| Mon 19 Nov 2007, 7:00 | | RCH - Richemont Securities AG - Richemont conside |
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RCH
RCH
RCH - Richemont Securities AG - Richemont considers restructuring
RICHEMONT SECURITIES AG
(Incorporated in Switzerland)
Share code: RCH
ISIN: CH0013157380
("Richemont")
RICHEMONT CONSIDERS RESTRUCTURING
Compagnie Financiere Richemont SA announces that it is considering restructuring
its business to split its luxury goods operations from its other interests,
which include its interest in British American Tobacco plc ("BAT").
The proposed restructuring reflects impending changes in the legal environment
in Luxembourg where Richemont SA, the principal subsidiary of Compagnie
Financiere Richemont SA and the co-issuer of Richemont units, is established.
Richemont SA is currently a Luxembourg "1929" holding company; the special
status of such 1929 holding companies will be abolished at the end of 2010.
Richemont currently has a 19.3 per cent interest in BAT and the restructuring
may entail providing Richemont unitholders with the option of becoming direct
shareholders in BAT.
The plans for this possible restructuring remain subject to further review.
There can be no certainty that any such review would lead to a proposal being
announced or that any eventual proposal will have the features outlined above.
Further announcements will be made when appropriate. No further comment will be
made until such time.
19 November 2007
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Richemont owns a portfolio of leading international brands or `Maisons`, which
are managed independently of one another, recognising their individuality and
uniqueness. The businesses operate in five areas: Jewellery Maisons, being
Cartier and Van Cleef & Arpels; Specialist watchmakers, which is made up of
Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine
Panerai and A. Lange & Sohne; Writing instrument manufacturers - Montblanc and
Montegrappa; Leather and accessories Maisons, being Alfred Dunhill and Lancel;
and Other businesses, which includes, specifically, Chloe as well as other,
smaller Maisons and watch component manufacturing activities for third parties.
In addition to its luxury goods business, Richemont holds a 19.3 per cent
interest in British American Tobacco, one of the world`s leading tobacco groups.
Richemont `A` equity units are listed on SWX Swiss Exchange and traded on
virt-x.
Date: 19/11/2007 07:00:45 Produced by the JSE SENS Department.
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