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13 Jun 2011 12:19
13 June 2011
GEM DIAMONDS LIMITED
Awards to directors under the Employee Share Option Plan (ESOP)
The Company announces the following grants of Performance Shares (at nominal value US $0.01) and Market Value Options (at an exercise price of 263.4p) which have been made on 13 June 2011 to Directors under the ESOP.
Number of Performance shares granted | Number of Market Value Options granted | |
Clifford Elphick | 50,000 | 100,000 |
Kevin Burford | 30,333 | 60,667 |
Glenn Turner | 30,333 | 60,667 |
Alan Ashworth | 34,000 | 68,000 |
The share holding of each Director in the Company's Ordinary Shares of US $0.01 each is:
Clifford Elphick | 9,325,000* |
Kevin Burford | 458,333 |
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 and Market Value Options 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 13 June 2014 and 13 June 2021.
In addition to the above, the number of Performance shares and Market Value Options granted at the same time to senior employees totalled 934,000.
The total number of grants was 1,368,000.
Gem Diamonds Limited
Clifford Elphick, Chief Executive Officer
Glenn Turner, Chief Commercial and Legal Officer
Tel: +44 (0) 203 043 0280
Richard Chetwode, Investor Relations
Tel: +44 (0) 203 043 0280
Mob: +44 (0) 759 0064 883
Gem Diamond Technical Services (Pty) Ltd
Sherryn Tedder, Corporate Affairs
Tel: +27 (0) 11 560 9600
Mob: +27 (0) 83 943 4505
Pelham Bell Pottinger
Charles Vivian
Tel: +44 (0) 207 861 3126
Mob: +44 (0) 7977 297 903
James MacFarlane
Tel: +44 (0) 207 861 3864
Mob: +44 (0) 7841 672 831
About Gem Diamonds:
Gem Diamonds is an international diamond mining company that has pursued a long term growth strategy through targeted acquisitions and the development of its existing assets. Following the recovery in diamond prices in 2010 the Company's focus has been to place itself in a position to take advantage of long term growth opportunities.
The Company's mining portfolio comprises producing kimberlite and lamproite mines in Lesotho and Australia, as well as development projects in Angola and Botswana.
With Letšeng's production of the world's most sought after remarkable white diamonds and Ellendale's production of rare fancy yellow diamonds, Gem Diamonds remains focused on higher value diamonds. This segment of the market is likely to deliver attractive long term returns.
www.gemdiamonds.com
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