May 15, 2020 / 7:38 AM / in 22 days

Richemont looking at warrant scheme after slashing dividend

ZURICH, May 15 (Reuters) - Richemont Chairman Johann Rupert said the luxury group is reducing its 2020 dividend while considering a warrant scheme to help compensate the luxury group’s shareholders for a lower payout this year.

Cartier-owner Richemont plans to preserve cash by halving its dividend to 1 Swiss franc per share, from 2 francs in 2019, after the company reported a 67% fall in annual net profit.

“To reward shareholders in the long term, we are giving each the right to purchase shares in the future at the market price on the dividend date,” Rupert said, adding details of the scheme will be announced in coming weeks. (Reporting by John Revill)

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