11 June 2014
GEM DIAMONDS LIMITED
Awards to directors under the Employee Share Option Plan (ESOP)
Following the passing of the ESOP change of rules resolution at the AGM, the Company announces the following grants of Performance Shares (at nominal value US $0.01) which have been made on 10 June 2014 to Directors under the ESOP.
|
Number of Performance shares granted |
Clifford Elphick |
206,000 |
Michael Michael |
112,000 |
Glenn Turner |
138,000 |
Alan Ashworth |
153,000 |
The share holding of each Director in the Company's Ordinary Shares of US $0.01 each is:
Clifford Elphick |
9,325,000* |
Michael Michael |
10,000 |
Glenn Turner |
400,000 |
Alan Ashworth |
21,900 |
* Clifford Elphick is interested in these ordinary shares by virtue of his interest as a potential beneficiary in a discretionary trust which has an indirect interest in those ordinary shares.
The grants under the ESOP are structured in the form of Performance Shares each of which vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Awards which do not vest will lapse. Those which vest are exercisable between 10 June 2017 and 10 June 2024.
The total number of grants was 609,000.
For further information:
Gem Diamonds Limited
Sherryn Tedder, Investor Relations
Tel: +27 (0) 11 560 9600
Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 207 861 3232
About Gem Diamonds:
Gem Diamonds is a leading global diamond producer of high value diamonds. The company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine, currently in development in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the twenty largest white gem quality diamonds ever recorded.
Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the industry over the medium to long term, particularly at the high end of the market supplied by Gem Diamonds, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.
www.gemdiamonds.com
