Telco: press release

Price sensitive

The shareholders of Telco met today in a general meeting. As ordinary business, they:

  • approved the company’s financial statements for the year ended 30 April 2014; and
  • confirmed Fabrizio Vitiello and Amedeo Nodari as directors, who had previously been co-opted to the Board to replace Massimo Perona and Filippo Maria Bruno.

As extraordinary business, they:

  • passed a resolution pursuant to Article 2446 of the Italian Civil Code, to absorb the €583.4m loss by reducing the company’s share capital from €879.2m to €295.8m;
  • approved the proposed partial demerger of Telco, as already approved by the Board of Directors and disclosed on 26 June 2014, the completion of which is subject to the requisite clearances from CADE (the Brazilian antitrust authority), Anatel (the Brazilian regulatory authority), CNDC (the Argentinian antitrust authority) and, for those matters which fall within its scope of responsibility, Istituto per la Vigilanza sulle Assicurazioni IVASS.


Milan, 9 July 2014