Compagnie Financière Richemont SA / Key word(s): Miscellaneous
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Compagnie Financière Richemont SA (the ‘Company’ or ‘Richemont’) today announces its intention to terminate its South African depository receipt programme and to list its ‘A’ shares on the Johannesburg Stock Exchange (the ‘JSE’) as a secondary listing, in addition to their existing listing on the SIX Swiss Exchange.
The Company maintains a South African depository receipt programme through its subsidiary Richemont Securities SA. The depository receipts are traded on the JSE and can be surrendered for ‘A’ shares in a ratio of 10 depository receipts for one ‘A’ share.
New structure to improve tradability of ‘A’ shares and reduce administrative complexity
The depository receipts were originally created and issued in order to facilitate South African investors’ exposure to the Company, in compliance with the exchange control requirements in place at the time. A depository receipt programme is however no longer needed for this purpose, as Richemont’s ‘A’ shares can now be listed (as a secondary listing) on the JSE. The proposed termination of the depository receipt programme would provide greater flexibility for shareholders of the Company by facilitating cross-border trading in Richemont ‘A’ shares between investors on the JSE and the SIX Swiss Exchange. The simplified structure would also reduce administrative complexity for Richemont. Achievement of these goals requires the cancellation of the Company’s depository receipt programme.
If depository receipt holders approve the termination of the programme and Richemont obtains the other relevant regulatory approvals, depository receipt holders will receive one ‘A’ share in exchange for 10 depository receipts that they own, free of charge, with the ‘A’ shares being listed on the JSE as a secondary listing.
The proposed termination of the depository receipts programme will also affect JSE-traded ‘A’ warrant receipts, which will also be terminated. Upon termination of the depository receipts programme, holders of ‘A’ warrant receipts will receive ‘A’ warrants, and those ‘A’ warrants will be listed on the JSE as a secondary listing.
The conversion of the depository receipts will not lead to any interruption of trading in ‘A’ shares. For those investors who already hold ‘A’ shares, there will be no change to their position.
The Company currently expects that the termination of the depository receipts programme will have the following key dates:
The circular to depository receipt holders will also be published on the Company’s website at https://www.richemont.com/en/home/investors/shareholder-information/secondary-listing-of-a-shares-in-south-africa/.
At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside online distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.
Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division. Find out more at https://www.richemont.com/.
Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont South African Depository Receipts are listed on the Johannesburg Stock Exchange, Richemont’s secondary listing.
Investor/analyst and media enquiries
Sophie Cagnard, Group Corporate Communications and IR Director
James Fraser, Investor Relations Executive
Investors/analysts enquiries: +41 22 721 3003; email@example.com
Media enquiries: +41 22 721 3507; firstname.lastname@example.org; email@example.com
End of Inside Information
|Company:||Compagnie Financière Richemont SA|
|Chemin de la Chênaie 50|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1585019|
|End of Announcement||EQS News Service|
1585019 17-March-2023 CET/CEST