Vivendi Says Telecom Italia Uses Time-wasting Tactics, Delays Meeting
(RTTNews.com) - Vivendi (VIV.L, VIVEF.PK) said Monday it deplores the time-wasting tactics used by the Elliott Board members of Telecom Italia or TIM who have decided to delay until March 29 the holding of a Shareholders' Meeting, contrary to the company's by-laws and the Italian Civil Code.
Vivendi said it formally requested on December 14 the convening of a TIM Shareholders' Meeting as soon as possible. In response, the Board first took note of Vivendi'sDecember 14th request before announcing on December 21st that it was starting to evaluate it, deferring a decision until January 14th, and now deciding to hold a Shareholders' Meeting more than two months later.
Vivendi noted that the time-wasting tactics are negatively impacting TIM's financial results every day, as is sadly reflected by the more than 40% drop in the share price since May 4, 2018. These tactics constitute a genuine denial of shareholder democracy and run counter to the most basic and fundamental principles of good corporate governance.
Vivendi said it reserves the right to request the convening of a new Shareholders' Meeting this summer if the company's governance and financial results do not improve significantly.
Separately, Telecom Italia said that its board met today to complete its analysis of the request that a shareholders' meeting recalled received from Vivendi S.A. on 14 December 2018.
Telecom Italia said the request was granted, with the consequent inclusion of the topics the shareholder requested be dealt with in the agenda of a combined meeting to be held on 29 March 2019 that is also called, simultaneously, to review of the financial statements for the year to 31 December 2018 and the remuneration report.
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