Elliott Advisors (UK) Limited Statement on Telecom Italia
Given the momentum behind Elliott's campaign at Telecom Italia to improve both performance and governance, Elliott was not surprised to see yesterday's resignation of seven board members affiliated with Vivendi. Unable to advance any meritorious arguments, the Board has simply abandoned their posts to stall for time. Elliott regards this action as cynical and self-serving, in that it delays the ability of Telecom Italia shareholders to express their votes at the upcoming AGM. This is yet another example of minority shareholder rights at Telecom Italia being abrogated and the continued disregard of corporate governance best practice. Finally, Vivendi should note Elliott's forty-year track record of consistent value creation, and sustained, long-term commitments to expose poor governance and catalyse positive change; Elliott's investment history in Telecom Italia dates back to 1999, well before Vivendi became a shareholder in the Company.
Elliott Management Corporation manages two multi-strategy funds which combined have over $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
Our approach to TIM is consistent with our approach to many of our current and previous investments. We have invested a significant amount of time and resources into understanding TIM, including hiring numerous advisors and consultants with whom we have worked together closely. We believe strongly in the value conclusions that we have drawn as a result of this effort.
For more information, please visit our dedicated website www.transformingTIM.com.
Elliott Advisors (UK) Limited
Sarah Rajani CFA, +44 (0) 20 3009 1475
Verini & Associati
Marcella Verini, +39 02 45395500
Stefano Marini, +39 (06) 42171 201
+34 (91) 7012170
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