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Proxy Advisors Back Telecom Italia CEO Ahead of AGM

COMMUNICATIONS
  • Proxy advisers ISS and Glass Lewis have recommended shareholders reappoint CEO Pietro Labriola and back the proposal to reduce seats from fifteen to nine at the 23 April AGM.
  • TITIM yesterday requested corrections from La Repubblica newspaper and Merelyn Partners (proposing the new CEO at the AGM) for recent comments, reiterating the following points:
    • Transaction figures for NetCo Disposal are validated by top advisory institutions and their contract with Optics BidCo (the KKR subsidiary) is binding, with no delays anticipated for execution by summer.
    • Sufficient financial/planning initiatives (including Friday’s EUR 1.5mn bridge loan agreement) are in place for any scenario.
  • TITIM shares have recovered slightly since falling close to 25% when they unveiled new MT guidance, though still sits around 16% lower since early March. Spreads have widened significantly against HY Comms peers though have stabilised somewhat this month.

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