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Telecom Italia: petition to Consob regarding Liverpool Fund statements

02/26/2001 - 12:00 PM

Telecom Italia announces that it has filed a petition with Consob regarding declarations made to the media by representatives of The Liverpool Limited Partnership Fund on 19 February, and repeated again today. In its statements the Liverpool Fund announces that it has appointed itself promoter of a "Group" of investment funds, allegedly representing around 16% of Telecom Italia savings capital, with the intention of "standing in opposition to the conversion offer proposed by Telecom Italia" on 5 February.

In its statement the Liverpool Fund claims that a further 5% of Telecom Italia savings shareholders have allegedly confirmed their opposition to the conversion plan, though for technical reasons this percentage is unable officially to join this "Group".

Telecom Italia is of the opinion that the Liverpool Fund is attempting to condition the decisions that Telecom Italia shareholders are being called upon to make, through the dissemination of imprecise and reserved information. Indeed, these statements do not contain any indication whatsoever of the characteristics and the participating parties of what is defined as a "Group", nor of the commitments mutually taken on by members of this "Group" in order to actually oppose the conversion plan.

Telecom Italia perceives a risk that these statements may unsettle and disconcert the market and shareholders, and result in negatively influencing the performance of the securities involved in the conversion operation.

Telecom Italia is therefore seeking that Consob exercise its powers to protect investors and the market by adopting the measures and provisions it deems necessary and opportune for the purpose of avoiding potentially prejudicial repercussions on the due trading of Telecom Italia shares, savings shares in particular. Telecom Italia also calls upon Consob to apply sanctions for any violation of normative and/or regulatory provisions that may have taken place.