27 FEB 1998
On 29 January, 1998, a document was sent to Unitholders of Vendôme detailing a recommended proposal on behalf of New VLG S.A., an indirect wholly owned subsidiary of Compagnie Financière Richemont AG, to acquire the interests the interests of the Minority Unitholders in Vendôme. Implementation of the Proposal requires, inter alia, the approval of the holders of Vendôme Luxury Group PLC shares (other than New VLG S.A.) at a meeting convened by the Court and the passing of resolutions at Extraordinary General Meetings of both Vendôme Luxury Group PLC and Vendôme Luxury Group SA.
At the Court Meeting and the Extraordinary General Meetings held yesterday, the resolutions were passed by the requisite majorities.
Therefore, subject to receiving the sanction of the UK Scheme, forming part of the Proposal, by the Court and the other conditions of the Proposal being satisfied or waived, it is expected that the Proposal will become effective and the Units will be delisted on 25 March, 1998. Under the expected timetable, the registration of transfers of Units will be suspended from 3.00pm (London time) on 19 March, 1998. At that time, the trading of the Units on both the London and Luxembourg stock exchanges will be suspended.
It is expected that the Special Dividend of 5p (net) per Vendôme Unit (or its Swiss Franc equivalent of SFr 0.1524) payable on implementation of the Proposal will be paid on 31 March, 1998 to Unitholders registered at the close of business of 6 March, 1998 and that the consideration under the Proposal will be dispatched by not later than 8 April, 1998.
Terms defined in the document shall have the same meaning in this announcement