Richemont launches share buy-back programme

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Richemont has announced a programme to buy back up to 10 million of its A shares through the market over the next two years, representing 1.7% of the capital and 1% of the voting rights of the luxury goods group.

Purchases may be affected through share purchases on SIX Swiss Exchange and the purchase of depository receipts on the Johannesburg market at prevailing market prices or through the exercise of over-the-counter call options.

The company said that the A shares acquired will not be cancelled and no second trading line will be introduced as a consequence of the buy-back programme. It added that the A shares bought back will be held in treasury to hedge awards to executives under the group’s stock option plan.

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Richemont currently holds 24.3 million A shares, representing 4.2% of the capital and 2.3% of the voting rights of the company, in treasury as a consequence of previous buy-back programmes, which have also been linked to the group’s stock option plan. In addition, Richemont holds over-the-counter call options to acquire a further 4.2 million A shares, representing 0.7% of the capital and 0.4% of the voting rights of the company.

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