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Telecom Italia closes re-negotiation of put/call options on Seat shares

02/25/2002 - 12:00 PM

Rome, 25 February 2002 – Telecom Italia said, as widely anticipated during the meeting with analysts, investors and press on February 14, that it reached a final agreement today  with the JPMorgan Chase Group for the re-negotiation of the put and call options on, respectively, approximately 711 million and approximately 661 million Seat Pagine Gialle common shares. The options were originally stipulated on 4 December 2000.

The new agreement reduces the option exercise price from 4.2 euros to 3.4 euros per share; in return, Telecom Italia will pay JPMorgan Chase an amount of approximately 569 million euros on the original expiry date of December 2005; alternatively it may make early payment of this amount, after discounting back.

The new agreement eliminates early exercise of the options for both parties. The options therefore expire on 6 December 2005. Telecom Italia retains early exercise rights on a portion of its Call options – approximately half of the total amount – in blocks, as from December 2004.

The new agreements achieve the objective of deferring exercise of the JPMorgan Chase Put until the final expiry in December 2005, thus allowing Telecom Italia to avoid the potential impact of a single large outlay in 2003.

The effects of the reduction in the option exercise price will be reflected in Telecom Italia’s 2001 financial statements.