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RCH
RCH
Richemont - Dividend paid on depository receipts and reclaim of Swiss
Withholding Tax
Richemont Securities AG
(Incorporated in Switzerland)
Share code: RCH
ISIN: CH0013157380
("Richemont")
RICHEMONT SECURITIES AG - DIVIDEND PAID ON DEPOSITORY RECEIPTS AND RECLAIM OF
SWISS WITHHOLDING TAX
The dividend paid today to Richemont Securities Depository Receipt (`DR")
holders resident in the South African Common Monetary Area (`SACMA") is derived
from the dividend paid by Richemont SA, Luxembourg (`RSA") and Compagnie
Financiere Richemont SA, Switzerland (`CFR"). The DR dividend payable to SACMA
residents was paid in rand as detailed in the table below. The total dividend of
ZAR 102.454 cents comprises the regular dividend of ZAR 55.884 cents per DR,
together with a special dividend of ZAR 46.570 cents per DR. The regular
dividend was paid jointly by RSA - which paid ZAR 51.227 cents - and CFR - which
paid ZAR 4.657 cents per DR. The dividend paid by CFR is subject to Swiss
withholding tax of 35%, resulting in a net dividend of ZAR 3.027 per DR. The
special dividend was paid by RSA. No withholding tax is deductible in respect of
the dividends paid by RSA.
Richemont Securities AG will operate a programme for South African tax
residents, who will generally be eligible to recover 27.5% of the 35%
withholding tax levied (78.57% of the total amount deducted from the CFR
dividend). Full details of the reclaim programme will be mailed to holders of
DRs on 4 October 2006. Last year a number of DR holders did not receive this
letter and consequently lost their opportunity to reclaim the withholding tax
through this programme due to incorrect / insufficient contact information being
available on STRATE. All correspondence related to the reclaim process will be
mailed to certificated DR holders by Computershare Investor Services 2004 (Pty)
Ltd ("CIS") and to dematerialised holders as disclosed to CIS by STRATE as at 22
September 2006. DR holders are advised to contact their CSDP/broker in the event
that they do not receive details of the withholding tax recovery process by late
October 2006.
The net dividend paid per DR was ZAR 100.824 cents, as set out in the table
below:
Gross dividend Withholding tax Net dividend
per DR in ZAR at 35% in ZAR in ZAR cents
cents cents
Richemont SA 51.227 - 51.227
Compagnie
Financiere
Richemont SA 4.657 (1.630) 3.027
Richemont SA -
special dividend 46.570 - 46.570
Total 102.454 (1.630) 100.824
As DRs trade in the ratio of 10 DRs to each Richemont `A" unit, the dividend
entitlement per DR in euro cents was as follows:
Gross dividend Withholding tax Net dividend
per DR in euro at 35% in euro in euro cents
cents cents
Richemont SA 5.500 - 5.500
Compagnie
Financiere
Richemont SA 0.500 (0.175) 0.325
Richemont SA -
special dividend 5.000 - 5.000
Total 11.000 (0.175) 10.825
Under the withholding tax recovery programme qualifying South African tax
residents will be entitled to recover the equivalent of 0.1375 euro cents per
DR. The amount recovered will be converted into ZAR and will be remitted to DR
holders who are eligible to 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 AG will be
converted into rand at the ZAR-Swiss franc exchange rate ruling at the time.
Bearing in mind the fluctuating SA rand rate, the rand equivalent of any refund
payment will consequently differ from that indicated above.
Richemont Securities AG DRs are issued subject to the terms of the Deposit
Agreement dated 25 August 1988, as amended and, by holding 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 AG
or CIS.
Richemont Securities AG 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 deemed to be appropriate, including
information relating to the identity of holders of depository receipts.
29 September 2006
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/09/2006 07:30:04 AM Produced by the JSE SENS Department
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