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Richemont: gets shareholder approval for new shares

(CercleFinance.com) - Swiss luxury heavyweight Richemont said on Wednesday that it has received its shareholders' approval to issue new "conditional" shares.


At an extraordinary general meeting held in Geneva yesterday, shareholders approved the creation of the so-called "conditional" shares, with warrants to be distributed on 27 November.

The exercise price of the warrants, relating to A shares, has been set at 67 Swiss francs, which is the volume-weighted average price of the shares on SIX Swiss Exchange between 19 October and 13 November, the company said.

Under the terms of the deal, A warrants will be entitled to purchase one A share in three years.

Richemont said last month that shareholders would be asked to vote to approve the creation of conditional capital through the issue of a maximum of 22 million new A shares.

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