Tim, waiting for the meeting on the renewal of the Board

The big day has arrived Tim, which today brings together the'Shareholders' Meeting to give the green light to the new Board of Directors and, indirectly, to the Group's future projects. A highly anticipated event preceded by numerous twists and turns, primarily the “alternative” projects of the sources present in the capital and also the discontent of its main shareholder, the French holding Vivendi, which has never made a secret of disapproving of the Board's choices and of the Ad Pietro Labriola on the future of the network.

Vivendi will abstain from voting on the Board of Directors

On the eve of the meeting, Vivendi announced its abstention in the meeting regarding the vote on the new Board. And so implicitly, the Board of Directors' list with Pietro Labriola as CEO and Alberta Figari as President is moving towards victory.

Vivendi reiterated in a note that it is “a supporting shareholder” of TIM and underlined that “as a financial investor, the concern is that the Board of Directors and the management of TIM guarantee a lasting growth in the value of shares through sound business decisions in the interests of the company, respectful of the prerogatives of the shareholders and the principles of good governance”.

For this reason the French company the outgoing Council will not voteaccused of having caused the shares to “lose half of their value” and of having approved the spin-off and sale of the network “at a price that does not reflect the real value of the asset and without involving the shareholders' meeting”.

Who will vote for the Board List

For the Board list, Pietro Labriola will remain CEO of TIM, with its project to unbundle the network, having already received the support of CDPproxy advisors (ISS and Glass Lewiss) and Equity.

Specifically, the proxy advisor Glass Lewisin its report in preparation for the meeting, advised shareholders to vote for the Board of Directors list and not that of the Merlyn, Bluebell and small shareholders' funds (Asati), believing that they are not “in the interests of the shareholders”. For the union council, it is recommended to vote for the Vivendi list except for the president, chosen from among the Sgr's candidates.

Also the other proxy advisor ISS advised to choose the Board List which represents “the best option for implementing the new business plan”, while the other lists “could lead to a change in the business strategy”.

The funds will vote against

However, no support will come from Merlyn funds, led by Alessandro Barnaba, and Bluebell by Giuseppe Bivona, who presented their own alternative projects, also diametrically opposed to the spin-off project implemented by Labriola.

According to analysts di Equitathe “TValue” plan dthe Merlyns would be “unclear on strategy” and above all it would risk producing serious delays in execution, in an attempt to “call into question” the agreements made with KKR in a negotiation table with unions, suppliers, customers, shareholders and the government.

Stocks rally on Piazza Affari

TIM shares are literally flying today on Piazza Affari, with un increase of 4.42% to 0.2339 eurosfor over 153 million shares that have changed hands so far.