Recordati shareholders approve accounts at meeting

The shareholders of Recordati have approved the previously published financial data for the 2006 fiscal year. These results showed unchanged revenue for the year of 576.2 million euros (392.33 million pounds) and a 14.7 per cent rise in net income to 74 million euros.

At the annual shareholders’ meeting, the shareholders approved a dividend of 0.185 euros per share, an increase of 34.2 per cent on last year’s figure and totalling 37 million euros.

The authorisation to re-purchase shares in Recordati was renewed, while following the meeting, Frederico Nazzari was confirmed as a member of the board of directors.

“At the meeting of the board of directors held immediately following the shareholders’ meetings, Mr Nazzari was given a series of corporate assignments and therefore qualifies as an executive non-independent, member of the board,” the company reports.

At the extraordinary shareholders’ meeting, Recordati amended its by-laws to ensure compliance with Italian law, while the board of directors was granted authorisation for capital increases, with approval for the issuing of convertible bonds renewed for a further five years.

The company’s 2006 accounts were previously approved by its board of directors last month, in addition to reporting sales of 110 million euros for the first two months of 2007.