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)
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 DR's 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 of CFR has recommended a dividend of CHF 2.25000 per 'A' share from income reserves, as well as a special dividend of CHF 1.00000 per 'A' share from income reserves. It is anticipated that these dividends will be approved by shareholders of CFR at the annual general meeting to be held on Wednesday 7 September 2022 in Geneva. The dividends payable by CFR will be subject to Swiss withholding tax of 35 per cent, resulting in a net dividend of CHF 1.46250 and CHF 0.65000 per 'A' 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.
Following the increase in the South African dividends tax rate from 15 percent to 20 percent a revised binding class ruling has been obtained from the South African Revenue Service. In terms of this ruling, those CFR DR holders who are not exempt from the South African dividends tax will be subject to a rate of 5 percent South African tax because of the credit available in respect of the Swiss withholding tax paid. Those CFR DR holders who qualify for exemption from the South African tax (e.g. South African companies and non-residents of South Africa) must ensure that they have filed the relevant exemption forms with their brokers/ banks in order to ensure that no South African tax is withheld.
As CFR DR's trade in the ratio of 10 DRs to each Richemont 'A' share, the dividend entitlements per CFR DR are as follows:
Gross dividend Withholding tax
per CFR DR at 35% Net dividend
in Swiss francs in Swiss francs in Swiss francs
Total 0.32500 (0.11375) 0.21125
The exchange rate applicable for the conversion of Swiss franc to Rand as at 13 September 2022, for payment of the dividends will be confirmed in a separate announcement to be released on SENS on Tuesday, 13 September 2022, being the finalisation date.
The payment dates for the dividends in respect of the South African CFR DRs are anticipated to be as follows:
Last date to trade "cum dividend" Tuesday, 20 September 2022
Trading commences "ex-dividend"
from the commencement of business on Wednesday, 21 September 2022
CFR DR dividend record date Friday, 23 September 2022
CFR DR dividend payment date Thursday, 29 September 2022
CFR DR holders may not dematerialise or rematerialise their holding of CFR DRs between Wednesday, 21 September 2022 and Friday, 23 September 2022 both days inclusive.
CFR DR's are issued subject to the terms of the Deposit Agreement entered into on 18 December 1992, most recently amended on 15 October 2020. By holding DRs, 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 CFR DRs.
20 May 2022
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 20-05-2022 07:35:00
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