TIM to start procedure for voluntary delisting from NYSE

06/14/2019 - 07:26 PM

- + Text size
Print

TIM S.p.A. (BIT: TIT; NYSE: TI) announces today that it intends to start the procedure to voluntarily delist its ordinary share American Depositary Shares and savings share American Depositary Shares (collectively, ADSs), evidenced by ordinary share American Depositary Receipts and savings share American Depositary Receipts (collectively, ADRs), respectively, from the New York Stock Exchange (NYSE). Accordingly, TIM intends to convert both its current Level II ADR programs into Level I ADR programs, which would give existing ADR holders the option to continue to hold ADRs. Level I ADRs are traded in the U.S. over-the-counter market.

TIM will formally inform the NYSE of its intent to delist, following which it will submit the related Form 25 with the U.S. Securities and Exchange Commission (SEC) and expects delisting to become effective ten days later, from which time the TIM’s ADSs will no longer be traded on the NYSE.

Following the delisting, TIM will file a Form 15F with the SEC to apply for the deregistration of all classes of U.S. registered securities, including the ADSs and all registered debt securities issued by TI Capital S.A., a wholly owned subsidiary of TIM, guaranteed by TIM, and the termination of its reporting obligations under the U.S. Securities Exchange Act of 1934. Deregistration is expected to become effective 90 days later. This process is not expected to impact the listing and trading of TIM’s ordinary and savings shares on the Borsa Italiana.

TIM reserves the right to delay the aforementioned delisting and/or deregistration filings, and/or withdraw them prior to their becoming effective, and/or change its plans in this regard.

The decision to delist from the NYSE is aimed at reducing complexity both in financial reporting and administrative costs, while maintaining high corporate governance standards, a strong internal control system and transparent financial reporting (TIM will continue to publish on its corporate website www.telecomitalia.com English translations of its annual reports, financial statements, financial press releases and other regulated information). TIM will remain subject to market rules of the Borsa Italiana and all laws and regulations applicable to listed companies in Italy.


Rome, 14 June 2019