Exercise of Options under the companies ESOP

RNS Number : 4114J

Gem Diamonds Limited

16 July 2013

 



16 July 2013

GEM DIAMONDS LIMITED

("Gem Diamonds" or the "Company")

Exercise of Options under the companies ESOP

Gem Diamonds, LSE: GEMD, the listed diamond miner, announces that it has allotted to Neil Kaner and Lee-Anne de Bruin shares in the company in the amount of 875 and 1750 shares respectively.  This follows the disposal of Kimberley Diamond Company, Western Australia, on 31 December 2012, out of the Gem Diamonds Group, at which time these two employees held options under the Gem's ESOP.  As 'good' leavers they were both entitled to have their holdings assessed for vesting against the plans performance conditions, which has been carried out.  They have both notified the company that they wish to exercise their vested options. All associated costs with the exercise have been received by the company from the two beneficiaries.

Application has been made to the UKLA for the shares to be admitted to the Official List and to the London Stock Exchange for the shares to be admitted for trading.

Enquiries

Gem Diamonds Limited

Andre Confavreux

Tel: [phone]

Mob: [phone]

Sherryn Tedder, Investor Relations

Tel: [phone]

Mob: [phone]

About Gem Diamonds:

Gem Diamonds is a leading producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho as well as the Ghaghoo mine, currently in development 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. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the top twenty largest white gem quality diamonds recorded.

Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.

www.gemdiamonds.com

 

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