Tim's assembly, with 95% of the votes, gave the green light to the board's list for the renewal of Tim's board of directors. The new board will remain in office for the three-year period 2021-2023. Salvatore Rossi remains president of the group, Luigi Gubitosi is confirmed as managing director. Giovanni Gorno Tempini, president of Cdp, enters the board.
"Today - commented the president Salvatore Rossi – the process of the new Board of Directors of TIM begins, the expression of a process that concluded yesterday with the almost unanimous consent of the shareholders' meeting. This result confirms the goodness and transparency of the work done to select the profiles, of great experience and depth, who make up the new board, suitable to face the challenges that await the company in accompanying the country's digitization process. I wish the new directors good work and I extend my heartfelt thanks to the outgoing Board for the contribution given to TIM over the last three years and for having supported the process that led to this new three-year board period which begins today”.
THE NEW BOD
"For the appointment of the Board of Directors, the majority list, having obtained around 95% of the votes, was the one presented by the previous Board of Directors", Tim said in a note. It is the first time in Tim's history that there is a vote for the board list. However, the outcome of the vote was expected after the anticipated support for the list by Vivendi (which holds 23,75% of the share capital) and CDP (9,81%).
Together with Rossi, Gubitosi and Gorno Tempini, Paola Bonomo, Franck Cadoret, Luca De Meo, Arnaud de Puyfontaine, Cristiana Falcone, Marella Moretti and Ilaria Romagnoli will also be part of the new board.
From the list deposited by a group of managers and SICAVs, which obtained over 4% of the votes, the remaining five directors were elected: Maurizio Carli, Paola Sapienza, Federico Ferro Luzzi, Paola Camagni and Paolo Boccardelli.
THE BOARD OF STATUTORY AUDITORS
As for the Board of Statutory Auditors, the list presented by Vivendi obtained over 41% of the votes and therefore qualified as the majority list. The list of managers and Sicavs is 38%, while the CDP list is 18%.
The leader of the list presented by managers and Sicavs was appointed Chairman of the control body with approximately 90% of the votes in favor (approximately 25% of the share capital taking part in the vote). In application of the appointment mechanism envisaged in the Articles of Association, the Board of Statutory Auditors is therefore composed as follows:
Statutory Auditors: Francesco Fallacara, Angelo Rocco Bonissoni, Francesca Di Donato, Anna Doro, Massimo Gambini.
Alternate auditors: Ilaria Antonella Belluco, Laura Fiordelisi (list of managers and Sicav), Franco Maurizio Lagro, Paolo Prandi.
DIVIDEND 2021
In addition to the renewal of the board of directors, the assembly also approved the 2020 budget, which closed 2020 with a net profit of 7,2 billion euros. By virtue of the result obtained, the shareholders' meeting gave the go-ahead for the distribution of a dividend of 1 euro for each ordinary share and 2,75 euro for each savings share. the coupons will be detached on 21 June, with payment expected two days later.
OPERATIVE FIBERCOP: TIM, KKR INFRASTRUCTURE AND FASTWEB IN THE CAPITAL
Tim, Kkr Infrastructure and Fastweb announce the execution of the agreements relating to the entry of KKR Infrastructure and Fastweb into the share capital of FiberCop, the new company into which TIM's secondary network has merged (from the street closet to customer homes) and the fiber network developed by FlashFiber, the joint venture of TIM (80%) and Fastweb (20%).
In particular, the acquisition by KKR Infrastructure of 37,5% of FiberCop from TIM was completed for a value of 1,8 billion, based on an enterprise value of approximately 7,7 billion euros (equity value 4,7 .XNUMX billion euros).
At the same time, Fastweb subscribed FiberCop shares corresponding to 4,5% of the company's capital, through the contribution of the 20% held in FlashFiber, which was simultaneously incorporated into FiberCop. The company is fully operational as of today.
The Board of FiberCop will be made up of nine directors, of which five appointed by Tim, three by Kkr Infrastructure and one by Fastweb. Massimo Sarmi will be president and Carlo Filangieri managing director.
It is estimated that FiberCop will have an ebitda of approximately 0,9 billion euros per year, positive ebitda-capex starting from 2025 and will not require capital injections from shareholders.
