COMPAGNIE FINANCIERE RICHEMONT SA - Richemont Securities SA dividend dates in respect of South African Depository Receipts ('CFR DR')

Richemont Securities SA – dividend dates in respect of South African Depository Receipts ('CFR DR')

Compagnie Financière Richemont SA 
Depositary Receipts issued by Richemont Securities SA ("Richemont Securities" or "Richemont")
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR

RICHEMONT SECURITIES SA – DIVIDEND DATES IN RESPECT OF SOUTH AFRICAN DEPOSITORY RECEIPTS ('CFR DR')

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 and will be effected via CSD participants in Strate for all dematerialised holdings and Computershare Investor Services Proprietary Limited for those on the certificated register.

The Board of directors have recommended a total dividend of CHF 1.7000 per share from income reserves. It is anticipated that this dividend will be approved by shareholders of CFR at the annual general meeting to be held on Wednesday 14 September 2016 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 1.1050 per share. As South African tax residents are eligible to recover 20 per cent of the 35 per cent withholding tax levied on the CFR dividend, the effective tax rate is 15 per cent. This is equivalent to the South African withholding tax rate and as such depository receipt holders will not be subject to additional South African withholding tax.

The issued share capital of CFR at the declaration date, including treasury shares, comprises the listed 'A' shares of 522'000'000 with a par value of CHF 1.00 each and the unlisted 'B' shares of 522'000'000 with a par value of CHF 0.10 each. Holders of the 'A' and 'B' shares enjoy the same dividend rights, but due to the differing par values of the two classes of shares, 'B' shareholders receive one tenth of the dividend per share paid to the holders of the 'A' shares. 

As CFR DR's trade in the ratio of 10 DRs to each Richemont 'A' share, the dividend entitlement per CFR DR is as follows:

              Gross dividend per CFR DR     Withholding tax at 35%       Net dividend 
              in Swiss francs               in Swiss francs              in Swiss francs
Total         0.1700                        (0.0595)                     0.1105

The exchange rate applicable for the conversion of Swiss franc to Rand for payment of the dividend will be confirmed in a separate announcement to be released on SENS on Tuesday, 13 September 2016, being the finalisation date.

The payment dates for the dividend in respect of the South African CFR DRs are anticipated to be as follows:

Last date to trade "cum dividend"        Tuesday, 20 September 2016

Trading commences "ex-dividend"
from the commencement of business on     Wednesday, 21 September 2016

CFR DR dividend record date              Friday, 23 September 2016

CFR DR dividend payment date             Monday, 26 September 2016

CFR DR holders may not dematerialise or rematerialise their holding of CFR DRs between Wednesday, 21 September 2016 and Friday, 23 September 2016 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.

20 May 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 20/05/2016 07:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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