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Richemont shareholders back share warrant plan

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·1 min read
FILE PHOTO: Festive lights decorate the Cartier store on New Bond Street as shoppers do Christmas shopping in central London
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ZURICH (Reuters) - Owners of Swiss luxury group Richemont <CFR.S> have approved plans to issue warrants as part of a shareholder loyalty scheme, the company said on Wednesday, setting out terms for the issue that follows a COVID-19 related cut to the dividend.

Warrants will be distributed to shareholders on Nov. 27, when the "A" warrants related to A shares will be listed on SIXSwiss Exchange. Sixty-seven warrants can be exercised to buy oneA share in three years for 67.00 Swiss francs, thevolume-weighted average price between Oct. 19 and Nov. 13.

Richemont had proposed the scheme to preserve cash during the COVID-19 pandemic after halving its dividend to 1 Swiss franc per share.

(Reporting by Michael Shields)