BAT to aid Richemont/Remgro Restructuring

Source from:  uk.biz.yahoo.com LONDON (ShareCast) 08/11/2008

British American Tobacco (LSE: BATS.L - news) is seeking approval from the Johannesburg Stock Exchange to obtain a secondary listing there to help Richemont and Remgro restructure their stakes in the company. Swiss luxury goods maker Richemont has a 19.4% interest in BAT, while South African investment holding group Remgro, which wants to separate its tobacco interests from other operations, owns a 10.7% stake. The pair plan to distribute 90% of their combined holdings, or 27% of BAT, to their shareholders, while the other 10%, or 3% of BAT, will be kept by a soon to be listed Luxembourg investment company called Reinet Investments. All this is expected to happen in early November (Frankfurt: A0S9N7 - news) , while a rights issue by Reinet should complete by mid-December, after which it will likely own less than 10% of BAT. BAT expects the listing to take place around the end of October, subject to Richemont and Remgro receiving the necessary approvals for their proposed restructurings. Enditem