| Mon 1 Sep 2008, 14:33 | | RCH - Richemont - Richemont Restructuring |
|
RCH
RCH
RCH - Richemont - Richemont Restructuring
Richemont Securities AG
(Incorporated in Switzerland)
Share code: RCH
ISIN: CH0013157380
("Richemont")
RICHEMONT RESTRUCTURING
On 8 August 2008, Richemont announced details of its planned restructuring.
This involves inter alia the separation of Richemont`s luxury goods business
from its other interests, the distribution to unitholders of 90 per cent of the
Group`s shareholding in British American Tobacco plc and the creation of a
separate investment vehicle to be known as Reinet Investments SCA, which will be
listed on the Luxembourg Stock Exchange and which will trade independently from
the luxury goods business.
The proposals are subject to the approval of Richemont unitholders at separate
meetings of shareholders of the Swiss parent company, Compagnie Financiere
Richemont SA, and of holders of participation certificates issued by Richemont
SA, Luxembourg.
Luxembourg law requires a quorum of 50 per cent of each class of securities to
be present for proposals involving amendments to the statutes of a company to be
valid. At a meeting of shareholders and participation certificate holders of
Richemont SA held in Luxembourg earlier today, the necessary quorum was, as
anticipated, not achieved. Accordingly, the meeting was adjourned.
As provided for in the timetable for the restructuring, a second meeting of
participation certificate holders of Richemont SA will be held on Wednesday, 8
October 2008 in Luxembourg to resolve on the proposals. No quorum requirements
apply to that meeting. The meeting of the shareholders of Compagnie Financiere
Richemont SA to consider the proposals will be held in Geneva on Thursday, 9
October. Further announcements will be made after these meetings.
Further information in respect of the restructuring proposals and a complete
timetable of the subsequent steps is provided in the Information Memorandum,
which can be downloaded from Richemont`s website: www.richemont.com.
Further information:
Press Mr Alan Grieve Analysts` Ms Sophie Cagnard
enquiries: inquiries:
Director of Head of Investor
Corporate Affairs Relations
Tel: +41 22 721 Tel. +33 1 5818
3507 2597
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, A. Lange & Sohne and Roger Dubuis; 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 currently holds a 19.4 per
cent interest in British American Tobacco.
Richemont `A` equity units are currently listed on SWX Swiss Exchange and traded
on SWX Europe Limited. Each `A` unit comprises one share issued by Compagnie
Financiere Richemont SA, Geneva and one participation certificate issued by
Richemont SA, Luxembourg.
1 September 2008
Sponsor
Rand Merchant Bank(A division of FirstRand Bank Limited
Date: 01/09/2008 14:33:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
