| Fri 4 Sep 2009, 16:25 | | CFR - Compagnie Financiere Richemont SA Depositary Receipts - Exchange Rate |
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CFR
CFR
CFR - Compagnie Financiere Richemont SA Depositary Receipts - Exchange Rate
Applicable For Dividend Payable On Compagnie Financiere Richemont
Depository Receipts (`CFR DRs`)
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities AG ("Richemont Securities or "Richemont")
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
RICHEMONT SECURITIES AG - EXCHANGE RATE APPLICABLE FOR DIVIDEND PAYABLE ON
COMPAGNIE FINANCIERE RICHEMONT DEPOSITORY RECEIPTS (`CFR DRs`)
The dividend payable to holders of Richemont Securities` CFR DRs resident in the
South African Common Monetary Area (`SACMA`) is derived from the dividend paid
by Compagnie Financiere Richemont SA, Switzerland (`CFR`) to holders of
Richemont `A` shares. The CFR DR dividend payable to SACMA residents is payable
in Rand.
The Board of directors have recommended a total dividend of CHF 0.30 per share.
It is anticipated that this dividend will be approved by shareholders of CFR at
the annual general meeting to be held on 9 September 2009 in Geneva. The
dividend payable by CFR will be subject to Swiss withholding tax of 35 per cent,
resulting in a net dividend of CHF 0.195 per share.
Richemont Securities will operate a programme for South African tax residents,
who will generally be eligible to recover 27.5% of the 35% withholding tax
levied on the CFR dividend. Full details of the programme will be mailed to
holders of CFR DRs on 25 September 2009, at the time of the payment of the
dividend. In the past certain CFR DR holders may have lost their opportunity to
reclaim the withholding tax due to incorrect contact information being supplied
by their CSDPs to Strate. We suggest that CFR DR holders contact their CSDP in
advance of the payment to ensure the information held in the Strate system is
correct. Should CFR DR holders not receive details of the withholding tax
recovery process by mail by late October 2009 they should contact their CSDP or
Computershare Investor Services (Pty) Limited ("Computershare").
As CFR DR`s trade in the ratio of 10 DRs to each Richemont `A` share, the
dividend entitlement per CFR DR is as follows:
Gross dividend Withholding tax
per CFR DR at 35% Net dividend
in Swiss francs in Swiss francs in Swiss francs
Total 0.0300 (0.0105) 0.0195
The exchange rate applicable for the conversion of Swiss franc to Rand for
payment of the dividend is ZAR 7.2301:Swiss franc 1. Accordingly the net
dividend payable per CFR DR is ZAR O.140987 (14.0987 ZAR cents), as set out in
the table below:
Gross dividend Withholding tax
per CFR DR at 35% Net dividend
in ZAR cents in ZAR cents in ZAR cents
Total 21.6903 (7.5916) 14.0987
Under the withholding tax recovery programme qualifying SACMA residents will
currently be entitled to recover the equivalent of 0.00825 Swiss francs per CFR
DR. The amount recovered will be converted into ZAR and will be remitted to CFR
DR holders who participate in the programme once the reimbursement of the tax
has been received from the Swiss Federal Tax Authorities (`SFTA`). Your
attention is drawn to the fact that the refunds are to be paid by the SFTA in
Swiss francs. The Swiss francs received by Richemont Securities will be
converted into Rand at the ZAR-Swiss franc exchange rate ruling at the time of
receipt. Bearing in mind the fluctuating SA Rand rate, the effective rate used
to arrive at the ZAR refund payment to CFR DR holders will consequently differ
from that indicated above.
The payment dates for the dividend in respect of the South African CFR DRs are
as follows:
Last date to trade "cum dividend" Friday, 11 Sept 2009
Trading commences "ex-dividend" from the
commencement of business on Monday, 14 Sept 2009
CFR DR dividend record date Friday, 18 Sept 2009
CFR DR dividend payment date Friday, 25 Sept 2009
CFR DR holders may not dematerialise or rematerialise their holding of CFR DRs
between Monday, 14 September 2009 and Friday, 18 September 2009 both days
inclusive.
Richemont Securities CFR DRs are issued subject to the terms of the Deposit
Agreement dated 25 August 1988, as amended on 18 December 1992, 28 September
2001 and 7 August 2008. By holding CFR DRs, investors acknowledge that they are
bound by the terms of the Deposit Agreement. Copies of the Deposit Agreement may
be obtained by investors from Richemont Securities or Computershare.
Richemont Securities may appoint a depository agent or other parties to assist
in the administration of the depository receipt programme and may provide to
such agents such information as it deems to be appropriate, including
information relating to the identity of holders of depository receipts.
4 September 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04/09/2009 16:25:38 Produced by the JSE SENS Department.
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