Elliott Advisors (UK) Limited Statement on Telecom Italia
Elliott Advisors welcomes today’s positive step forward for corporate governance at Telecom Italia (“TIM” or the “Company”). Today’s win for the independent slate sends a powerful signal to Italy and beyond that engaged investors will not accept substandard corporate governance, paving the way for maximising value creation for all TIM’s stakeholders.
Elliott remains fully supportive of CEO Mr. Amos Genish and the entire management team and is fully aligned with Mr. Genish’s business plan. Elliott now looks forward to constructive dialogue and thoughtful consideration by TIM’s independent board and management team of Elliott’s various value creation proposals, including the reinstatement of the dividend at the appropriate time, exploring alternatives regarding Netco following legal separation, and the potential for a savings share conversion. TIM’s newly elected independent board can now properly consider these measures and more without the disproportionate influence from a single shareholder.
Today’s landmark vote represents a victory for all shareholders and opens a new chapter for TIM, in which the Company can build upon a foundation of improved governance to secure sustained value creation for all stakeholders.
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.
Sarah Rajani CFA
Elliott Advisors (UK) Limited
+44 (0) 20 3009 1475
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+39 (02) 4539 5500
Daphne Claude / Dominic Riding
Steele & Holt
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