RECORDATI : initiates a share buy-back program
(Thomson Reuters ONE) -
Milan, 9 October 2014 - Recordati informs that today, 9 October 2014, a share
buy-back program as per authorization granted by the Shareholders' Meeting held
on April 17, 2014, will be initiated. Pursuant to article 144 bis of Consob's
Regulation 11971/1999 ("Issuers' Regulations") the details of the acquisition
program are hereby outlined.
Objective of the Program
The program involves the acquisition of Recordati ordinary shares for the
servicing of current and future stock option plans in favour of certain group
employees, and responds to the market practice of constituting a treasury stock
of own shares as allowed by Consob, pursuant to article 180, paragraph1, c), of
Legislative Decree 58/1998, in regulation 16839/2009.
Minimum and maximum consideration payable and maximum cash outlay
The minimum purchase price for the ordinary shares shall not be lower than the
share's nominal value (? 0.125), while the maximum purchase price shall not
exceed the average official Stock Exchange price recorded over the 5 trading
days prior to the transaction, plus 5%, within the maximum cash outlay
authorized by the Shareholders' Meeting of April 17, 2014 (?250 millions).
Maximum number of shares
The acquisition could involve a maximum of up to 6,000,000 ordinary par value
?0.125 Recordati shares (currently representing 2.869% of the company's share
capital), and hence still within the legal limit (1/5 of the company's entire
share capital as established by the provisions of Article 2357, paragraph 3 of
the Italian Civil Code), including any shares owned by Group companies. As of
October 8, 2014, the Company had 4,615,110 shares in Treasury stock which
amounts to 2.207% of the current share capital.
Duration
Authorization to acquire ordinary treasury shares has been established for a
maximum period ending with the approval of 2014 financial statements. The
authorization to dispose of said shares is for an unlimited period.
Mode of purchase
The treasury share buy backs shall be carried out in compliance with the
operational procedures set out in the Regulation of Borsa Italiana S.p.A.,
pursuant to art. 132 of Lgs. D. 58/1998 and art.144-bis, paragraph 1, letter b),
of the Issuers Regulation, and in compliance with market practices under art.
180, paragraph 1, letter c) of Legislative Decree n. 58/1998 approved by Consob
Resolution n. 16839/2009. More precisely, the treasury share buy backs shall be
executed in accordance with the operating methods which do not allow trading buy
proposals to be matched directly with predetermined sale trades.
As to the daily volume of transactions under the Program, purchases shall not
exceed 25% of the daily average turnover volume in the 20 trading days before
the date of each single purchase.
Recordati, established in 1926, is an international pharmaceutical group, listed
on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT
0003828271), with a total staff of around 4,000, dedicated to the research,
development, manufacturing and marketing of pharmaceuticals. Headquartered in
Milan, Italy, Recordati has operations in the main European countries, in
Russia, in other Central and Eastern European countries, in Turkey, in North
Africa and in the United States of America. An efficient field force of medical
representatives promotes a wide range of innovative pharmaceuticals, both
proprietary and under license, in a number of therapeutic areas including a
specialized business dedicated to treatments for rare diseases. Recordati is a
partner of choice for new product licenses for its territories. Recordati is
committed to the research and development of new specialties within the
urogenital therapeutic area and of treatments for rare diseases. Consolidated
revenue for 2013 was ? 941.6 million, operating income was ? 195.4 million and
net income was ? 133.7 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media
Relations
Marianne Tatschke
Studio Noris Morano
(39)0248787393
(39)0276004736, (39)0276004745
e-mail: inver(at)recordati.it e-mail:
norismorano(at)studionorismorano.com
Statements contained in this release, other than historical facts, are "forward-
looking statements" (as such term is defined in the Private Securities
Litigation Reform Act of 1995). These statements are based on currently
available information, on current best estimates, and on assumptions believed to
be reasonable. This information, these estimates and assumptions may prove to be
incomplete or erroneous, and involve numerous risks and uncertainties, beyond
the Company's control. Hence, actual results may differ materially from those
expressed or implied by such forward-looking statements. All mentions and
descriptions of Recordati products are intended solely as information on the
general nature of the company's activities and are not intended to indicate the
advisability of administering any product in any particular instance.
RECORDATI : initiates a share buy-back program :
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Source: RECORDATI via GlobeNewswire
[HUG#1861863]
Unternehmensinformation / Kurzprofil:
Datum: 09.10.2014 - 14:32 Uhr
Sprache: Deutsch
News-ID 342946
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