Telecom Italia Media S.p.A. capital increase completed rights issue fully subscribed

06/30/2010 - 05:56 PM

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The rights issue relating to the capital increase of Telecom Italia Media S.p.A., approved by the Extraordinary Shareholders' Meeting on 8 April 2010, has been completed.

During the subscription period, which closed on 11 June 2010, rights were exercised for 900,504,100 new ordinary shares, or 80.63% of the offering, for a total value of €193,158,130 as follows:

a)      Telecom Italia S.p.A. subscribed for 733,814,670 new ordinary shares, for a total value of €157,403,247;

b)      Telecom Italia Finance S.A.. subscribed for 25,095,610 new ordinary shares, for a total value of €5,383,008;

c)       The market subscribed for 141,593,820 new ordinary shares, for a total €30,371,875.

At the closure of the subscription period, pursuant to art. 2441, paragraph 3, of the Italian Civil Code, the unexercised rights were offered on the Italian Stock Exchange from 17 to 23 June 2010. Of the 64,882,965 rights available, 23,666,004 were exercised and  78,886,680 new ordinary shares were subscribed for a total €16,921,193.

Altogether, therefore, 979,390,780 new ordinary shares were subscribed, or 87.70% of the offering, for a total value of €210,079,322.

At the end of public offering the majority shareholder Telecom Italia S.p.A., in fulfilment of its undertakings, subscribed the entire remaining quota of the rights issue for 137,389,870 new ordinary shares, for a total €29,470,127.

The capital increase thus concluded with the subscription of all 1,116,780,650 new ordinary shares, at a price of €0.2145 per share, including a €0.1145 share premium, for a total value of €239,549,449, including the premium of €127,871,384. The funds raised by the shares subscribed have been used to pay off part of Telecom Italia Group's debt.

The share capital of Telecom Italia Media S.p.A., excluding share premium, now stands at €212,188,324.10, made up of 1,446,317,896 ordinary shares and 5,496,951 savings shares, without par value. A statement pursuant to article 2444 of the Civil Code will be deposited with the Company Register over the next few days and communicated in accordance with article 98 of the Issuer Regulations.

At the conclusion of the operation the share capital of Telecom Italia Media S.p.A. is thus held as follows:

a)      75.46% by Telecom Italia S.p.A.;

b)      2.25% by Telecom Italia Finance S.A.;

c)       22.29% by the market.

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This press release is not for distribution in the United States of America, Canada, Australia or Japan. The information contained herein does not constitute and shall not be interpreted as a direct or indirect offer by Telecom Italia Media S.p.A. or an invitation to subscribe or purchase shares in countries other than Italy (hereinafter the “Other Countries”), including without limitations United States of America, Canada, Japan, Australia. The shares have not been, and are not intended to be, registered before the competent authorities pursuant to the United States Securities Act of 1933, as integrated and amended (hereinafter the “Securities Act”), or the relevant laws in force in Canada, Japan, Australia and in the Other Countries. None of said financial instruments can be offered, negotiated, sold or in any case delivered, directly or indirectly, in the United States of America, Canada, Japan, Australia or the Other Countries, and the Company reserves the right not to consent such exercise. It may be unlawful to distribute these materials in certain jurisdictions.

Rome, 30 June 2010