Vivendi: deplores Eliott's tactics at TIM
(CercleFinance.com) - In a statement, the Vivendi Group "deplores the time-wasting tactics used by the Elliott Board members of Telecom Italia (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.
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Remember that on 14 December Vivendi had formally requested that TIM's shareholders meeting be convened as soon as possible. "In response, the Board first took note of Vivendi's December 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 regrets.
"These 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."
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Remember that on 14 December Vivendi had formally requested that TIM's shareholders meeting be convened as soon as possible. "In response, the Board first took note of Vivendi's December 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 regrets.
"These 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."
Copyright (c) 2019 CercleFinance.com. All rights reserved.