Launch of a new share buyback programme to hedge awards under its long term incentive plan
12 MAY 2023
Ad hoc announcement pursuant to art. 53 LR
Richemont announces a new programme to buy back up to 10 million ‘A’ shares, representing 1.7% of the capital and 1.0% of the voting rights of the Company.
Purchases will be effected through ‘A’ share purchases on SIX Swiss Exchange at prevailing market prices. The ‘A’ shares acquired will not be cancelled and no second trading line will be introduced as a consequence of the buyback programme. The ‘A’ shares to be acquired will be held in treasury to hedge awards to executives and employees under the Group’s long term incentive plan. The initiation of the buyback programme is subject to the authorisation of the Swiss Takeover Board.
Richemont currently holds 4 million ‘A’ shares in treasury. Those shares represent 0.7% of the capital and 0.4% of the voting rights of the Company.
At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. 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.
Richemont ‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on the SIX Swiss Exchange, Richemont’s primary listing (Reuters ‘CFR.S’ / Bloomberg ‘CFR:SW’ / ISIN CH0210483332). They and are included in the Swiss Market Index (‘SMI’) of leading stocks and the MSCI Switzerland IMI ESG Leaders Index. The ‘A’ shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing (Reuters ‘CFRJ.J’ / Bloomberg ‘CFR:SJ’ / ISIN CH0210483332).
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