Altice hits the road to attract investors
The CEO of telecoms giant Altice Portugal, Ana Figueiredo, is to join the main shareholder of Altice on a roadshow to meet investors with the aim of restoring confidence after the company’s reputation was damaged by a major corruption scandal.
The roadshows will take place at the beginning of September in London and New York. Ana Figueiredo (pictured) will join Patrick Drahi on a series of meetings with current and potential Altice investors.
These non-deal roadshows — the name given for meetings without a specific issue of securities in mind — were announced in a virtual conference with investors at the beginning of August.
The aim is to restore calm and confidence to jittery investors after Portuguese investigative police (PJ) carried out Operation Picoas in July investigating an alleged financial scam surrounding Altice Portugal (formerly Portugal Telecom), which was said to have cost the State and the company hundreds of millions of euros.
The main target in this case is Altice co-founder Armando Pereira, who went before a court judge in July.
During the virtual conference, which was called to present investors and the press with the second quarter results, Drahi had assured that he would be able to clarify additional questions related to the investigation and its respective impact on the business. “I will always be available to meet with many of you during the no-deal roadshows”, he said in August.
Altice has placed around 15 mangers and directors on leave from Altice Portugal, Altice USA and Alice France and has cut ties with a number of suppliers linked to the investigation.
Patrick Drahi said in July that he felt “betrayed” and “deceived” and said he had no knowledge of the corruption and alleged that the suspects in question “carefully hid their actions from him and the group”.
The three year investigation by Portugal’s judicial police suggest suspected offences of corruption in the private sector, tax fraud, money laundering and forgery.
Image: Lusa – José Sena Goulão