Zug, 7 June 2001
Richemont, the Swiss luxury goods group, announces a proposed 100
to 1 split in the nominal value of its equity units. The proposal
follows changes to Swiss company law permitting lower nominal
values per share. The split, which is subject to shareholder
approval at the Annual General Meeting of Shareholders to be held
on 13 September 2001, will take effect in the fourth quarter of
2001.
Swiss market
Richemont 'A' equity units are quoted on the Swiss Exchange ('the
SWX') and closed at SFrs 4 649.00 per unit on Wednesday 6 June
2001. Based on this price, the proposed split would result in the
units trading at SFrs 46.49 per unit on the SWX.
Each 'A' unit comprises one 'A' bearer share of SFrs 100.00
nominal value issued by Compagnie Financi re Richemont AG
indivisibly twinned with a bearer participation certificate of no
par value issued by Richemont SA, Luxembourg. The proposed split
would result in the reduction in the nominal value of the 'A'
share to SFrs 1.00. The number of 'A' units would, in
consequence, be increased from 5 220 000 to 522 000 000,
involving a corresponding increase in the number of Richemont SA
participation certificates. Richemont 'B' units, which are not
listed, will also be split in the same ratio.
South African Depositary Receipts
In addition to its Swiss listing, Richemont South African
Depositary Receipts ('SADR's') are quoted on the JSE Securities
Exchange South Africa ('the JSE'). The SADR's currently trade in
the ratio of 100 SADR's to each underlying 'A' unit. It is
proposed to consolidate the ratio of SADR's to 'A' units at the
same time as the split is effected such that, after the effective
date, SADR's will trade in the ratio of 10 SADR's to each 'A'
unit.
On Wednesday 6 June 2001, Richemont SADR's closed at Rand 208.60
on the JSE. Based on this price, the proposed change in the ratio
of SADR's to 'A' units, combined with the effect of the split of
the 'A' units, would result in an SADR trading at Rand 20.86.
ADR programme
Through The Bank of New York, Richemont also operates a sponsored
ADR programme in the United States. Richemont ADR's are traded
over the counter in the United States. ADR's currently trade in
the ratio of 100 ADR's to one 'A' unit. It is proposed that the
ADR to 'A' unit ratio be amended with effect from the effective
date such that one ADR would equal one 'A' unit. As the proposed
consolidation in the ratio of ADR's to each 'A' unit effectively
offsets the 100:1 split of the underlying units, the trading range
of the ADR's will not be impacted by the split.
Listing details
SWX 'A' bearer units (Reuters 'RIFZ.S'/Bloombergs 'CFR SW'-
With Effect from 25.6.2001 'RIFZ.VX' and 'CFR VX'
respectively)
Pre-split: 5 220 000 units Latest closing price: SFrs 4 649.00
Post-split:522 000 000 units Indicative price: SFrs 46.49
JSE South African
Depositary Receipts (Reuters 'RCHJ.J' / Bloombergs 'RCH
SJ')
Pre-split:522 000 000 SADR's Latest closing price: Rand 208.60
Post-split: 5 220 000
000 SADR's Indicative price: Rand 20.86
Further information:
Alan Grieve
Company Secretary
Telephone: (41) 41-710 33 22
Telefax: (41) 41-711 71 38
www.richemont.com
COMPAGNIE FINANCIERE RICHEMONT AG
RIGISTRASSE 2 CH-6300 ZUG SWITZERLAND
TELEPHONE 041 710 33 22 TELEFAX 041 711 71 02 TELEX 862 336 CFR
CH
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