(Alliance News) - Telecom Italia Spa announced on Wednesday that its ordinary share consolidation will take effect on June 15, based on a ratio of one new share for every ten existing shares.

The transaction will result in the consolidation of approximately 21.36 billion ordinary shares into roughly 2.14 billion new shares, which will retain the same characteristics as those currently in circulation. The share capital will remain unchanged at EUR6 billion.

TIM specified that June 12 will be the final trading day for the stock prior to the reverse split.

The operations will be carried out by Monte Titoli based on the balances recorded on the record date of June 16. Any fractional shares resulting from the transaction will be liquidated by Intermonte SIM Spa at TIM's official share price on June 12, which will be announced on June 15.

TIM shares closed Wednesday up 1.8% at EUR0.77 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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