Owners of Swiss luxury group Richemont CFR.S have approved plans to issue warrants as part of a shareholder loyalty scheme, the company said on Wednesday, setting out terms for the issue that follows a COVID-19 related cut to the dividend.

Warrants will be distributed to shareholders on Nov. 27, when the “A” warrants related to A shares will be listed on SIXSwiss Exchange. Sixty-seven warrants can be exercised to buy oneA share in three years for 67.00 Swiss francs, thevolume-weighted average price between Oct. 19 and Nov. 13.

Richemont had proposed the scheme to preserve cash during the COVID-19 pandemic after halving its dividend to 1 Swiss franc per share.