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23 Jun 2010 14:59
23 June 2010
GEM DIAMONDS LIMITED
("Gem Diamonds" or the "Company")
AWARDS TO DIRECTORS UNDER THE LONG TERM INCENTIVE PLAN 2007 (LTIP)
The Company announces the following grants of Conditional Awards (at nominal value US $0.01) and Market Value Options (at an exercise price of 231p) which have been made on 23 June 2010 to Directors under the LTIP
|
|
Number of shares subject to Conditional Award |
Number of shares over which Market Value Options are granted |
|
Clifford Elphick |
57,000 |
114,000 |
|
Kevin Burford |
38 600 |
77 200 |
|
Glenn Turner |
38 600 |
77 200 |
|
Alan Ashworth |
42,600 |
85,200 |
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.
These Conditional Awards under the LTIP are structured in the form of nil-cost options and normally vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Awards which do not vest will lapse. Nil-cost options which vest are exercisable between 23 June 2013 and 23 June 2020.
Market Value Options normally vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Those which do not vest will lapse. Options which vest are exercisable between 23 June 2013 and 23 June 2020.
In addition to the above, the number of shares over which Conditional Awards and Market Value Options were granted at the same time to senior employees totalled 730,000 shares
The total number of shares over which Conditional Awards and Market Value Options are granted was 1,376,200
For further information:
Investor Relations
Richard Chetwode
Tel: +44 (0) 7590 064 883
Gem Diamond Technical Services
Sherryn Tedder
Tel: +27 (0)11 560 9600
Pelham Bell Pottinger
James MacFarlane/ Charles Vivian
Tel: +44 (0) 20 7861 3232
About Gem Diamonds
Gem Diamonds Limited (LSE: GEMD) is a diamond mining and marketing company with a specific focus towards higher value diamonds, a segment of the market that its management believes will deliver superior long term returns.
Under current market conditions, Gem Diamonds is pursuing a near term strategy of focusing on cash preservation and generating maximum cash flow from its producing assets, the Letšeng Mine in Lesotho and the Kimberley Diamonds' Ellendale E9 Pipe in Australia. These two operations continue to produce amongst the world's finest white and fancy yellow diamonds respectively.
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