Richemont announces completion of share buy-back programme
24 Jul 2009
Richemont announces the completion of its extended programme to buy back 15.4 million
Richemont ‘A’ shares through the market.
A programme to buy back 10 million ‘A’ units was announced on 22 May 2008. The approval for an extension to buy back a further 5.4 million ‘A’ shares over a two year period was received on 29 May 2009. The change from units to shares and the extension followed from the Group’s restructuring of 20 October 2008. The extended programme therefore allowed for the buy-back of up to 15.4 million ‘A’ shares over the three-year period from May 2008 to May 2011 and represented 2.68 per cent of the capital and 1.48 per cent of the voting rights of
Compagnie Financière Richemont SA.
Purchases were effected on SIX Swiss Exchange at prevailing market prices and through the exercise of over-the-counter call options. The ‘A’ shares acquired have not been cancelled and no second trading line was introduced as a consequence of the buy-back programme. The ‘A’ shares acquired will be held in treasury to hedge awards to executives under the Group’s stock option plan.
Richemont currently holds in treasury 24.1 million ‘A’ shares, representing 4.20 per cent of the capital and 2.31 per cent of the voting rights of the Company. In addition, Richemont holds over-the-counter call options to acquire a further 13.6 million ‘A’ shares, representing 2.37 per cent of the capital and 1.30 per cent of the voting rights of the Company. All such shares and call options are linked to the Group’s stock option plan. Richemont ‘A’ shares (Valorennummer 4503965; ISIN CH 0045039655) are traded on SIX Swiss Exchange and are included in the SMI Swiss Market Index.