Richemont announces unit buy-back scheme
25 Feb 1999
The Board of Richemont announces that it has approved the implementation of a unit buy-back scheme. The units will be held in treasury for the purposes of a long-term option scheme to be introduced primarily for the benefit of management within the group's Vendôme Luxury Group subsidiary. A maximum of 100 000 units will be repurchased, representing just under 2.0 per cent of the 'A' units in circulation. It is anticipated that the buy-back will be effected from time to time over the coming six month period through the purchase of units on the Swiss market or through the purchase of depository receipts on the Johannesburg Stock Exchange. No second trading line will be introduced on the Swiss Stock Exchange as a consequence of the offer.