore, at the time of demerger, each newco will be assigned, in addition to the packet of Telecom Italia shares, the shareholder loan for which they are responsible.
As for Telco, it will remain alive with a minimum capital and without any Telecom Italia shares in the portfolio, with the aim of managing the residual assets and liabilities in the balance sheet. At the end of this phase, the liquidation is foreseen.
