12 SEP 1995
The Board of Directors of Compagnie Financière Richemont AG is pleased to announce the implementation of a Level 1 American Depositary Receipt (ADR) programme sponsored by The Bank of New York. The programme was declared effective by the Securities and Exchange Commission on Monday 11 September 1995.
The Richemont ADRs will trade on the over the counter market in New York under the symbol RCHMY. It is anticipated that they will also be quoted on SEAQ International in London.
The facility will provide for ADRs to be issued by The Bank of New York in exchange for delivery of either Richemont ‘A’ Units, in the ratio of 100 ADRs to one ‘A’ Unit, or South African Depositary Receipts, in the ratio one ADR to one South African Depositary Receipt. Richemont ‘A’ Units are quoted on the Stock Exchanges of Zurich, Geneva and Basel. Richemont South African Depositary Receipts are traded on the Johannesburg Stock Exchange.
Based in Zug, Switzerland, Compagnie Financière Richemont AG exercises financial and operational control over subsidiaries active in the fields of tobacco products and luxury goods. In addition Richemont hold investments in the electronic media and direct marketing industries.
Richemont's tobacco interests are held through its wholly owned subsidiary Rothmans International BV, whose group operating companies produce a wide range of cigarettes, cigar and smoking tobaccos. Richemont’s luxury goods interests are held through Vendôme Luxury Group SA/PLC in which it holds a 70% interest. The principal operating subsidiaries of Vendôme include Cartier, Alfred Dunhill, Mont Blanc, Piaget and Baume & Mercier. Richemont’s interests in pay television are held through its 50% investment in Nethold BV which has interests in Scandinavia, the Benelux, Italy, Central and Mediterranean Europe and South Africa.