| Wed 16 May 2012, 7:32 | | CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont |
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CFR
CFR
CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont
Securities Sa - dividend dates in respect of South African Depository Receipts
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities SA
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
RICHEMONT SECURITIES SA - DIVIDEND DATES IN RESPECT OF SOUTH AFRICAN DEPOSITORY
RECEIPTS (`CFR DR`)
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 and will be
effected by Strate for all dematerialised holdings and Computershare Investor
Services (Pty) Limited for those on the certificated register.
The Board of directors have recommended a total dividend of CHF 0.55 per share
from income reserves and no South African secondary tax on company credits has
been used. It is anticipated that this dividend will be approved by shareholders
of CFR at the annual general meeting to be held on Wednesday 5 September 2012 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 0.3575 per share. As South
African tax residents are eligible to recover 20 per cent of the 35 per cent
withholding tax levied on the CFR dividend, the effective tax rate is 15 per
cent. This is equivalent to the South African withholding tax rate and as such
depository receipt holders should not be subject to additional South African
withholding tax provided that the formalities in respect of the South African
tax legislation are met. A ruling to obtain certainty on the formalities and to
restrict them as far as possible has been requested from SARS.
The issued share capital of CFR at the declaration date, including treasury
shares, comprises the listed `A` shares of 522`000`000 with a par value of CHF
1.00 each and the unlisted `B` shares of 522`000`000 with a par value of CHF
0.10 each. Holders of the `A` and `B` shares enjoy the same dividend rights, but
due to the differing par values of the two classes of shares, `B` shareholders
receive one tenth of the dividend per share paid to the holders of the `A`
shares.
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 0.05500 (0.01925) 0.03575
The exchange rate applicable for the conversion of Swiss franc to Rand for
payment of the dividend will be confirmed in a separate announcement to be
released on SENS on Friday 31 August 2012, being the finalisation date.
The payment dates for the dividend in respect of the South African CFR DRs are
anticipated to be as follows:
Last date to trade "cum dividend" Friday, 7 Sept 2012
Trading commences "ex-dividend" from the Monday, 10 Sept 2012
commencement of business on
CFR DR dividend record date Friday, 14 Sept 2012
CFR DR dividend payment date Friday, 21 Sept 2012
CFR DR holders may not dematerialise or rematerialise their holding of CFR DRs
between Monday, 10 September 2012 and Friday, 14 September 2012 both days
inclusive.
Richemont Securities SA Depository Receipts are issued subject to the terms of
the Deposit Agreement entered into on 18 December 1992, most recently amended on
16 December 2010. By holding Depository Receipts, 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 SA or
Computershare Investor Services (Pty) Limited.
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.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
16 MAY 2012
Date: 16/05/2012 07:32:01 Produced by the JSE SENS Department.
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