Sale of Shares

RNS Number : 2277A

Gem Diamonds Limited

03 June 2016

 

Gem Diamonds Limited

3 June 2016

GEM DIAMONDS LIMITED 

("Gem Diamonds" or the "Company") 

Persons Discharging Managerial Responsibilities ("PDMR") -   Sale of Shares 

A Allan, an employee of a subsidiary of the Company, who has recently resigned and is currently serving out notice, has been given permission to deal in accordance with DTR 3.1.3 (still being considered a PDMR). Gem Diamonds received notification that the employee, having exercised 16,456 options awarded to him in the Gem Diamonds Long Term Incentive Plan 2007, sold all the Ordinary Shares of US$ 0.01 each, at a price of £1.32 on 3 June 2016. Following the sale of shares the employee no longer holds any Ordinary Shares relating to this award.

As a result of this exercise of options, the Company's issued share capital will be 138,312,916 Ordinary Shares of US$ 0.01 each, all with voting rights.

The above figure (138,312,916) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure and Transparency Rules.

For further information:

Gem Diamonds Limited

Juliet Kirk, Assistant to the Company Secretary

Tel: [phone]

Bell Pottinger

Daniel Thöle / Anna Legge

Tel: [phone]

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 100% 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.

Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and bringing the Ghaghoo mine into production, 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 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.

www.gemdiamonds.com

 

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