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Compagnie Financière Rupert does not hold any Richemont ‘A’shares. Trusts and other entities in the shareholding structure aboveCompagnie Financière Rupert have indicated to the Companythat they, together with parties closely related thereto, held atotal of 162 664 ‘A’ shares, or the equivalent thereof in the formof Depository Receipts, as at 31 March 2009.Other significant shareholdersPublic Investment Corporation Limited (‘PIC’), Pretoria, SouthAfrica notified the Company on 22 February 2008 that accountsunder its management held Richemont South African DepositoryReceipts equivalent to 32 633 436 ‘A’ units, now shares, inCompagnie Financière Richemont SA. At that date, PIC’s holdingindirectly represented 3.13 per cent of the voting rights at the levelof Compagnie Financière Richemont SA.On 30 March 2009 Richemont Employee Benefits Limited,an indirectly held subsidiary, notified the Company that it hadacquired shares and the right to acquire further shares equivalentto 34 144 378 ‘A’ shares or 3.27 per cent of the Company’s votingrights. The shares and rights were acquired to hedge liabilitiesarising from the Group’s stock option plan.As at the date of this report, the Company has received no othernotifications of significant shareholdings representing in excessof 3 per cent of the voting rights.Changes in significant shareholdings are promptly notified toSIX Swiss Exchange. From January 2009, SIX Swiss Exchangesimultaneously publishes such notifications on its website.Cross shareholdingsRichemont does not hold an interest in any company which isitself a shareholder in the Group.2. CAPITAL STRUCTURESharesThere are 522 000 000 ‘A’ bearer shares and 522 000 000 ‘B’registered shares in issue. Richemont ‘A’ bearer shares are listedand traded on SIX Swiss Exchange. Until 3 May 2009, the shareswere traded on SWX Europe: from 4 May 2009, trading wastransferred to SIX Swiss Exchange. The ‘B’ registered sharesare not listed and are held by Compagnie Financière Rupert, asdetailed above. Each ‘A’ bearer share has a par value of CHF 1.00and each ‘B’ registered share has a par value of CHF 0.10. Furtherdetails are given in note 17 to the consolidated financial statementson page 83 of the annual report, including the twinning of shareswith participation certificates in Richemont SA, Luxembourg upto 20 October 2008.Holders of ‘A’ and ‘B’ shares enjoy the same dividend rights,but due to the differing par values of the two classes of shares,‘B’ shareholders receive one tenth of the dividend per share paidto holders of the ‘A’ shares.During the three years ended 31 March 2009, the only changeto the capital structure has been the de-twinning of 20 October2008, described in section 1 above.At 31 March 2009, Richemont’s market capitalisation, based on aclosing price of CHF 17.78 per ‘A’ share and a total of 522 000 000‘A’ shares in issue, was CHF 9 281 million. The overall valuationof the Group at the year end, reflecting the value of both the listed‘A’ shares and the unlisted ‘B’ shares, was CHF 10 209 million.Based on the valuation of the underlying assets of the Groupat the time the aforementioned restructuring was effected, theluxury businesses owned by Compagnie Financière Richemont SAand therefore represented by the ‘A’ share were calculated as being43.7 per cent of the last traded value of the Richemont ‘A’ unitsat the close of business on 20 October 2008, the balance of theclosing unit price being attributable to the Reinet share. Accordingly,of the actual market closing price of CHF 42.90 per ‘A’ unit,CHF 18.73 was attributable to the Compagnie FinancièreRichemont SA ‘A’ share and the remainder, being CHF 24.17,was attributable to the Reinet share.The closing price of the Richemont ‘A’ share on 31 March 2009was CHF 17.78. Over the preceding year, the highest closing priceof the ‘A’ share was CHF 30.04 (CHF 68.80 for the former ‘A’ unit)on 19 May 2008, and the lowest closing price of the ‘A’ share wasCHF 14.23 on 3 March 2009.The ISIN of Richemont ‘A’ shares is CH0045039655 and theSwiss ‘Valorennummer’ is 4503965. To 20 October 2008, theISIN of Richemont ‘A’ units was CH0012731458 and the Swiss‘Valorennummer’ was 1273145.DividendIn respect of the financial year ended 31 March 2009, a dividendof CHF 0.30 per share has been proposed.Unit and share buy-back programmesOver the course of the period from March 1999 to 31 March2009, the Group has repurchased a total of 34 552 934 ‘A’ unitsand 3 649 884 ‘A’ shares through the market in support of unitandshare-based compensation plans for executives.In February 2004, the Board of Compagnie Financière RichemontSA approved the buy back of 10 million ‘A’ units over the periodto February 2006. That programme was subsequently extendedto February 2008. In May 2008, the Board approved a newprogramme to buy back a further 10 million ‘A’ units over theperiod to May 2010, with the proviso that the authority wouldextend to 10 million ‘A’ shares in the event of a de-twinning of theunits. The 10 million ‘A’ units or shares represent 1.74 per centof the capital of the Group and 0.96 per cent of the voting rightsof Compagnie Financière Richemont SA.During the period to 20 October 2008, the Group repurchased1 706 974 ‘A’ units through the exercise of over-the-counter calloptions; these purchases are reflected in the aggregate figure of34 552 934 units referred to above. Following the restructuringof 20 October 2008, the Group repurchased 3 649 884 ‘A’ sharesin the market. The Group continued to hedge its obligationsunder the Richemont unit-based and, subsequently, share-basedcompensation plan by converting existing over-the-counter calloptions and purchasing further over-the-counter call options.Consequently, at 31 March 2009, the Group held over-the-countercall options over 13 612 223 ‘A’ shares. Taking into account theexercise of options by executives during the course of the year,the balance of ‘A’ shares held in treasury at 31 March 2009 was17 529 155 shares. At that date, the Group also held a forwardpurchase agreement in respect of 3 000 000 ‘A’ shares, the costof which is reflected in the reserve for treasury shares. Detailsof the Group’s stock option plan are set out in section 5 of thisreport and in note 34 to the consolidated financial statementsRichemont Annual Report and Accounts 2009 41Corporate governance