RECORDATI : initiates a share buy-back program


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@recordati.it                                                          e-mail: norismorano@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.


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RECORDATI : initiates a share buy-back program