ZURICH -(Dow Jones)- Compagnie Financiere Richemont SA (CFR.VX) Friday said it will end its share buy-back program, which involves the buy-back of 10 million of its own A bearer shares over a two-year period.
- On 18 May last year, the Board of Directors decided to extend the buy-back programme by an additional 5 million 'A' bearer shares. The extended buy-back programme thus amounted to 15 million 'A' bearer shares.
- Compagnie Financière Richemont SA considered the progress made to date and the requirements of the executive stock option plan and decided that the current program should be terminated with immediate effect.
- 12'690'200 'A' bearer shares have been repurchased within the scope of the extended program up to that time.
- No further shares will 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 will not be cancelled.
- Richemont also announced changes to the role of Jan Rupert, a member of the Board of Directors, saying he will relinquish his responsibilities as Group Manufacturing Director with effect from 1 April 2012 in order to devote time to other activities.
- He will remain an Executive Director and will stand for re-election to the Board at the Company's annual general meeting in September 2012.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47; firstname.lastname@example.org
(END) Dow Jones Newswires
March 23, 2012 02:27 ET (06:27 GMT)
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