| Wed 15 Dec 2010, 17:37 | | CFR/REI - Richemont Securities AG/Reinet Investments S.C.A - Richemont |
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CFR REI
CFR REI
CFR/REI - Richemont Securities AG/Reinet Investments S.C.A - Richemont
securities A.G. Reorganised into two new entities
Richemont Securities AG
(Incorporated in Switzerland)
Compagnie Financiere Richemont ISIN: CH0045159024
and Depositary Receipt
Code: CFR
Reinet Investments S.C.A. ISIN: CH0045793657
and Depositary Receipt
Code: REI
RICHEMONT REINET
Compagnie Financiere Richemont S.A. Reinet Investments S.C.A.
PRESS RELEASE FOR IMMEDIATE RELEASE
RICHEMONT SECURITIES A.G. REORGANISED INTO TWO NEW ENTITIES
Compagnie Financiere Richemont S.A. and Reinet Investments S.C.A. announce that
Richemont Securities A.G., their jointly-owned Swiss affiliate, has been
separated into two new entities. The two entities will henceforth be responsible
for the issue of Depositary Receipts (`DR`s`) traded on the securities exchange
operated by the JSE Limited (`JSE`), in respect of underlying Richemont and
Reinet shares.
One of the new entities, to be known as Richemont Securities S.A., will assume
responsibility for the issue of Richemont DR`s, whilst the second entity, Reinet
Securities S.A., will be responsible for the issue of Reinet DR`s. This will
eliminate the dual role which has been performed by Richemont Securities A.G.
since the formation of Reinet in 2008. Richemont Securities S.A. will be a
wholly-owned subsidiary of Compagnie Financiere Richemont S.A.; Reinet
Securities S.A. will be a wholly-owned subsidiary of Reinet.
THE CREATION OF THE TWO NEW ENTITIES WILL HAVE NO IMPACT ON THE HOLDERS OF
EITHER RICHEMONT DR`S OR REINET DR`S.
DR-HOLDERS NEED TAKE NO ACTION. DR`S WILL CONTINUE TO BE TRADED ON THE JSE AND
SETTLED THROUGH STRATE AS HAS BEEN THE CASE UP TO NOW.
The effective date of the separation of Richemont Securities A.G. into the two
new entities is 16 December 2010.
Richemont DR`s will continue to trade under their existing security reference
(CH0045159024); Reinet DR`s will also trade using their existing security
reference (CH0045793657). Thomson Reuters and Bloomberg codes remain unchanged
for both securities.
The board of Richemont Securities S.A. will comprise Mr Alan Grieve, Mr Albert
Kaufmann and Mr Josua Malherbe. The board of Reinet Securities S.A. will
comprise Mr Alan Grieve, Mr Josua Malherbe and Mr Ian Ross.
Richemont Securities A.G. has acted as the issuer of DR`s, each representing a
one tenth fraction of an `A` share in Compagnie Financiere Richemont S.A. or a
one tenth fraction of a share in Reinet Investments S.C.A., respectively, since
October 2008, when Reinet was established. Prior to that date, Richemont
Securities A.G. acted as depository in respect of Richemont DR`s each
representing a one tenth share of a Richemont `A` unit.
Richemont DR`s and the Reinet DR`s are listed separately in South Africa on the
securities exchange operated by the JSE. The Richemont DR`s and the Reinet DR`s
are issued subject to the terms of a deposit agreement between Compagnie
Financiere Richemont S.A., Reinet Investments S.C.A. and Richemont Securities
A.G. In terms of that agreement, Richemont Securities A.G. holds the CFR shares
and the Reinet shares underlying the Richemont DR`s and the Reinet DR`s in a
fiduciary capacity for the account of the holders of Richemont DRs and Reinet
DRs, respectively. Following the separation of the depository roles on 16
December 2010, new deposit agreements will come into effect between Compagnie
Financiere Richemont S.A. and Richemont Securities S.A. on the one hand and
between Reinet Investments S.C.A. and Reinet Securities S.A. on the other. The
separation of the depository roles into two new entities will simplify
administration and avoid confusion stemming from the dual role performed by
Richemont Securities A.G. to date.
By holding CFR DRs or Reinet DRs, investors acknowledge that they are bound by
the terms of the Deposit Agreement.
Computershare Investor Services Limited will continue to act as depository agent
in South Africa in respect of both Richemont DR`s and Reinet DR`s.
15 December 2010
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/12/2010 17:37:01 Produced by the JSE SENS Department.
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