Subscriptions to the new Broad-based Share Ownership Plan launched on 26 June as a consequence of the resolution of the Shareholders' meeting on 17 April 2013, for all permanent employees of Telecom Italia and its subsidiaries with registered offices in Italy closed successfully today.
In fact, in just two weeks, 18,076 employees (34% of those entitled to do so) signed up to the plan, applying to subscribe over 96 million ordinary shares, 77% more than the 54 million offered at the price of 0.84 euros each (the 2010 edition was subscribed by 9,474 employees, equivalent to 16% of those entitled, who subscribed over 27 million shares, 87% of the maximum amount available).
The average investment requested of each employee was approximately 4,500 euros. The number of shares actually attributable to each subscriber will be determined after applying the allocation algorithm pursuant to the plan Regulations.
These are results that testify to the great sense of belonging of our employees, and confirm the considerable interest generated in the initiative. For its part, the company introduced some major novelties compared to the similar project in 2010, increasing the individual investment limit and envisaging three different methods of payment, which could be combined (bank transfer, loan, redundancy fund).
On 31 July, after the bank transfer payments are confirmed to have taken place, the quantity of shares actually subscribed by each subscriber will be determined, and the shares issued, increasing the share capital at the same time. In a year's time, subscribers who have retained their shares and are still working for the company will also be assigned 1 free share for every 3 shares subscribed.
Rome, 10 July 2014