Compagnie Financière Richemont SA shareholders approve Richemont restructuring
09 OCT 2008
On 8 August 2008, Richemont announced details of its planned restructuring. This involves inter alia the separation of Richemont's luxury goods business from its other interests, the distribution to unitholders of 90 per cent of the Group's shareholding in British American Tobacco plc and the creation of a separate investment vehicle to be known as Reinet Investments SCA, which will be listed on the Luxembourg Stock Exchange and which will trade independently from the luxury goods business.
At a meeting of shareholder of Compagnie Financière Richemont SA ("CFR") held in Geneva today, the restructuring proposals were approved by a large majority. Compagnie Financière Rupert, the controlling shareholder representing the Rupert family interests, did not vote on the proposals. The shareholder approval complements the approval of Richemont SA ("RSA") participation certificate holders obtained at a meeting of that company held yesterday in Luxembourg. The resolutions put to an extraordinary general meeting of Remgro Limited shareholders were passed on 7 October 2008.
All necessary shareholder and participation certificate holder approvals having been obtained, the first phase of the restructuring will be effected on Monday, 20 October 2008. This involves the de-twinning of the CFR shares and RSA participation certificates making up the Richemont units, the transfer of the Group's luxury goods business to CFR and the creation of a new investment vehicle, Reinet Investments SCA., in Luxembourg. Trading in the de-twinned securities of CFR and Reinet Investments will begin on 21 October 2008 on SWX Europe and the Luxembourg exchange, respectively.
Further information in respect of the restructuring proposals and a timetable of the subsequent steps will be provided in a separate announcement. The Information Memorandum, which was published on 15 August 2008 and provides extensive detail of the proposals, may (subject to certain exclusions) be downloaded from the Richemont website: www.richemont.com.