玉女心经

玉女心经:6 March 2000

R & R Holdings SA, the holding company owned jointly by Richemont and Rembrandt Group Limited, has served notice on British American Tobacco of its intention to redeem a second tranche of 60.4 million BAT preference shares in June 2000 at a price of ?5.75 per share. This represents one quarter of the total preference shares held by R & R Holdings SA and has an aggregate redemption value of ?347 million.

In aggregate, R & R Holdings SA has now served notice on British American Tobacco in respect of one half of its holding of preference shares. The remaining preference shares will be compulsorily redeemed in cash in June 2004 at a price of ?6.75 per share, unless previously converted to ordinary shares upon a sale by R & R Holdings to a third party.

Richemont’s share of the aggregate proceeds of the exercise of the 120.8 million preference shares in June 2000 will amount to ?463 million

Background information
As a result of the merger of Rothmans International and British American Tobacco which was completed in June 1999, Richemont and Rembrandt Group Limited, through R & R Holdings SA, hold a 35% equity interest in the enlarged BAT. This shareholding comprises a 25% interest in ordinary shares and a 10% interest in the form of 241.7 million convertible redeemable participating preference shares. R & R Holdings SA is held as to two thirds by Richemont and one third by Rembrandt. As provided for in the merger agreement, up to half of the preference shares may be redeemed for cash in June 2000, the first anniversary of completion of the transaction, at a price of ?5.75 per share, subject to certain notice requirements.

On 2 December 1999 R & R Holdings SA served notice on British American Tobacco in respect of the first tranche of preference shares eligible for redemption in June 2000. That notice related to one quarter of the preference shares, being 60.4 million shares with an aggregate redemption value of ?347 million.


Further inquiries:
Press:
Johann Rupert, Chief Executive
Tel: 00 41-41 710 3322

Analysts:
Jan du Plessis, Finance Director
Tel: 00 41-41 710 3322

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