TIM Approves Savings Shares Conversion and Capital Reduction

(Alliance News) - Telecom Italia Spa announced on Wednesday that the meetings of ordinary and savings shareholders, held on January 28, approved all resolutions related to the conversion of savings shares into ordinary shares and the voluntary reduction of share capital.

The ordinary shareholders' meeting, which saw participation representing 56.42% of the share capital, confirmed the appointments of Lorenzo Cavalaglio and Alessandra Perrazzelli as members of the group's board of directors. Their terms will expire upon approval of the financial statements as of December 31, 2026.

At the extraordinary session, the ordinary meeting approved, with 99.87% of votes in favor, the optional conversion of savings shares into ordinary shares at a ratio of 1 ordinary share for each savings share held, accompanied by a cash adjustment of €0.12.

The mandatory conversion of savings shares not converted voluntarily was also approved, based on the same ratio and with a cash adjustment of €0.04.

Finally, a voluntary reduction of the share capital to €6 billion was resolved, allocating the resulting amount to the legal reserve and to the available equity reserve.

Savings shareholders who did not participate in the approval of the meeting's resolution are entitled to exercise their right of withdrawal. The unit liquidation value of the savings shares subject to withdrawal has been set at €0.5117.

The effectiveness of the conversion remains subject to a series of conditions, including that the maximum outlay by TIM for the liquidation of savings shares subject to withdrawal does not exceed a total of €100 million and that there are no creditor objections within the terms provided by current regulations, or that such objections are overcome with the authorization of the Court.

Telecom Italia shares are up 0.31% at €0.582 per share, while savings shares are up 0.6% at €0.6892 per share.

By Antonio Di Giorgio, Alliance News reporter

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