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16 Mar 2016 16:48
GEM DIAMONDS LIMITED
Awards to directors under the Employee Share Option Plan (ESOP)
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The Company announces the following grants of Performance Shares (at nominal value US $0.01) which have been made on 15 March 2016 to Directors under the ESOP.
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Number of Performance shares granted | |
Clifford Elphick | 230,000 |
Michael Michael | 170,000 |
Glenn Turner | 170,000 |
The shareholding 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 |
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* 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 15 March 2019 and 15 March 2026.
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Gem Diamonds Limited
Glenn Turner/Juliet Kirk
Tel: +44 (0) 203 043 0280
Bell Pottinger
Daniel Thole / Anna Legge
Tel: +44 (0) 20 3772 2500
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ABOUT GEM DIAMONDS:
Gem Diamonds is a leading global diamond producer of world class, high-value diamonds.The LetΕ‘eng mine is renowned for the production of large, top colour, exceptional white diamonds, making it the highest average dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds acquired the LetΕ‘eng mine in 2006, it has produced four of the 20 largest white gem quality diamonds ever recorded.
Gem Diamonds has a growth strategy based on enhancing the operational efficiencies of LetΕ‘eng and developing the Ghaghoo mine, whilst maintaining its strong balance sheet. The Company seeks to maximise revenue and create additional margin from its rough diamond production through the Group's expanded sales, marketing and manufacturing capabilities. 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.
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