Stream: Shareholders' Meeting resolved to cover the company's losses with the issue of shares to be distributed equally between the shareholders

01/23/2002 - 00:00 PM

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Telecom Italia announces that today the Stream Shareholders´ Meeting convened and resolved to cover the company´s losses up to 30 September 2001, corresponding overall to approximately €226,935,500, through a reduction of the company capital and its reconstitution at €421,360,000 with the issue of 99,098,472 shares at par value €2.29 euros each, to be distributed equally between the shareholders (respectively Telecom Italia and News Corp., each holding a 50% stake), in exchange for compensation through a portion of the credits claimable by the shareholders from the company.

The Stream Shareholders´ Meeting confirmed Renato Cassaro in the post of Chairman.