| Thu 14 May 2009, 7:30 | | CFR - Richemont - Richemont Announces Extension Of Share Buy-Back Programme |
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CFR
CFR
CFR - Richemont - Richemont Announces Extension Of Share Buy-Back Programme
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
("Richemont" or "the Company")
RICHEMONT ANNOUNCES EXTENSION OF SHARE BUY-BACK PROGRAMME
Richemont announces an extension to its existing programme to buy-back up to
10 million Richemont `A` shares through the market. The extension follows the
Group restructuring of October 2008 and will lead to the potential purchase of
up to an additional 5.4 million `A` shares in the period to May 2011. The
extended programme allows for the buy-back of up to 10 million `A` shares over
the next two years, representing 1.74 per cent of the capital and 0.96 per
cent of the voting rights of Compagnie Financiere Richemont SA.
Purchases may be effected through share purchases on SIX Swiss Exchange and
the purchase of depositary receipts on the exchange operated by the JSE
Limited at prevailing market prices or through the exercise of over-the-
counter call options. The `A` shares acquired will not be cancelled and no
second trading line will be introduced as a consequence of the buy-back
programme. The `A` shares to be acquired will be held in treasury to hedge
awards to executives under the Group`s stock option plan.
No purchases in respect of this extension will be made until the requisite
authorisations have been received from the Swiss Takeover Board.
Richemont currently holds 17.6 million `A` shares, representing 3.07 per cent
of the capital and 1.69 per cent of the voting rights of the Company, in
treasury as a consequence of previous and existing 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 13.6 million `A`
shares, representing 2.37 per cent of the capital and 1.30 per cent of the
voting rights of the Company.
Richemont `A` shares (Valorennummer 4503965; ISIN CH 0045039655) are traded on
SIX Swiss Exchange and are included in the SMI Swiss Market Index. A total of
522 000 000 `A` shares are in issue. In addition, Richemont has 522 000 000
`B` shares in issue, representing 9.09 per cent of the capital and 50.00 per
cent of the voting rights of the Company. The `B` shares are held by Compagnie
Financiere Rupert and are not listed.
This announcement is for information purposes and does not constitute a
listing announcement under the terms of the Listing Requirements of SIX Swiss
Exchange nor does it constitute a listing prospectus in terms of article 652a
of Swiss Company Law.
Further information:
Press enquiries: Mr Alan Grieve
Director of Corporate Affairs
Tel: +41 22 721 3507
Analysts` inquiries: Ms Sophie Cagnard
Head of Investor Relations
Tel. +33 1 5818 2597
Richemont holds a portfolio of several of the most prestigious names in the
luxury goods industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron
Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill and Montblanc.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
14 MAY 2009
Date: 14/05/2009 07:30:01 Produced by the JSE SENS Department.
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