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Last checked at 
9 Jun 2020 09:50
9 June 2020
GEM DIAMONDS LIMITED
("Gem Diamonds" or the "Company")
Notifications of transactions by PDMRs
Awards of Performance Shares (in the form of options over ordinary shares with a nominal value exercise price of US$0.01 per share) have been made today to Directors/PDMRs of the Company under the Company's Employee Share Option Plan 2017, as detailed below.
Name of Director / PDMR | Number of Performance Shares awarded |
Clifford Elphick | 230,000 |
Michael Michael | 170,000 |
Gem Diamonds' policy since 2015 has been to set annual ESOP award opportunities as fixed numbers of shares. The Remuneration Committee's view is that this approach helps to manage dilution and more closely aligns executive interests with those of shareholders, as the absolute face value of awards increases/decreases with a rise/fall in share price. As a result of recent share price movements, the absolute face value of the Executive Directors' ESOP awards for 2020 have reduced compared with 2019, from 44% and 50% of salary in 2019 to between 16% and 18% of salary in 2020. The Committee will further exercise judgment when determining vesting of the 2020 awards, to ensure that any vesting is consistent with the stakeholder experience over this uncertain period, taking into account perspectives of shareholders, employees and other key stakeholders.
The following disclosure is made in accordance with Article 19(3) of the EU Market Abuse Regulation.
1. | Details of PDMR / person closely associated (PCA) | |||||
a) | Name | Clifford Elphick | ||||
2. | Reason for the notification | |||||
a) | Position / status | Chief Executive Officer | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Full name of the entity | Gem Diamonds Limited | ||||
b) | LEI | 213800RC2PGGMZQG8L67 | ||||
4. | Details of the transaction(s) | |||||
a) | Description of the financial instrument
Identification Code | Gem Diamonds Limited Ordinary Shares of USD 0.01 each ("Shares")
VGG379591065 | ||||
b) | Nature of the transaction | Award of options over Shares with an exercise price of USD 0.01 per Share under the terms of the Gem Diamonds Limited Employee Share Option Plan 2017, for nil-consideration. | ||||
c) | Currency | GBP - British Pound | ||||
d) | Price(s) and volume(s) |
| ||||
e) | Aggregated information
Aggregated volume
Price |
230,000
Nil | ||||
f) | Date of the transaction | 2020-06-09 | ||||
g) | Place of the transaction | Outside a trading venue | ||||
1. | Details of PDMR / person closely associated (PCA) | |||||
a) | Name | Michael Michael | ||||
2. | Reason for the notification | |||||
a) | Position / status | Chief Financial Officer | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Full name of the entity | Gem Diamonds Limited | ||||
b) | LEI | 213800RC2PGGMZQG8L67 | ||||
4. | Details of the transaction(s) | |||||
a) | Description of the financial instrument
Identification Code | Gem Diamonds Limited Ordinary Shares of USD 0.01 each
VGG379591065 | ||||
b) | Nature of the transaction | Award of options over Shares with an exercise price of USD 0.01 per Share under the terms of the Gem Diamonds Limited Employee Share Option Plan 2017, for nil consideration. | ||||
c) | Currency | GBP - British Pound | ||||
d) | Price(s) and volume(s) |
| ||||
e) | Aggregated information
Aggregated volume
Price |
170,000
Nil | ||||
f) | Date of the transaction | 2020-06-09 | ||||
g) | Place of the transaction | Outside a trading venue | ||||
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
For further information:
Gem Diamonds LimitedSusan Wallace, Company Secretarial department
Tel: +44 (0) 203 043 0280
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme/Ollie Mills
Tel: +44 (0) 208 434 2643
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 is currently in the process of selling its 100% share of the Ghaghoo mine 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. www.gemdiamonds.com
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