telecommunications
Milan , November 5, 2015 – 18:28
The board of Telecom Italy, which lasted eight hours, decided the conversion of shares savings ordinary. This move will dilute the positions of shareholders and therefore of the two major French shareholders, Vivendi today to around 20% and Xavier Niel 15.1% stake. Waiting for him to finish the board of directors, the Italian Stock Exchange had suspended the ordinary shares and savings shares of Telecom from trading for the session Tah (titles in after hours). On the table of the board, which approved the accounts, there were also some information and it is not difficult that the directors have also had the opportunity to talk about what happens in the “control room” after the recent blitz of French financier Xavier Niel . Meanwhile, it is not yet reached an offer by Oi, the Brazilian operator that would be studying, alongside the fund Russian L1, a proposal for integration with TIM Brasil. Among the hot issues to the attention of managers of Telecom it is also to Metroweb Investment in ultra-wideband. Today Telecom shares closed down 1.81%.
The proposed share swap
In detail the Telecom board of directors proposes to the holders of savings shares may convert them at a ratio of 1 ordinary share for each of savings, with an adjustment of 9.5 cents per share. Guests also have the mandatory conversion of savings shares outstanding at the end of the period for the exercise of voluntary conversion, with a conversion ratio of 0.87 for each ordinary share of savings, without payment of any balance and with no reduction of capital social. The extraordinary meeting of Telecom Italy to vote the proposal of the board of mandatory and voluntary conversion of savings shares into ordinary shares will take place on December 15. The special meeting of savings shareholders has been called for December 17. The transaction, the statement of Telecom, “is aimed at the simplification of the capital structure of the company and the liquidity and free float of ordinary shares. As a result of the cash contribution that would be paid by way of adjustment of the holders of savings shares who decide to join the voluntary conversion, it may also be achieved strengthening the capital structure of the company, and the respective proceeds will contribute to the coverage of the investment plan innovative, both landline and mobile network of Telecom Italy. The mandatory conversion still explains the note of Telecom Italy – is subject to the condition that the total liquidation value of the shares for which the withdrawal right is exercised by holders of savings shares do not exceed 100 million Euros, facts in each case subject to the findings of the voluntary. “This condition is placed in the exclusive interest of the company which will, therefore, may surrender.” Upon successful completion of this threshold, without society we give up that condition, however, be deemed to accept all the savings shares duly conferred in optional.
5 November 2015 (modified November 5, 2015 | 19:39)
© ALL RIGHTS RESERVED
No comments:
Post a Comment