Now Reading
Richemont: the luxury giant unveils new details on its loyalty program

 

 

 

 

 

 

 

 

 

 

 

 

 

Richemont: the luxury giant unveils new details on its loyalty program

Suspended since September 9, 2020, the Richemont Group’s loyalty program has just been further unveiled, giving its shareholders more details on the options for Richemont shares and their deadlines.

 

The Geneva group had suspended its plan to issue options to its shareholders since the beginning of September.

 

The group wished to put this project on hold, in particular in order to assess the risks in the event of replacement of the “depositary receipts” in the South African region, where the group’s securities are listed, by class A Richemont shares.

 

This suspension has therefore recently ended and the group has put this brand new project back into circulation.

 

The Board of Directors indicated in a press release published last Friday that this project will offer negotiable or exercisable options to shareholders at a potentially preferential price and this within a prescribed period – a maximum of three years. In addition, each share will offer two subscription rights to its holders regarding tradable options.

 

This project has been planned since May 15, 2020, when Johann Rupert, Chairman of the Board of Directors and key shareholder of the Group, announced, following the results of the 2019/2020 financial year, the issuance of a new financial instrument to compensate for the reduction of the dividend to one Swiss franc per share.

 

In order for the acquisition to take place, a number of options is necessary and must correspond to the exercise prices. This price will be calculated on the basis of the weighted average price by November 13 of the Richemont registered share listed on the SIX Swiss Exchange.

 

According to the form published last Monday, a weighted average price of CHF 60 implies the exercise of 60 options to purchase one share.

 

See Also


These options are expected to be put into circulation on November 27. They will be tradable until three years later, on November 15, 2023. In addition, the exercise period will start from November 20 to November 22, 2023.

 

The owner of the Cartier company therefore intends to call upon all of its shareholders to validate the creation of conditional capital and the issuance of new A and B shares in the amount of 22 million, corresponding to the exercise of the options.

 

This amount will be calculated on the basis of the weighted average price of Richemont’s A shares between now and the virtual extraordinary general meeting scheduled for November 17, when the Group’s shareholders will be called upon to make certain decisions.

 

Read also > RICHEMONT: ONLINE SALES TO DRIVE GROWTH

 

Featured photo: © Richemont

What's Your Reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

COPYRIGHT 2020 LUXUS + ALL RIGHTS RESERVED

Scroll To Top