Tiscali 2014 Annual Report Download - page 14

Annual financial report as at 31 December 2014
Date
File Name
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Annual Report as at 31
December 2014
14
3.4 Significant events during the financial year
Payment of interest on the Senior Loan
On 3 January 2014, cash interest on the senior debt was paid for EUR 0.5 million.
Subsequent to the signing of the new Senior debt restructuring agreement, on 23 December 2014,
EUR 5 million were paid in principal and EUR 0.4 million in interest.
Tender for the supply of connectivity services to the Public Administration Authorities (BTB Services)
On 14 May 2014, the opening of the envelopes for the tender called by Consip S.p.A. (“CONSIP”) was
carried out within the sphere of the Public Connectivity System (“SPC2 Tender” or “Consip Tender”)
for the supply of connectivity services and accessories to the Public Administration Authorities. Tiscali
was the company with the best economic bid, followed, in order, by British Telecom Italia S.p.A.,
Fastweb S.p.A., Telecom Italia S.p.A., Wind S.p.A. and Vodafone Italia. In the following months,
Tiscali’s bid was subject to close examination in terms of suitability by the CONSIP awarding
commission, an examination successfully passed as per the communication dated 24 December 2014.
On said date, CONSIP also invited the other bidders to adapt their bid to the price list presented by
Tiscali. As confirmed by the communication sent by CONSIP on 17 February 2015, in consideration of
the acceptances received, on the basis of the tender mechanism, Tiscali shall have to carry out the
services for a portion of the supply equal to 60% of the overall maximum amount, while the other two
companies who have accepted will be awarded 20% each. The current tender configuration with no
more than three awarded parties also makes it possible to develop important commercial action also
on the parties of the Local Public Administrations. As things stand, the Company is awaiting the
completion of the formal controls, preparatory to the final assignment which is envisaged to take place
by the end of the first half of 2015.
Expiry of the exercise period for the “Tiscali S.p.A. 2009 - 2014 Warrants”
The Exercise period for the “Tiscali S.p.A. 2009 – 2014 Warrants” ISIN code IT0004535933 expired on
15 December 2014.
Approval of the Business Plan and its asseveration pursuant to Article 67.3, letter d) of the Italian
Bankruptcy Law
On 17 December 2014, Tiscali S.p.A.’s Board of Directors approved the business plan (“Business
Plan”) and saw to, on 23 December 2014, the related asseveration carried out by an external
professional appointed as per Article 67.3, letter d) of the Italian Bankruptcy Law.
Acceptance of offer from a leading Italian real estate fund for the acquisition of the Sa Illetta property
Leasing Agreement
On 22 December 2014, at the time of definition of the Restructuring Agreement, Tiscali Italia accepted the offer
made by a leading Italian real estate fund relating to the transfer of the Leasing Agreement. The Fund requested
the extension of the deadline initially indicated for 31 March so as to permit the satisfaction of all the conditions
precedent. Tiscali declared that it was willing to grant this extension of three months and subsequently informed
the leasers of this circumstance, requesting the latter for a corresponding extension of the deadline for the
adoption of the alternative measures agreed in the event of failure to finalise the Leasing Agreement transfer
transaction (chiefly, the redefinition of the repayment plan and the waiver of the remedies envisaged in
accordance with the Leasing Agreement). As things stand, the Company is awaiting a formal response in this
connection from said leasers.