In 'Telecom Italia shareholders' meeting scheduled for December 15, Vivendi will abstain at the time of the vote on the project to convert savings shares into ordinary shares of the company.
Vivendi listed the reasons that led to this decision in a note. “Vivendi - reads the note - questions the correctness of the proposed conversion ratio. In particular, the French group is not convinced that the payment of 9,5 euro cents in cash required to convert a savings share into an ordinary security is fully justified”. Secondly, the note continues, “Vivendi notes the absence of a fairness opinion relating to the holders of ordinary shares, which would be significantly diluted by the transaction”.
To the best of Vivendi's knowledge, this exercise was conducted only from the point of view of the holders of savings shares.
Finally, the French group "believes that the decision to propose a savings share conversion plan belongs to a board of directors that best represents Telecom Italia's current shareholders" and furthermore "does not believe that there is any urgency to carry out this operation ”.
