IPSEN: Description of the share repurchase program proposed by the Board of Directors to the approval of the Combined

  IPSEN: Description of the share repurchase program proposed by the Board of
  Directors to the approval of the Combined Shareholders’ Meeting to be held
  on 31 May 2013

Business Wire

PARIS -- April 25, 2013

Regulatory News:

IPSEN (Paris:IPN):

                                    IPSEN

             Société anonyme with a share capital of €84,118,423

 Registered office: 65 quai Georges Gorse 92100 Boulogne-Billancourt – France

                           419838529 RCS Nanterre

In accordance with the provisions of Article 241-2 of the General Regulations
of the Autorité des Marchés Financiers (AMF) and the European Regulation n°
2273/2003 dated 22 December 2003, the present document describes the
objectives and characteristics of the share repurchase program proposed to the
approval of the Combined Shareholders’ Meeting to be held on 31 May 2013. The
preliminary notice of meeting has been published in the Bulletin des Annonces
Légales Obligatoires (BALO) dated 17 April 2013.

Number of shares held directly or indirectly by the Company (as at 31 March
2013)

As at 31 March 2013, the Company held 877,124 of its own shares representing
1.04% of the Company’s share capital.

Number of shares held identified by objective as at 31 March 2013

• Animation of the share through an AMAFI liquidity agreement: 23,452

• External growth transactions: 0

• Hedging of stock purchase options and other employee share ownership system:
853,672

• Hedging of securities giving right to shares: 0

• Cancellation: 0

New share repurchase program

• Objectives:

The objectives of the share repurchase program proposed to the Shareholders’
Meeting to be held on 31 May 2013 are:

– Stimulating the secondary market or ensure the liquidity of the IPSEN share
through an investment services provider via a liquidity agreement compliant
with AMAFI Code of conduct, as approved by the AMF;

– Retaining shares purchased and subsequently deliver within the context of an
exchange or a payment related to possible external growth transactions, it
being specified that shares purchased for this purpose cannot exceed 5% of the
Company’s share capital;

– Ensuring the hedging of stock purchase option plans and/or bonus shares (or
similar plans) in favour of Group employees and/or company officers as well as
allocations of shares under a Company or Group savings plan (or similar
plans), as part of the profit-sharing schemes and/or all other forms of
allocation of shares to the Group employees and/or company officers;

– Ensuring the hedging of negotiable securities giving rights to the
allocation of Company shares in accordance with the regulations in force;

– Possibly cancel the shares purchased, subject to the authorisation to be
granted by the Combined Shareholders’ Meeting to be held on 31 May 2013 in its
eleventh extraordinary resolution.

• Characteristics:

Purchases, sales and transfers may be carried out through any means on the
market or over-the-counter, including by acquisition of blocks of shares or by
use of optional mechanisms or derivatives in accordance with applicable
regulations. The proposed resolution does not limit the part of the program to
be repurchased in blocks of shares. The transactions could not be carried out
during a takeover bid period.

• Maximum amount of share capital, maximum number and characteristics of the
shares, maximum repurchase price:

The maximum percentage of shares to be repurchased pursuant to the terms of
the resolution proposed to the Shareholders’ Meeting to be held on 31 May 2013
is set at 10% of the total number of shares comprising the share capital
(i.e., 8,411,842 shares as at today), it being specified that the said limit
is considered as at the date of the repurchases, in order to take into account
the potential share capital increases or reductions carried out during the
duration of the program. The number of shares taken into account for the
calculation of the said limit corresponds to the number of shares repurchases,
deduction made of the number of shares sold during the program in connection
with the liquidity objective.

Since the Company is not allowed to hold more than 10% of its share capital,
taken into account the 877,124 shares already held as at 31 March 2013
(representing 1.04% of the share capital), the maximum number of shares that
may be repurchased is 7,534,718, representing 8.96 % of the share capital,
unless transfers or cancellations of shares already held.

The maximum purchase price proposed to the Combined Shareholders’ Meeting of
31 May 2013 is set at €40 per share. As a consequence, the maximum amount of
the operation is set at €336,401,000 based on a number of 84,100,253 shares.

• Duration of the program:

In accordance with the resolution proposed to the Combined Shareholders’
Meeting to be held on 31 May 2013, the duration of the share repurchase
program is 18 months following as at the date of the said Shareholders’
Meeting and expiring on November 30, 2014.

The present publication is available on the Company’s website (www.ipsen.com).

Contact:

IPSEN
Media
Didier Véron
Vice President, Public Affairs and Corporate Communications
Tel.: +33 (0)1 58 33 51 16
Fax: +33 (0)1 58 33 50 58
Email: didier.veron@ipsen.com
or
Financial Community
Pierre Kemula
Vice President Corporate Finance, Treasury and Financial Markets
Tel.: +33 (0)1 58 33 60 08
Fax: +33 (0)1 58 33 50 63
Email: pierre.kemula@ipsen.com
or
Brigitte Le Guennec
Media and Public Relations Officer
Tel. : +33 (0)1 58 33 51 17
Fax : 01 58 33 50 58
Email :  brigitte.le.guennec@ipsen.com
or
Stéphane Durant des Aulnois
Investor Relations Manager
Tel.: +33 (0)1 58 33 60 09
Fax: +33 (0)1 58 33 50 63
Email: stephane.durant.des.aulnois@ipsen.com
 
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