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RCH
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 on 29 September 2006 to Richemont Securities Depository
Receipt (`DR`) holders resident in the South African Common Monetary Area
(`SACMA`) was derived from the dividend paid by Richemont SA, Luxembourg
(`RSA`) and Compagnie Financiere Richemont SA, Switzerland (`CFR`). The DR
dividend paid to SACMA residents in rand is detailed in the table below.
The total dividend of ZAR 102.454 cents was made up of 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 was 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 was deductible in respect of the dividends paid by RSA.
Richemont Securities AG operates a programme for South African tax
residents, who are generally 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 were mailed to holders of
DRs on 4 October 2006. In order to finalise the reclaim process for the
2006 dividend a reminder letter was sent to all DR holders on 9 January
2007 informing DR holders that the final closing date for submission is 2
February 2007. We therefore urge all DR holders who have not already
claimed and wish to do so to submit their reclaim forms to:
Computershare Investor Services 2004 (Pty) Ltd
PO Box 61763
2107 Marshalltown
Those DR Holders that may have misplaced their original claim forms may
obtain copies from Computershare at the above address or call: 0861 100 935
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 may
consequently differ from that indicated in the table below.
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 4.657 (1.630) 3.027
Richemont SA
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 0.500 (0.175) 0.325
Richemont SA
Richemont SA -
special dividend 5.000 - 5.000
Total 11.000 (0.175) 10.825
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 Computershare Investor Services.
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.
25 January 2007
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/01/2007 14:34:01 Produced by the JSE SENS Department.
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