Telecom Italia Media: Capital increase concluded with great success

11/03/2004 - 00:00 PM

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97.3% of ordinary shares and 88.5% of saving shares underwritten
Extremely favorable market reaction


Successful conclusion of Telecom Italia Media’s increase of capital. On completion of the offer period (October 11, 2004 – October 29, 2004 inclusive) subscription levels reached:

 549,262,118 ordinary shares for an aggregate countervalue of approximately 115.3 million euros, equal to 97.3% of all ordinary shares on offer;
 8,372,925 savings shares for an aggregate countervalue of approximately 1.4 million euros, equal to 88.5% of all savings shares on offer.

The market’s reaction was extremely favorable. Above and beyond the full subscription of the controlling shareholder Telecom Italia, the placement was almost wholly subscribed by other shareholders of the company.

On the contrary, the following number of shares remained unsubscribed on closing of the offer:

 15,071,771 ordinary shares (2.7% of the ordinary share offering) corresponding to 82,209,660 pre-emption rights, for an aggregate countervalue of approximately 3.2 million euros;
 1,089,737 savings shares (11.5% of the savings share offering) corresponding to 5,944,020 pre-emption rights, for an aggregate countervalue of approximately 0.2 million euros.

These rights shall now be offered on the Italian Stock Exchange during trading sessions of November 8, 9, 10, 11 and 12, 2004,  by Banca Akros, on behalf of Telecom Italia Media. No underwriting syndicate was used for this operation, in order to guarantee the successful outcome, Telecom Italia has pledged to underwrite all unsubscribed shares resulting from unexercised rights following the offering on the stockmarket.

The Information Prospectus on the rights issue is available to the public at Telecom Italia Media’s registered office, the Italian Stock Exchange and the Monte Titoli (for all brokers who belong to the system). The Prospectus is also available on the company’s web site at http://www.telecomitaliamedia.it/, in the “Investor Relations” section.

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The information contained herein does not constitute an offer of securities for sale in the United States. The securities that may be offered or sold as part of any capital increase referred to herein have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold, directly or indirectly, in the United States except pursuant to an exemption from registration.