COMPAGNIE FINANCIERE RICHEMONT COMPANY ANNOUNCEMENT
9 SEPTEMBER 2020
RICHEMONT ANNOUNCES TEMPORARY SUSPENSION
OF THE SHAREHOLDER LOYALTY SCHEME
The Board of Directors of Compagnie Financière Richemont SA (Richemont) announces its intention to study the possibility of delivering Richemont A shares to holders of South African depository receipts, thereby cancelling the Company's depository receipt programme in South Africa. The contemplated simplified structure is intended to reduce administrative complexity and facilitate cross-border trading in Richemont A shares between investors on the SIX Swiss Exchange and the Johannesburg Stock Exchange.
Consequently, the Board has taken the decision to temporarily postpone the issuance of warrants under the proposed shareholder loyalty scheme, to study the possible impact of this contemplated change in cross-border trading.
The Board will therefore no longer propose the creation of a conditional capital as listed under Item 3 ("Creation of a conditional share capital") in the notice of meeting dated 12 August 2020, at its Annual General Meeting (AGM) due on 9 September 2020. The Board's proposal under Item 3 will therefore be withdrawn from the agenda of the AGM.
The Board will submit a revised proposal on the matter at an Extraordinary General Meeting of shareholders, which will be held later this year.
| Provider | Channel | Contact | ||
|---|---|---|---|---|
|
EQS Group Ltd., Switzerland switzerland.eqs.com |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries cs.switzerland@eqs.com +41 41 763 00 50 |
