Elliott Advisors (UK) Limited Statement on Telecom Italia
Elliott Advisors (UK) Limited (“Elliott”) has had the opportunity in recent weeks to engage constructively with many of Telecom Italia’s (“TIM”, or the “Company”) key stakeholders, including the CEO Mr. Amos Genish, members of the management team, other shareholders and many other market participants.
Fundamentally, Elliott believes that Telecom Italia is uniquely positioned in the Italian market and operates an outstanding collection of assets with the potential to produce substantial, consistent returns for its shareholders while enhancing a nationally strategic infrastructure asset. However, poor stewardship under the Vivendi-controlled Board has resulted in deeply troubling corporate governance issues and a pervasive and persistent valuation discount. At this juncture, Elliott believes an independent Board of Directors is paramount to resolving these issues and to maximising value creation for all stakeholders.
With respect to certain value realisation opportunities put forward by Elliott on April 9th, Elliott believes that the management team led by Mr. Genish, together with an independent Board should evaluate whether and when to carry out strategic initiatives, in the best interest of value creation for all shareholders.
Regarding Netco, Elliott notes Mr. Genish’s statements on the possibility of selling a minority stake while retaining control:“…I have said to investors [that] we are ready to open a minority part of the capital and list the network provided that the future regulatory status is secure.” 1 Elliott trusts the management and an independent Board’s ability to evaluate these initiatives in the interest of maximizing shareholder value.
Further, with respect to the dividend, given the prospect of TIM achieving investment grade in 2018, Elliott accepts the importance of achieving this target before committing to pay a dividend.
In short, Elliott has sought to offer constructive ideas to enhance TIM’s value creation plan as presented by Mr. Genish on March 7th. There is no alternative business plan. Elliott and its proposed independent nominees fully support Mr. Genish and are encouraged that Mr. Genish has committed to remain at TIM to execute his plan with the full support of the Board of the Directors, regardless of its composition:
- April 19th: “Elliott believes management should be led by the current CEO and the board of directors rather than by a single shareholder.” 2
- April 24th: “We are very confident in the current management team led by the CEO Amos Genish.” 3
- April 26th: “We fully support TIM’s CEO, Mr. Amos Genish…We also support the business plan that Mr. Genish and his management team have put forward.” 4
Elliott seeks to ensure Mr. Genish and his entire management team are equipped to maximise the value creation attributable to TIM’s business plan by aligning TIM with international corporate governance best practices and equipping the Company with a qualified independent Board. To that end, Elliott has proposed a slate of ten independent, highly qualified, credible nominees that share Mr. Genish’s vision for TIM’s future and are fully supportive of TIM’s business plan.
To reiterate, if elected, the independent nominees would evaluate the merits of Elliott’s value creation proposals as described above in conjunction with management, to determine whether and when to implement them in the best interest of long-term value creation for all shareholders. Elliott is just a shareholder; TIM’s Board and management team will have the responsibility to address the optimal timing and strategy for the Company.
Elliott trusts shareholders will join it in setting the right conditions and appointing the right team at the Board level by voting for Elliott’s proposed slate on May 4th to allow TIM’s many stakeholders to thrive in the years ahead. With proper stewardship at the Board level, and a highly qualified independent Board of Directors, Elliott believes TIM’s prospects are bright.
Full materials and today’s presentation can be found at our dedicated website www.transformingtim.com.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $35 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, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
1 Interview with Mr. Genish in Les Echos, April 4th, https://www.lesechos.fr/tech-medias/hightech/0301514255731-amos-genish-vivendi-a-une-vision-long-terme-pour-telecom-italia-contrairement-a-elliott-2166165.php
2 Elliott statement, April 19th, https://www.transformingtim.com/media/1052/elliott-advisors-uk-limited-response-to-vivendi-statements.pdf
3 TIM AGM, April 24th, in conjunction with a vote in support of Mr. Genish as CEO
4 Elliott letter to shareholders, April 26th, https://www.transformingtim.com/media/1061/elliott_tim_letter_260418.pdf
Elliott Advisors (UK) Limited
Sarah Rajani CFA, +44 (0) 20 3009 1475
Verini & Associates
Marcella Verini, +39 (02) 4539 5500
Steele & Holt
Daphne Claude / Dominic Riding
+33 (0) 6 66 58 81 92 / +33 (0) 6 48 57 83 24
firstname.lastname@example.org / email@example.com
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Hilton Launches New Brand, Signia Hilton, Delivering Sophisticated Travel While Reimagining Meetings and Events22.2.2019 20:00:00 | Tiedote
Hilton (NYSE: HLT) today announced the launch of Signia Hilton, its dynamic, new meetings-and-events-focused brand. The portfolio of hotels is setting out to transform the industry for meeting professionals and sophisticated business travelers by infusing state-of-the-art technology and design into every aspect of the guest experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005071/en/ The brand further reinforces Hilton’s commitment to innovation that meets the evolving needs of today’s travelers and will bring premium experiences to top urban and resort destinations around the world. “In our 100th year of hospitality, we are more focused than ever on providing exceptional experiences to all of our guests – and that includes evolving those experiences to meet their changing needs,” said Christopher J. Nassetta, president and CEO, Hilton. “We are proud to launch Signia Hilton, which exemplifies our innovative sp
