ZURICH, Sept 9 (Reuters) - Swiss luxury group Richemont CFR.S , the owner of Cartier, suspended its plan for a shareholders' loyalty scheme on Wednesday while it considers simplifying its stock structure.
The scheme, which would have shareholders authorise creating new shares, aimed to give warrants to investors which later can be converted into new stock. proposal has been dropped from Wednesday's annual meeting while Richemont studies the idea of delivering "A" shares to holders of South African depository receipts, thereby cancelling the depository receipt programme in South Africa.
"The contemplated simplified structure is intended to reduce administrative complexity and facilitate cross-border trading in Richemont A shares between investors on the SIX Swiss Exchange and the Johannesburg Stock Exchange," it said.
Its board will submit a revised proposal on the matter at an extraordinary general meeting of shareholders to be held later this year, it added.
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