Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Posts Tagged ‘elliott’

Elliott Management Supportive of SAP Initiatives

Posted by fidest press agency su giovedì, 25 aprile 2019

Elliott Management Corporation (“Elliott”), which manages funds that collectively own €1.2 billion in common stock and economic equivalents of SAP SE (the “Company” or “SAP”), today released a statement supporting SAP’s initiation of a comprehensive review, formation of a Special Executive Board Committee and implementation of new, multi-year operational targets. In the statement, Elliott Partner Jesse Cohn and Portfolio Manager Jason Genrich also praised CEO Bill McDermott and CFO Luka Mucic on the Company’s commitment to these initiatives:“Elliott is highly supportive of the initiatives announced today, and we commend CEO Bill McDermott, CFO Luka Mucic and the entire SAP team for taking these steps. SAP is one of the great technology franchises in the world and one of the only scale software businesses with growing on-premise revenue alongside 30%+ growth in cloud revenue. The Company’s stock has been consistently undervalued relative to its revenue growth, and today’s announcement lays the groundwork for substantial value realization.“With SAP’s key strategic acquisitions in place and a multi-year S4/HANA product cycle ahead, now is the time for focused execution on these operational opportunities. SAP has set the right targets with a 75% cloud gross margin and 500 basis points of operating margin improvement. These targets balance continued revenue growth and accelerating profitability. The operational review and Special Executive Board Committee should ensure that these targets are achieved, and we look forward to hearing further details and a specific timeline at the Special Capital Markets Day later this year. We believe SAP’s management team can drive toward a highly successful result.“The combination of SAP’s growth profile, operational targets and forthcoming share repurchase analysis can generate tremendous earnings growth over the next several years. Elliott sees the potential for the Company to achieve earnings per share of €8.50 in 2023. This level of earnings growth can yield substantial returns to shareholders and realize a value-creation opportunity that is rarely available at SAP’s scale.”

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Elliott Statement on Telecom Italia

Posted by fidest press agency su mercoledì, 3 aprile 2019

Elliott Advisors (UK) Limited (“Elliott”) welcomes Vivendi’s decision to withdraw its request to shareholders to revoke five of Telecom Italia’s (“TIM”) Directors, a clear sign that Vivendi understands that there is broad support for TIM’s existing independent Board. This outcome is a victory for the Company and paves the way for stability and sustained value creation for all of TIM’s stakeholders. Elliott remains fully supportive of CEO Luigi Gubitosi, the Company’s management team and the existing independent Board, and looks forward to constructive dialogue with all stakeholders to pursue a value maximising path forward for the Company.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

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Elliott Statement on Telecom Italia

Posted by fidest press agency su lunedì, 1 aprile 2019

Elliott Advisors (UK) Limited (“Elliott”) welcomes Vivendi’s decision to withdraw its request to shareholders to revoke five of Telecom Italia’s (“TIM”) Directors, a clear sign that Vivendi understands that there is broad support for TIM’s existing independent Board. This outcome is a victory for the Company and paves the way for stability and sustained value creation for all of TIM’s stakeholders. Elliott remains fully supportive of CEO Luigi Gubitosi, the Company’s management team and the existing independent Board, and looks forward to constructive dialogue with all stakeholders to pursue a value maximising path forward for the Company.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

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Elliott Statement on Telecom Italia

Posted by fidest press agency su sabato, 16 marzo 2019

Elliott Advisors (UK) Limited, which advises funds (together “Elliott”) that have a substantial holding in the shares of Telecom Italia (“the Company”, or “TIM”), welcomes today’s recommendation by ISS to vote against Vivendi’s proposals at TIM’s upcoming Annual General Meeting on March 29. ISS rightly concludes that Vivendi has failed to make a compelling case that change to the Company’s Board of Directors is warranted, nor presented any substantive argument related to performance. Elliott notes ISS’s observation that for a campaign focused on governance-based arguments, the corporate governance track record of Vivendi’s controlling shareholder, Bolloré, is far from ideal, with governance and disclosure practices far below French market standards and a history of related-party transactions and conflicts of interest. ISS concludes that “Vivendi’s arguments are mostly based on governance, though Vivendi’s own past actions undermine its moral authority in this case and may actually justify the steps taken by the Elliott-[nominated] directors.”Elliott reiterates its view that Vivendi’s nominees are unsupportable, lack true independence and would simply return control to a group with demonstrable and unacceptable conflicts of interest. Elliott calls upon Vivendi to end the fighting and to give TIM and its independent Board the stability and space required to implement its strategy, and to deliver sustainable shareholder value.In order to share its perspectives with its fellow shareholders, Elliott has today launched a new website, http://www.Time-For-TIM.com, where both the presentation and related materials are available to view and download. Interested parties are encouraged to visit the website to receive additional information and to sign up for future updates.

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