Sales on Tim pending the shareholders' meeting to change the company object
Also on the agenda was the approval of the management incentive plan. Focus on the possible assignment of the 1998 fee credit
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(Il Sole 24 Ore Radiocor) - Sales on Telecom Italia at Piazza Affari, in a FTSE MIB down, on the eve of the ordinary shareholders' meeting to approve the financial statements, the change in the company's business purpose and the approval of the management incentive plan as well as the special meeting of savings shareholders to appoint the common representative. Investors are also weighing up rumours that Tim is working with banks, and in particular with Unicredit and Santander, on the assignment of the claim arising from the lawsuit for the restitution of the 1998 concession fee. The proceeds would be earmarked for working capital management.
The Court of Cassation has given the parties 30 days (until 27 June) to submit pleadings regarding a possible conflict of territorial jurisdiction that, if confirmed, would invalidate the trial process; according to Intermonte's experts, developments cannot be ruled out this week, with the filing of defence briefs. The judgement is expected by the end of the year: if the Cassation Court should annul the appeal judgement and restart the trial process from the first degree, Tim would have to repay the funds, while waiting for the new process to be completed including accrued interest, as Intermonte points out. Otherwise, the group would definitively title to collect the credit. For Equita's analysts, the decision to sell the receivable "does not depend on the decision of the Court of Cassation" and the collection of the receivable "has no implications on the accounting of the contingency, which is only possible after the decision of the Court of Cassation".
Meanwhile, on Friday evening the go-ahead came from the presidency of the Council of Ministers, which will not exercise its special powers (golden power) to the proposal to change Tim's corporate purpose, in order to expand to the provision of new services. It should be noted that tomorrow's shareholders' meeting will be the first opportunity for Poste Italiane (-1.16%), which recently entered Tim's capital, to vote. Equita expects Poste's position to be 'supportive' of the proposals on the ballot.
