| Thu 9 Oct 2008, 10:45 | | RCH - Richemont Securities AG - Compagnie financiere Richemont SA shareholders |
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RCH
RCH
RCH - Richemont Securities AG - Compagnie financiere Richemont SA shareholders
approve Richemont restructuring
Richemont Securities AG
(Incorporated in Switzerland)
Share code: RCH
ISIN: CH0013157380
("Richemont")
COMPAGNIE FINANCIERE RICHEMONT SA SHAREHOLDERS APPROVE 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.
At a meeting of shareholder of Compagnie Financiere Richemont SA ("CFR") held in
Geneva today, the restructuring proposals were approved by a large majority.
Compagnie Financiere Rupert, the controlling shareholder representing the Rupert
family interests, did not vote on the proposals.
The shareholder approval complements the approval of Richemont SA ("RSA")
participation certificate holders obtained at a meeting of that company held
yesterday in Luxembourg. The resolutions put to an extraordinary general
meeting of Remgro Limited shareholders were passed on 7 October 2008.
All necessary shareholder and participation certificate holder approvals having
been obtained, the first phase of the restructuring will be effected on Monday,
20 October 2008. This involves the detwinning of the CFR shares and RSA
participation certificates making up the Richemont units, the transfer of the
Group`s luxury goods business to CFR and the creation of a new investment
vehicle, Reinet Investments SCA., in Luxembourg. Trading in the de-twinned
securities of CFR and Reinet Investments will begin on 21 October 2008 on SWX
Europe and the Luxembourg exchange, respectively.
Further information in respect of the restructuring proposals and a timetable of
the subsequent steps will be provided in a separate announcement. The
Information Memorandum, which was published on 15 August 2008 and provides
extensive detail of the proposals, may (subject to certain exclusions) be
downloaded from the Richemont website: www.richemont.com.
9 October 2008
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 19.5 per
cent interest in British American Tobacco.
Richemont `A` equity units are currently listed on SIX Swiss Exchange and traded
on SWX Europe. Each `A` unit comprises one share issued by Compagnie Financiere
Richemont SA, Geneva and one participation certificate issued by Richemont SA,
Luxembourg.
This announcement is not intended for distribution to, or use by any person or
entity in any jurisdiction or country where such distribution or use would be
contrary to local law or regulations.
9 October 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 09/10/2008 10:45:02 Produced by the JSE SENS Department.
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