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Exchange rate applicable for dividend payable on Depository Receipts
Compagnie Financiere Richemont SA Depositary Receipts
Issued by Richemont Securities SA (”Richemont Securities” or
”Richemont”)
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0045159024
Depositary Receipt Code: CFR
RICHEMONT SECURITIES SA – EXCHANGE RATE APPLICABLE FOR DIVIDEND PAYABLE ON DEPOSITORY RECEIPTS IN RESPECT OF UNDERLYING COMPAGNIE FINANCIERE RICHEMONT SA 'A' SHARES ('CFR DRs')
The dividend payable to holders of Richemont Securities' CFR DRs resident in the South African Common Monetary Area ('SACMA') is derived from the dividend paid by Compagnie Financière Richemont SA, Switzerland ('CFR') to holders of Richemont 'A' shares. The CFR DR dividend payable to SACMA residents is payable in rand.
The Board of Directors has recommended a total dividend of CHF 1.60 per share. It is anticipated that this dividend will be approved by shareholders of CFR at the annual general meeting to be held on 16 September 2015 in Geneva. The dividend payable by CFR will be subject to Swiss withholding tax of 35 per cent, resulting in a net dividend of CHF 1.04 per share.
Richemont Securities SA will operate a programme for South African tax residents, who will generally be eligible to recover 20 per cent of the 35 per cent withholding tax levied on the CFR dividend. Full details of the programme will be mailed to holders of CFR DRs on 2 October 2015, at the time of the payment of the dividend. In the past certain CFR DR Holders may have lost their opportunity to reclaim the withholding tax due to incorrect contact information being supplied to STRATE. We suggest that CFR DR Holders contact their CSDP or stockbroker in advance of the payment to ensure the information held in the STRATE system is correct. Should CFR DR holders not receive details of the withholding tax recovery process by mail by late October 2015 they should contact their CSDP, stockbroker or Computershare Investor Services (Pty) Limited (”Computershare”).
As confirmed last year, a binding class ruling has been obtained from the South African Revenue Service. In terms of this ruling, depository receipt holders are not subject to additional South African withholding tax because of the credit available in respect of the Swiss withholding tax paid. It is also confirmed that there is no need for the depository receipt holders to make any declarations in order to qualify for the exemption from the South African withholding tax.
As CFR DRs trade in the ratio of 10 DRs to each Richemont 'A' share, the dividend entitlement per CFR DR is as follows:
Gross dividend Withholding tax Net dividend
Per CFR DR at 35% in Swiss francs
in Swiss francs in Swiss francs
Total 0.16000 (0.05600) 0.10400
The exchange rate applicable for the conversion of Swiss franc to rand for payment of the dividend is ZAR 14.15000: Swiss franc 1. Accordingly the net dividend payable per CFR DR is ZAR 147.16000 cents, as set out in the table below:
Gross dividend Withholding tax
Per CFR DR at 35% Net dividend
in ZAR cents in ZAR cents in ZAR cents
Total 226.40000 (79.24000) 147.16000
Under the withholding tax recovery programme qualifying SACMA residents will currently be entitled to recover the equivalent of CHF 0.032 per CFR DR. The amount recovered will be converted into rand and will be remitted to CFR DR holders who participate in the programme once the reimbursement of the tax has been received from the Swiss Federal Tax Authorities ('SFTA'). Your attention is drawn to the fact that the refunds are to be paid by the SFTA in Swiss francs. The Swiss francs received by Richemont Securities SA will be converted into rand at the rand: Swiss franc exchange rate ruling at the time of receipt. Bearing in mind the fluctuating rand: Swiss franc exchange rate, the effective rate used to arrive at the rand refund payment to CFR DR holders will differ from that applicable to the dividend payment itself.
The anticipated payment dates for the dividend in respect of the South African CFR DRs are as follows:
Last date to trade ”cum dividend” Thursday, 17 September 2015
Trading commences ”ex-dividend” from the
commencement of business on Friday, 18 September 2015
CFR DR dividend record date Friday, 25 September 2015
CFR DR dividend payment date Friday, 2 October 2015
CFR DR holders may not dematerialise or rematerialise their holding of CFR DRs between Friday, 18 September 2015 and Friday, 25 September 2015 both days inclusive.
Richemont Securities SA Depository Receipts are issued subject to the terms of the Deposit Agreement entered into on 18 December 1992, most recently amended on 26 March 2014. By holding Depository Receipts, investors acknowledge that they are bound by the terms of the Deposit Agreement. Copies of the Deposit Agreement may be obtained by investors from Richemont Securities SA or Computershare Investor Services Proprietary Limited.
Richemont Securities may appoint a depository agent or other parties to assist in the administration of the depository receipt programme and may provide to such agents such information as it deems to be appropriate, including information relating to the identity of holders of depository receipts.
10 September 2015
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 10/09/2015 11:12:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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