Tim's shareholders' meeting will meet on March 29, 2019, in a single call, to examine the financial statements as at 31 December 2018 and the matters referred to in the request of the shareholder Vivendi. The company communicates it at the conclusion of the board convened precisely for the purpose of deciding the date.
'The board of directors met today, as communicated on 21 December last year, to conclude the preliminary investigation on the request to convene the shareholders' meeting received from Vivendi on 14 December 2018″, reads the press release.
"The request - continues the note - was accepted, with the consequent inclusion of the topics that the shareholder requested for discussion in the agenda of a meeting to be held, in a single call, on 29 March 2019, which is also simultaneously called to examine the financial statements as at 31 December 2018 and the remuneration report".
In fact, we recall that last December 14, Vivendì, Telecom Italia's leading shareholder with 23,9% of the capital, officially requested the urgent calling of the shareholders' meeting to decide on the dismissal of Elliott's 5 directors, including the president Fulvio Conti. The other four are: Alfredo Altavilla, Massimo Ferrari, Dante Roscini and Paola Giannotti de Ponti. The French shareholder also requested the appointment of 5 other directors: Franco Bernabè, Rob van der Valk, Flavia Mazzarella, Gabriele Galateri di Genola and Francesco Vatalaro.
After the vote of May 4, 2018, Vivendi has 5 directors out of 15, the other 10 were appointed with the vote of institutional investors, on a proposal from Elliott.
The board therefore accepted Vivendì's call request, but postponed the clash over the members to the end of March, which could change the balance at the top of the telephone company, after the presentation of the first industrial plan of the Gubitosi era.
Vivendi "reserves the right to request the convening of a new meeting this summer if the company's governance and financial results do not improve significantly", commented the French in a statement, in which they accused the members of the Tim's board of directors shares Elliott who "have decided to postpone the shareholders' meeting to March 29 contrary to the group's statute and the Italian Civil Code".
“In making this majority decision,” Tim’s note reads, “the BoD considered the reasons given by the shareholder as a basis for its request, as well as the corporate interest in a (unitary) treatment of the various matters on which the shareholders are called to resolve, such as to facilitate the completion of the approval and disclosure processes of the business plan, the related impairment test of the 'goodwill and, therefore, of the financial statements and thus ensure shareholders a complete and adequate set of information". All of this, "at the same time promoting the greatest possible participation in a meeting event, in which the substantial discussion that is expected is that of the industrial future of the Company and the people to whom to entrust its management".
After the news relating to the call, in Piazza Affari the Telecom Italia share increases earnings, which gains 1,16% to 0,506 euro against a 0,7% drop in the Ftse Mib.
