The letter signed by that is Guido Brera to the telephone company board
Kairos goes into pressing on Tim for the offer of the Americans of Kkr. In a letter bearing the signature of chief investment officer Guido Maria Brerathe Sgr shareholder of the telephone company which specifies to act “exclusively on behalf of its own funds directly managed” yes “he hoped that the board of directors “would like to express itself as soon as possible regarding the opening of the data room requested by Kkr“.
“The refusal to allow access to the required due diligence – in respect and protection of sensitive information for the company – would therefore be in evident contrast with the duties of the board and with the interests of the shareholdersall the more so in the light of recent communications to the market regarding the new strategic plan and the effects on stock market prices “, reads the letter.
“This attitude of closing a priori with respect to the Facilitating the submission of a binding offer effectively precludes an option for shareholderswhich regardless of the decision to join or not would have offered a valuation floor “, continues the letter. Kairos then expresses himself negatively on Tim’s new strategic plan” which led to a vertical collapse of the stock “:” In our opinion – writes Brera – the plan is largely inertial and has not clarified the elements that would have allowed the market to correctly assess the levers of value creation “.
In the last point of the letter addressed to the board of directors and to the board of statutory auditors of Tim, Brera, on the other hand, criticized the way in which Tim’s long-term incentive program was examined. “The shareholders’ meeting will be called to approve a three-year stock option plan of Euro 257.7 million, at a strike price (Euro 0.424), 15% lower than the indicative value of the non-binding expression of interest of Kkr that the shareholder could collect today. We are amazed by the promptness of the board in examining a three-year LTIP with respect to the timing with which the body itself is moving in favoring that shareholders can be put in a position to be able to evaluate an offer today “.
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