To view the PDF file, sign up for a MySharenet subscription.

REI / CFR - Reinet Investments S.C.A / Compagnie Financiere Richemont - Reinet

Release Date: 04/11/2008 12:17
Code(s): CFR REI
Wrap Text

REI / CFR - Reinet Investments S.C.A / Compagnie Financiere Richemont - Reinet Investments Share And Dr-Trading - Technical Postponement Of Rights Issue By One Week
Reinet Investments S.C.A. Compagnie Financiere Richemont Depositary Recepits SA Depositary Receipts issued by Richemont Securities AG issued by Richemont Securities (Incorporated in Switzerland) AG ISIN: CH0045793657 (Incorporated in Switzerland) Depositary Receipt Code: REI ISIN: CH0045159024 Depositary Receipt Code: CFR
REINET INVESTMENTS SHARE AND DR-TRADING - TECHNICAL POSTPONEMENT OF RIGHTS ISSUE BY ONE WEEK In the light of the difficulties seen in settlement systems between the Luxembourg and Johannesburg stock exchanges, the Board of Reinet Investments Manager SA has decided that it would be prudent to postpone the pricing and launch of the planned rights issue by one week. Warrants to subscribe for additional Reinet shares will now be issued on Friday, 14 November and trading in the warrants and South African warrant receipts will begin on Monday, 17 November. Further timetable details will be announced in due course. Reinet Investments SCA shares and South African depositary receipts began trading on 21 October 2008. On 3 November 2008, Reinet successfully implemented the distribution of 90 per cent of its interest in British American Tobacco to shareholders and DR holders, combined with the cancellation of 86.3 per cent of its capital. On the same date, Remgro Limited contributed 10 per cent of its interest in BAT to Reinet in exchange for the issue of some 300 million new Reinet DRs to Remgro shareholders. That distribution has been effected this morning. The restructuring proposals also include the issue of nil-paid renounceable warrants, entitling shareholders and DR-holders to participate in a further capital increase in Reinet by way of the rights issue. Johann Rupert, Chairman of Reinet Investments Manager, said: "The significant changes in the numbers of shares and DRs in issue and the complexities of the restructuring have triggered some technical difficulties in share settlements. The liquidity situation is already improving and we expect it to improve further in the next few days as additional conversions of shares into DRs are effected by market participants. To allow the markets and settlement systems to adjust to the movements in Reinet`s capital and for a seamless and efficient exchange system to operate between Luxembourg and Johannesburg, the rights issue will be postponed by one week." Background Further to the restructuring of Richemont as set out in the Information Memorandum dated 15 August 2008 and the Prospectus dated 10 October 2008, Reinet shares were listed on the Luxembourg Stock Exchange. Reinet has a secondary listing of its shares, in the form of Depositary Receipts (`DRs`) on the stock exchange operated by the JSE Limited in South Africa. The DRs trade on the basis of 10 DRs to each Reinet share. Reinet DRs are issued by Richemont Securities AG, which is also responsible for the issue of Richemont DRs and which has appointed Computershare Limited as its agent in South Africa. Shares may be converted into DRs and, subject to appropriate exchange control and other approvals being obtained, DRs may be cancelled and the underlying shares reissued into the Luxembourg market. Current DR position The restructuring proposals have involved significant changes in the number of shares and DRs in issue. In particular, the issue of DRs to Remgro shareholders has significantly increased the number of DRs outstanding. As at the opening of business on 4 November 2008, the number of DRs in issue was: DRs millions Initial DRs in issue as at 21 October 2008 1 944.1 DRs cancelled upon distribution of BAT shares - 1 678.0 266.1 DRs issued to Remgro shareholders 302.6 DRs in issue as at market opening on 4 November 2008 568.7 Further information: Mr Alan Grieve Chief Financial Officer Reinet Investments SCA Tel: +41 22 721 3507 4 November 2008 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Limitations of this announcement This announcement is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulations. This announcement does not constitute nor does it form part of any offer or invitation to buy, sell, exchange or otherwise dispose of, or issue, or any solicitation of any offer to sell or issue, exchange or otherwise dispose of, buy or subscribe for, any securities, nor does it constitute investment, legal, tax, accountancy or other advice or a recommendation with respect to such securities, nor does it constitute the solicitation of any vote or approval in any jurisdiction, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of any such jurisdiction (or under exemption from such requirements). In particular, the information contained herein does not constitute an offer of securities for sale in the United States. None of the securities described or directly or indirectly referred to in this announcement have been and nor will they be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Such securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such terms are defined in Regulation S under the Securities Act) unless registered under the Securities Act or pursuant to an exemption from such registration. If and to the extent that any such securities may be deemed to be offered or sold as a result of the transactions described in this announcement, such securities are being offered and sold only to persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act. This announcement has not been and may not be disseminated or distributed by any person in the United States or to US persons. Neither Reinet Investments SCA nor Reinet Fund SCA, FIS have been approved by the Swiss Federal Banking Commission as a foreign collective investment scheme pursuant to Article 120 of the Swiss Collective Investment Schemes Act of 23 June 2006. Appendix A Conversion of shares to DRs and vice versa The creation of the DRs is governed by the terms of the Deposit Agreement entered into by Richemont Securities with Reinet and Compagnie Financiere Richemont SA. For every 10 DRs in issue, Richemont Securities holds 1 Reinet share in a pledged custodian account with UBS AG, Zurich. Richemont Securities does NOT provide a dealing service for Reinet shares or Reinet DRs. Richemont Securities transfers securities as between market participants, usually banks and brokers, in accordance with instructions received from such parties. In order to effect a conversion of Reinet shares into DRs, the Reinet shares must be delivered to the suspense account of Richemont Securities at UBS AG in Zurich and delivery instructions provided to Richemont Securities in Switzerland. For the conversion of DRs into Reinet shares, DRs should be delivered to the account of Richemont Securities held at the Computershare CSDP and transfer instructions delivered to Computershare Limited. Appropriate exchange control approvals must be provided by the party requesting cancellation of the DRs and the issue of Reinet shares. Delivery details for Reinet shares Via SIX SIS AG to UBS AG, Bahnhofstrasse 45, Zurich (BP-ID CH 100025) into the Richemont Securities AG safe custody account number. 230-590.417.S5 `Suspense account`. Richemont Securities AG contact details c/o V&R Management Services AG Hinterbergstrasse 22 6330 Cham, Switzerland Tel: +41 (0)41 727 2355 Fax: +41 (0)41 727 2356 Ian Ross ian.ross@vengro.com Rose Frick rose.frick@vengro.com Computershare Limited acting on behalf of the depository STRATE account for receipt of Reinet DRs: Delivery to Computershare CSDP - Account number 20004526 Contact details: Computershare Limited 70 Marshall Street, 13th Floor Johannesburg 2001, South Africa Tel: +27 (0)11 370 7700 Fax: +27 (0)11 688 5235 Melanie Swartz Melanie.Swartz@computershare.co.za June Grant june.grant1@computershare.co.za Date: 04/11/2008 12:17:26 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story