(Finance) – In view of an epochal decision for Tim, that of sale of the NetCo network to Kkr, the board of directors returns to Milan. The meeting, in the company’s registered office, began shortly after 2.30 pm. L’to Pietro Labriola he arrived at the offices in the morning, while the councilors were seen entering one by one after 1pm. A meeting of the Board of Statutory Auditors preceded the meeting of the councillors.
This morning there Uilcom Uil on the eve of the two meetings of Tim’s board of directors he asked the directors “not to give the OK to the plan to spin off the network”. “We would like to represent – we read in a note from Uilcom – that we believe the way in which the fate of this company and the people who work there is being decided is absolutely wrong. We are unaware of the effects that this possible choice, unique in its context, would provoke. There has been no discussion, despite repeated invitations to the government to open it. No dialogue on this issue with the company. It does not seem to us – continues the note – that this is the most correct and transparent method for deciding. Hence the invitation not to make decisions by the board of directors. We confirm our willingness to be listened to by the board of directors itself to represent, at least to them, our vision and perhaps be able to gain insight into a project that no one wanted to represent to the Union. We continue to believe that we need to look for other solutions. Certainly in the absence of a real confrontation, we will evaluate all the possibilities to defend a company like Tim and the people who work there.”
“The only offer for Tim which, as a trade union organisation, we can consider acceptable, is the one which will be socially sustainable, with employment guarantees in the present and in the coming years for the over 37 thousand workers, supported by a precise industrial plan, which does not contemplate that is, dismantling or sales piece by piece – he underlines in a note Stefano Conti, national secretary of Ugl Telecommunications –. It should also be underlined that the fate of the entire TLC sector also depends on the outcome of the TIM dispute, which requires urgent structural support interventions, which can no longer be postponed. Just as the presence of the State on the Internet remains fundamental to defend a national strategic asset and guarantee the protection of sensitive data. We therefore ask for a summons from the Government to find out the fate of the largest telecommunications company in Italy and of thousands of families.”
Also today the Luxembourg fund Merlyn wrote to Minister of Economy, Giancarlo Giorgetti asking for a meeting to present the plan developed for TIM, an alternative to the sale of the network to KKR which has presented a binding offer which is being discussed today and Sunday by the board of directors. In recent weeks, the Ministry of Economy has officially expressed its desire to be part of KKR’s plan by acquiring a shareholding in the future company that will be created with the spin-off of the network. For Merlyn, the alternative project is characterized by “an industrial relaunch plan that we believe can maximize value for all the company’s stakeholders”. “The alternative plan drawn up is aligned with the Government’s vision and maximizes value for all shareholders and stakeholders of the group by safeguarding jobs, the execution of the Pnrr and the interests of the country and the digital agenda. It is for this reason that we would have nice to meet you – we read in the letter – to be able to tell you about this plan and, if you allow, this dream of Italians who only want to allow Tim, the old Telecom perhaps the result of a hasty privatisation, to regain possession of its future”.
In the afternoon Merlyn he made it known that he had reiterated to TIM that he had multiple securities dossiers, for a capital share of less than 3%. “Likewise – explains Merlyn in a note – only one securities dossier was disclosed to correctly demonstrate his being a shareholder. RN Capital did the same by declaring a securities dossier of Stefano Siragusa. The fund declares that the sum of all its dossiers lead to a share of less than 3%. It is not the company’s job to verify the shares, but to listen to the shareholders. What is surprising is that the company refuses to listen to the ideas of large or small shareholders despite this being required by the code of engagement of the company published on the website. With dismay we witness the lack of respect for the market and governance and we reiterate our intention as shareholders to present our vision of TIM to the market for the good of all shareholders”.