Gem Diamonds Limited — Director's Dealing 2020

Jun 9, 2020

National Storage Mechanism | Additional information

RNS Number : 3948P

Gem Diamonds Limited

09 June 2020

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)

Price(s)	Volume(s)
Nil	230,000

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)

Price(s)	Volume(s)
Nil	170,000

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 Limited

Susan Wallace, Company Secretarial department

Tel: +44 (0) 203 043 0280

[email protected]

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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