To the convertible loan of Telecom Italy the "guarantee rules for transactions with related parties" have been applied. This is what can be read in a note from the telephone company released at the request of Consob the day after the Board of Directors meeting which examined the progress of management in October.
Based on the request of the control and risk committee, the company - explains the note - has considered the convertible loan as a "transaction with related parties of greater significance". The guarantee preliminary and decision-making process envisaged by the internal procedures for transactions with related parties was therefore carried out – Telecom guarantees.
"The board of directors has returned to deliberating on the bond loan, converting on the basis of a specific opinion prepared by the independent directors - the group continues -, approving the operation after the checks to guarantee the company's interest, as well as the convenience and correctness substantial part of the initiative”.
In particular, the transaction was given priority treatment in the bond allocation process to Blackrock (with an investment of 200 million euro for a 15,38% share of the loan), to Telefonica, with an investment of 103 million euros, for a stake of 7,92%, and to Och Ziff Capital Management, with an investment of 40 million euros, equal to 3,08%. In the documents provided to Consob, Telecom also specifies why the priority treatment was applied to Telefonica, even though it does not hold any Telecom shares, in subscribing the convertible loan.
"Since in the press releases on the launch of the operation (November 7, 2013) the priority treatment was linked to the status of shareholder - explains the note - but Telefonica is not directly registered in the Telecom Italia shareholders' register, that indication is corrected and clarified, specifying that the priority treatment was applied to Telefonica given its nature as a mere vehicle, with respect to a relevant agreement for Telecom Italia, attributable to Telco SpA, and therefore in its capacity as indirect and transparent shareholder".
At the opening today in Piazza Affari, the Telecom share gains about half a percentage point.
