{ "docId": "019dd923-622c-750b-8b9c-6b0a763ee77c", "docSlug": "95933a1f98b4", "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2018-04-24 00:00:00", "orientation": "landscape", "aspectRatio": 1.4444444, "pageNumber": 4, "pageCount": 15, "prevPage": 3, "nextPage": 5, "slideType": "executive_summary", "function": "summarize", "density": "dense", "nDataPoints": 1, "notes": "The slide frames the upcoming shareholder vote as a choice between Vivendi's control and Elliott's independent nominees.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-6b0a763ee77c/4", "deckHref": "/decks/019dd923-622c-750b-8b9c-6b0a763ee77c", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-6b0a763ee77c.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-6b0a763ee77c#slide-4", "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.79 }, "kind": "callout", "text": "In contrast to Vivendi's poor stewardship and frayed relationships, Elliott's Independent Nominees will prioritise improving relationships with regulators and authorities", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5ad8c56a-de50-4d4f-ac5e-03565f6ca9e5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "list", "text": "Vivendi has an economic stake of 18%¹, yet has essentially 'controlled' TIM to its own benefit, at the expense of other key stakeholders.\nElliott believes that the other shareholders who represent the vast majority of the capital should have their voices heard, and that 10 directors should come from the list put forward by shareholders other than Vivendi: the Independent Nominees.\nElliott believes in the importance of a Board of Directors that can deliver value to all shareholders. Major proxy advisors, other minority shareholders, and key stakeholders have agreed by endorsing Elliott's Independent Nominees.\nElliott and its proposed Independent Nominees acknowledge the value of TIM's current 2018-20 Business Plan:\n- There is no alternative business plan;\n- TIM's CEO will have a team of highly qualified independent directors in full support of his value creation plan;\n- If elected, the Independent Nominees would evaluate the merits of Elliott's value-creation proposals in conjunction with management, to determine whether and when to implement them in the best interest of long-term value creation for all shareholders;\n- Since our involvement was first announced, the Company declared that it hopes to return to investment grade in 2018, which would create the appropriate conditions for a dividend in 2019. This would be entirely consistent with our proposals. Should the company fail to return to investment grade in 2018, the independent board would need to re-evaluate the viability of a dividend in 2019, relying substantially on management's advice.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7d6f6e07-66f0-43ab-95f0-2a54103a3db6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.11 }, "kind": "paragraph", "text": "TIM shareholders have an opportunity to chart a brighter future for the company. On 4th May, shareholders can choose a Board of Directors with substantial relevant experience and true independence from any special interests, or they can rubber stamp Vivendi's continued poor stewardship.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d038b82e-c87d-4f9e-b2c4-dd0535deb3cc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.07, "y": 0.89 }, "kind": "source-note", "text": "¹ Calculated as Vivendi economic interest on total market capitalisation given that Vivendi has no disclosed interest in saving shares.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "512bee9b-fc02-465b-a5a3-7289896ea9aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.3, "x": 0.07, "y": 0.02 }, "kind": "title", "text": "Executive Summary", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ba8281fe-e0da-4588-ac6c-777c0b42e97a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "from": 4, "beatId": "f9d8d1b3-6706-4c9a-b584-5a01c5ec5822", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "Executive Summary and nominee bio", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [ { "to": 15, "from": 4, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "1cc0a636-4662-4aeb-9197-1bb7874cf7fb", "evidence": "Clear logical progression from problem to solution", "position": 0, "objective": "Elliott's nominees drive value creation", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.8, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }