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Richemont Securities Ag - Richemont Sells 0.6 Per Cent Effective Interest In
British American Tobacco To Remgro Limited
Richemont Securities AG
(Incorporated in Switzerland)
(Registration number CH-170.3.013.861-6)
JSE Code: RCH
ISIN: CH0013157380
(`Richemont`)
RICHEMONT SELLS 0.6 PER CENT EFFECTIVE INTEREST IN BRITISH AMERICAN TOBACCO TO
REMGRO LIMITED
Richemont, the Swiss luxury goods group, announces that it has marginally
reduced its interest in British American Tobacco p.l.c. (`BAT`) through the
indirect sale of 12,854,457 BAT shares to its joint venture partner, Remgro
Limited (`Remgro`).
This transaction follows an approach by Remgro to Richemont. Richemont agreed
to effect the transaction at a modest premium to the market price prevailing on
25 February 2005 with net proceeds to Richemont amounting to GBP 124.9 million
(Euro 181.2 million). Richemont will realise an exceptional gain of some Euro
80 million in its financial year ending 31 March 2005 as a result of the
transaction.
Richemont and Remgro hold their BAT shares through a joint-venture vehicle, R&R
Holdings SA. As a result of the transaction, Richemont`s effective interest in
BAT will decrease from 18.8 per cent to 18.2 per cent.
Because Richemont and Remgro are considered to be related parties, the Board of
Compagnie Financiere Richemont SA constituted a Committee of Independent
Directors to consider Remgro`s request. A fairness opinion in respect of the
terms of the transaction was provided to the Committee and the Board by Deutsche
Bank. The transaction was then approved by both the Committee and the Board.
Richemont owns a portfolio of leading international brands including Cartier,
Van Cleef & Arpels, Alfred Dunhill, Montblanc and Lancel as well as prestigious
watch manufacturers Jaeger-LeCoultre, Piaget, Baume & Mercier, IWC, Vacheron
Constantin, A. Lange & Sohne and Officine Panerai.
Further enquiries: Mr Alan Grieve
Director of Corporate Communications
Compagnie Financiere Richemont SA
Tel. +41 22 715 3736
Analysts` inquiries: Ms Sophie Cagnard-Fabrici
Head of Investor Relations
Tel. +33 1 5818 2597
Compagnie Financiere Richemont SA
8 Boulevard James-Fazy
CH-1201 Geneva Switzerland
Telephone +41 (0)22 715 3500
Telefax +41 (0)22 715 3550
www.richemont.com
4 March 2005
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
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