Richemont announces a programme to buy-back up to 10 million Richemont `A` units through the market over the coming 2-year period. The 10 million `A` units represent 1.74% of the capital of the group and 0.96% of the voting rights of Compagnie Financiere Richemont SA. The `A` units to be acquired will be held in treasury in connection with awards to executives under the group's stock option plan. Purchases will be effected through both SWX Europe and the Johannesburg market at prevailing market prices, or through the exercise of over-the-counter call options. The `A` units will not be cancelled and no second trading line will be introduced as a consequence of the buy-back programme.
Richemont currently holds 13.1 million `A` units, representing 2.29% of the capital of the group and 1.26% of the voting rights at the level of Compagnie Financiere Richemont SA, in treasury as a consequence of previous buy- back programmes, which have also been linked to the group's stock option plan. In addition, Richemont holds over-the-counter call options to acquire a further 8.9 million `A` units, representing 1.55% of the capital of the group and 0.85% of the voting rights at the level of Compagnie Financiere Richemont SA.
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