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The distribution of the Announcement may be restricted by local law or regulation. In addition to the members of the board standing for re-election, the shareholders appointed Mr Josua Malherbe, Dr Frederick Mostert, Mr Guillaume Pictet, Me Dominique Rochat and Mr Gary Saage to the Board. This year, with double-digit sales growth already in hand, Richemont will report significantly higher first half profit. It also considered the composition of the Board itself, recognising that rapidly changing technologies bring significant challenges to traditional business models.
The Independent Directors appointed Schroders and Hambros as financial advisers and SBC Warburg Dillon Read and Panmure Gordon as brokers. She will remain a member of the Board of the Company in an executive capacity. Mr Perrin, in his twenty-five years with the Group, has been successful with Van Cleef & Arpels and, most recently, Cartier, in developing partnerships with our wholesale partners. Established nearly two centuries ago in 1829, Delvaux is the oldest luxury leather goods Maison in the world. Richemont has committed to a lock-up period of three years in respect of shares equivalent to 25% of the total share capital of the combined entity. The Group owns a portfolio of leading international brands including Cartier, Van Cleef & Richemont, the Swiss luxury goods group, reports that sales, including the impact of acquisitions, in the Group's third quarter from October to December 2001 were at the same level as that reported in the comparative period of the prior year.
On the basis that the total of the above cash payments will be 495p per unit. Richemont is expected to participate in this capital increase. It is the responsibility of persons accessing the Announcement to satisfy themselves as to the full observance of any relevant laws and regulatory requirements. Commenting on Mr Vallat's decision, Mr Johann Rupert, Chairman, said: