Elliott Urges Telecom Italia Shareholders To Support Independent Board

(RTTNews) - Elliott Management Corp.'s Elliott Advisors (UK) Limited, which advises funds that have a substantial holding in the shares of Telecom Italia or TIM (TIAOF.PK, TI), on Monday published a presentation about the Italian telecom giant, urging all its shareholders to support the Company's independent Board.

The company added that Vivendi's (VIV.L, VIVEF.PK) interests are visibly misaligned with those of fellow investors and with the health of the Company.

Elliott noted that TIM shareholders face a clear choice on March 29, a choice between stability and the continued recovery of Company value, or a return to Vivendi's poor stewardship.

Elliott believes Vivendi's nominees are unsupportable, lack true independence, and would simply return control to a group with demonstrable conflicts of interest, related party transactions and a history of undermining TIM shareholders.

Elliott said its time to give TIM and its independent Board stability and space to implement its strategy, to achieve much-needed reform and to deliver sustainable shareholder value.

The company noted that Vivendi has refused to enter into a constructive dialogue with Elliott, objected to the Board's well-justified removal of TIM's Vivendi-backed CEO Amos Genish last year, and has repeatedly threatened to continuously wage proxy fights until it successfully regains control of the Company.

In January, Vivendi had said that it deplores the time-wasting tactics used by the Elliott Board members of TIM who have decided to delay until March 29 the holding of a Shareholders' Meeting, contrary to the company's by-laws and the Italian Civil Code.

In order to share its perspectives with its fellow shareholders, Elliott has launched a new website, www.Time-For-TIM.com.