At the Geneva-based jewelery and watch group Richemont, there have been large-scale shifts in A shares. As an official report on management transactions from the stock exchange operator SIX on Monday evening shows, an executive member of the board of directors or a member of the group’s management board has acquired a large block of public shares.
The A shares are Richemont’s shares that are traded on the Swiss stock exchange and have significantly less voting weight than the B shares held by the Rupert family. According to SIX information, the person, who is not named, bought 520,000 A shares with a total value of almost CHF 50 million on Friday. This works out to a price of 96.15 francs per piece. On Friday, the stocks closed at 96.18 francs and this Monday at 96.56 francs. They have lost 30 percent of their value since the beginning of the year.
A total of 522 million A shares are in circulation at a nominal value of one franc each. The transferred block of shares thus comprises around 0.1 percent of all outstanding Richemont A shares. The free float for A shares is well over 95 percent. It remains unclear who bought the shares. In addition to the B shares, the family around the Chairman of the Board of Directors, Johann Rupert, holds around 1.5 percent of the A shares. (dpa)