Axonics® Granted Expanded CE Mark Label; First and Only Sacral Neuromodulation System Approved for Use with Full-Body MRI Scans22.2.2019 19:30:00 | Tiedote
Axonics Modulation Technologies, Inc. (NASDAQ: AXNX), a medical technology company focused on the development and commercialization of novel implantable Sacral Neuromodulation (“SNM”) devices for the treatment of urinary and bowel dysfunction, announced today that it has received CE mark approval for 1.5T and 3T full-body magnetic resonance imaging (“MRI”) conditional labeling for the Axonics r-SNM® System. The Axonics r-SNM System is the only implantable SNM system that has received full-body MRI conditional labeling for sale in Europe1. Raymond W. Cohen, Chief Executive Officer of Axonics, said, “Without this labeling, any patient requiring an MRI scan on any body part below the head must have their neurostimulator surgically explanted prior to the MRI scan, resulting in an additional surgery for the patient and additional costs to patients and the healthcare system. This authorization of full-body MRI scans in Europe is another important milestone for Axonics, differentiating our te
Fantastec Joins Forces with Arsenal FC Launching Official Blockchain Collectibles App22.2.2019 17:30:00 | Tiedote
Fantastec announced today its first football licensing agreement with Premier League club Arsenal FC for a new blockchain authenticated collectibles app called Fantastec SWAP. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005277/en/ Arsenal players appear on Fantastec SWAP in official licensing deal (Graphic: Business Wire) London-based Fantastec is a leading sports fan technology innovator, and its blockchain based ‘SWAP’ app will have broad appeal to global sports fans, gamers and sports card collectors alike. Fantastec SWAP unlocks unique and authentic club content through the app, like player autographs and exclusive footage. With its innovative blockchain technology, fans around the world can now discover, collect and swap officially licensed club collectibles with other fans with complete trust. “Fantastec SWAP is a game-changer for international football fans as well the sports collectibles industry,” commented
Volkswagen Protects Virtual Key Sharing App with Trustonic Application Protection22.2.2019 16:42:00 | Tiedote
Volkswagen is working with mobile cyber security leader Trustonic to enable customers to use smartphones to access their vehicles, and to securely share their digital car keys to grant access to others via a smartphone app. Volkswagen is using the Trustonic Application Protection (TAP) platform to secure the mobile app and ensure that sensitive information and key transfer requests are securely displayed to, and approved by, a real authenticated user on a trusted device and not by hackers or malware simulating a user or device. “The smartphone is becoming the vehicle key of the future and our We Connect service is the interface for this today in the new Volkswagen Passat,” comments Alf Pollex, Head of Infotainment and Connected Car at Volkswagen AG. “The user installs the We Connect app on their smartphone which is then authorized via the infotainment system with a Transaction Number. The Mobile Key will be compatible with Android-based Samsung devices. No mobile network connection is
Mundipharma EDO GmbH: US FDA grants Orphan Drug Designation for etoposide toniribate in relapsed/refractory biliary tract cancer22.2.2019 16:30:00 | Tiedote
Mundipharma EDO GmbH, part of the Mundipharma network of independent associated companies, and Imbrium Therapeutics L.P., an operating subsidiary of Purdue Pharma L.P., today announced that the US FDA has granted Orphan Drug Designation (ODD) to etoposide toniribate for the treatment of relapsed/refractory biliary tract cancer, also known as cholangiocarcinoma.3 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005126/en/ Biliary tract cancer is a rare tumour with approximately 8,000 patients diagnosed in the US every year and 10,571 in Europe.4,5 The FDA grants ODD status to medicines intended for the treatment, diagnosis or prevention of rare diseases or disorders that affect fewer than 200,000 people in the US. Radical surgery is the only curative treatment for biliary tract cancer but, in most cases, the cancer is inoperable. Patients who fail first-line chemotherapy have limited treatment options and the standard of
Lenovo Data Center Group Delivers Broad Edge Computing Portfolio, Expands Investments in IoT22.2.2019 16:13:00 | Tiedote
Next week at MWC Barcelona, Lenovo Data Center Group (DCG) will showcase continued investments in its solutions supporting IoT and edge computing as part of its IoT growth plan over the next few years. Building on the momentum of its fifth consecutive quarter of profit growth, Lenovo DCG is building a portfolio that takes infrastructure to where the data is, whether that be in the traditional data center, in the cloud or increasingly, at the edge. Today, around 10 percent of enterprise-generated data is created and processed outside a traditional centralized data center or cloud. By 2022, Gartner predicts this figure will reach 75 percent. This migration is driving increased concerns around data privacy, security and regulations coupled with challenges of latency, bandwidth and downtime. Lenovo is addressing these challenges by creating a broad portfolio of edge computing offerings that address the different ways that customers want to deploy edge computing solutions for IoT use cases.
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme