Press release

04/15/2010 - 11:48 AM

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Reverse split of ordinary and saving shares

As part of the process of implementing the resolutions approved by the Extraordinary Shareholders’ Meeting of Telecom Italia Media S.p.A. (“TI Media” or the “Company”), held on April 8, 2010 (registered at the Register of Companies of Rome on April 14, 2010), notice is hereby given that on April 19, 2010 - after cancelling 9 ordinary shares and 3 savings shares, held by the shareholder Telecom Italia S.p.A., for the sole purpose of making the implementation of the abovementioned resolutions numerically possible, and after reducing accordingly the stock capital from current EUR 100,510,259.46 to EUR 100,510,259.10, thus for EUR 0.36, for the same purpose referred to above - the following actions will be carried out:

(i) reverse split of 3,295,372,460 ordinary shares, no par value, on the basis of 1 new ordinary share, no par value (ISIN Code IT0004600364), regular ranking for dividends, coupon No. 1, every 10 existing ordinary shares (ISIN Code IT0001389920), no par value, coupon No. 4;

(ii) reverse split of 54,969,510 savings shares, no par value, on the basis of 1 new saving share, no par value, regular ranking for dividends, every 10 existing savings shares, no par value, coupon No. 6 as follows:

  • 1 new bearer savings share (ISIN Code IT0004600372), coupon No. 1, every 10 existing bearer savings shares (ISIN Code IT0001389938), coupon No. 6;
  • 1 new registered savings share (ISIN Code IT0004600380), coupon No. 1, every 10 existing registered savings shares (ISIN Code IT0001389946), coupon No. 6.

Accordingly, TI Media’s stock capital will be EUR 100,510,259.10, divided into 335,034,197 shares in all, no par value, of which 329,537,246 ordinary shares and 5,496,951 savings shares.

In particular, in order to facilitate the implementation of the reverse shares split process, TI Media has charged Banca IMI S.p.A. to make its best effort, acting upon request of each intermediary, to sale and the purchase the minimum non-groupable share fractions that may be necessary to permit ownership of a number of old ordinary and/or savings shares equal to 10 or a multiple thereof.

The abovementioned sale and purchase transactions may be carried out from April 19, 2010 until April 30, 2010 on the basis of the official price of the ordinary and savings TI Media shares recorded on the trading day preceding the day of the reverse split transaction (and therefore on the basis of the official price recorded on April 16, 2010).

Shareholders will not incur any charges for incidental expenses related to the buy sale and purchase transactions referred to above.

Share grouping transactions may be carried out by all authorized intermediaries exclusively through Monte Titoli S.p.A., in accordance with the instructions that the intermediaries will receive by each of their customers.

Holders of ordinary and savings shares that have not yet been dematerialized are hereby reminded that share grouping transactions may be carried out only after they have surrendered their share certificates to an authorised intermediary  for inclusion, in dematerialised form, in the centralised clearing system operated by Monte Titoli S.p.A.. Therefore, holders of ordinary and savings shares that have not yet been dematerialized are hereby requested to surrender their share certificates to an authorised intermediary as soon as possible.

This announcement is available also on the Company’s web site, http://www.telecomitaliamedia.it/.

Rome, 15 April 2010