Ad-hoc | 7 June 2002 06:57

Telekom Austria AG english

ÖIAG and Telekom Austria agree with Telecom Italia …(Part 2) Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Part 2 of the ad hoc announcement of Telekom Austria AG Adjustment of the shareholder agreement between Telecom Italia and ÖIAG In conjunction with the Mobilkom Austria Transaction, Telecom Italia and ÖIAG have adjusted the existing shareholder agreement. Upon signing of the agreements, Telecom Italia loses a number of special shareholder rights as well as its management nomination rights. These rights were originally granted to Telecom Italia to reflect its role as a strategic partner of Telekom Austria. In exchange, the existing share transfer restrictions have been replaced by a new agreement that allows for a gradual and co-ordinated exit by Telecom Italia and further privatisation steps by ÖIAG. While both parties will continue to review strategic alternatives for their stakes in Telekom Austria, the parties will have the rights to increase the free float and liquidity of Telekom Austria in the following way: Telecom Italia will have the right to dispose of up to 75 million shares (15% of Telekom Austria’s share capital) in a public market transaction in the second half of 2002. During 2003, ÖIAG will have the right to place the first 25 million shares (5% of Telekom Austria’s share capital) of any offering. Telecom Italia will then have the right to sell any residual shares of the 75 million shares authorized for sale in the second half of 2002. End of part 2, part 3 to follow end of ad-hoc-announcement (c)DGAP 07.06.2002 ——————————————————————————– WKN: 072000; ISIN: AT0000720008; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Düsseldorf, Frankfurt, München, Stuttgart 070657 Jun 02