Another shot of Merlyn to rewrite the destiny of network Tim. The Luxembourg fund has caused a real stir in what could be the decisive weekend for the evaluation of Kkr's binding offer. With a statement he revealed the amount of shares held, which compared to all the reconstructions of the last few days are very limited, equal to 0,006% of Tim's capital. “Dismay at misleading reconstructions and lack of respect on the part of the market and the telecommunications company”, reads the note from the Merlyn fund by Alessandro Barnaba and Stefano Siragusa. Another note highlights the fact that both the fund and CEO Siragusa are shareholders, and as such must be listened to as required by the company's engagement code. Despite a session marked by great volatility, the title Tim gains 0,27% to 0,26 euros per share.
Furthermore, Merlyn herself would have asked for a meeting with Vivendi, Tim's majority shareholder who might appreciate the alternative plan on the network, i.e. to sell consumer assets and activities in Brazil to raise cash, as well as replace CEO Pietro Labriola. Not only. The fund would also write to the Minister of Economy, Giancarlo Giorgetti, to have the opportunity to explain the TimValue project.
Merlyn participation in Tim
Merlyn held a 0001% stake in April. On October 27, the day the alternative plan was made public, Merlyn owned a pack of 200 thousand ordinary shares (0,006% of the total). This is what emerges from a letter that the fund sent to Tim. Instead, 703.280 ordinary shares they are owned by Tim's former deputy general manager Stefano Siragusa, "assigned to him by Tim itself and held in the securities account opened in the name of Siragusa at Tim itself and kept in a securities account at the same company". Total: just over 900 thousand shares which are worth around 235 thousand euros.
The nodes focus on other "shareholdings held personally or by proxy". But who is he referring to? We don't know at the moment. What is certain is that the offer of Alessandro Barnaba's activist fund will receive a firm No from the Board of Directors, before moving on to analyze the only valid proposal which - according to the Mef - remains that of the Americans KKR (under consideration by the Tim's Board of Directors until Sunday).
Merlyn's letter
“It is not the company's job to verify the shares, but to listen to the shareholders,” Merlyn specified, underlining how “it is surprising that the company refuses to listen to the ideas of large or small shareholders despite this being provided for in the engagement code published on the site. We are dismayed by the lack of respect for the market and governance and we reiterate our intention as shareholders to present our vision of Tim to the market for the good of all shareholders."
