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Richemont terminates share buy back programme
In May 2010, the company announced a programme envisaging the buy-back of 10 million of its own 'A' bearer shares over a two year period. This was extended by an additional 5 million 'A' bearer shares in May 2011. The extended buy-back programme thus amounted to 15 million 'A' bearer shares.
At a meeting on 22 March 2012, Richemont's board considered the progress made to date and the requirements of the executive stock option plan. At the meeting, it was decided that the current programme should be terminated with immediate effect.
A total of 12.69 million 'A' bearer shares have been repurchased within the scope of the extended programme up to that time. As a consequence of the Board's decision, no further shares would be bought back in terms of the scheme.
The shares acquired are held in treasury to cover the obligations arising from the stock option plan, which benefits certain executives of the Richemont Group. The repurchased shares would not be cancelled, the company said.
Source: I-Net Bridge
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