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COMPAGNIE FINANCIERE RICHEMONT SA - Richemont Securities SA dividend dates in respect of South African depository receipts (CFR DR)

Release Date: 12/05/2017 07:35
Code(s): CFR     PDF:  
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Richemont Securities SA – dividend dates in respect of South African depository receipts (‘CFR DR’)

Compagnie Financiere 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 foreign 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 Financiere 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 1.8000 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 13 September 2017 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 1.1700 per share.
South African tax residents are eligible to recover 20 per cent of
the 35 per cent Swiss withholding tax levied on the CFR dividend.

However, the South African dividend tax rate was increased from 15
percent to 20 percent effective 22 February 2017. The new South
African dividend tax rate may impact the amount of South African tax
to be levied (after taking into account the rebate for the Swiss tax
paid). Accordingly, Richemont is in discussion with the South African
Revenue Service (SARS) to seek a ruling to clarify the approach to
be taken.


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   Withholding tax
                per CFR DR         at 35%               Net dividend
                in Swiss francs    in Swiss francs      in Swiss francs
Total           0.1800             (0.0630)             0.1170

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 12 September 2017,
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,19 September 2017

Trading commences “ex-dividend” from the
commencement of business on                 Wednesday,20 September 2017

CFR DR dividend record date                 Friday, 22 September 2017

CFR DR dividend payment date                Thursday, 28 September 2017

CFR DR holders may not dematerialise or rematerialise their holding
of CFR DRs between Wednesday, 20 September 2017 and Friday, 22
September 2017 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.

12 May 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 12/05/2017 07:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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