GEMD.L

Gem Diamonds Ltd.
Gem Diamonds Limited - AGM Update Statement
25th November 2024, 07:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 2120N
Gem Diamonds Limited
25 November 2024
 

25 November 2024

GEM DIAMONDS LIMITED 

("Gem Diamonds" or the "Company") 

AGM Update Statement

In the June 2024 AGM results announcement, the Board noted the proportion of votes cast against Resolution 2, Resolution 3 and Resolution 13, the approval of the Directors' Remuneration Policy, the approval of the Directors' Remuneration Report and the authority for the Directors to allot shares, respectively.

Resolution 2 represented the three-year cycle to approve the Directors' Remuneration Policy. The revised policy included minor amendments to the policy approved at the 2021 AGM and is in line with UK-listed market best practice. The Board wrote to the Company's 20 largest shareholders prior to the finalisation of the new policy and no concerns were raised by any of these shareholders at that time. It was therefore disappointing that Resolution 2 only received 65.75% support. The next Directors' Remuneration Policy review is due in 2027, and at that time, the Board will again engage with its largest shareholders prior to the 2027 AGM.

Resolution 3 represented the resolution supporting the Directors' Remuneration Report, which implemented the Remuneration Policy as approved at the 2021 AGM by 90.60%. The Board was disappointed that Resolution 3 only received 68.02% support. The Board previously discussed the Company's remuneration structure with its largest shareholders and is aware that one such shareholder has a materially different view on how remuneration should be structured, and therefore the Board has not engaged further with the shareholder but will continue to regularly consider their views.

Resolution 13 represented the renewal of the authority of the directors to allot shares. Resolution 13 passed with 69.92% of participating shareholders voting in favour. The Board acknowledges that the votes against Resolution 13 related primarily to the votes cast by a small number of larger shareholders. As noted in June, the resolution reflects UK-listed company market practice, and the Board considers the flexibility afforded by the authority to allot shares to be in the best interest of the Company. However, the Board is aware that certain shareholders, including a significant shareholder, have a policy of not supporting such resolutions. In view of the significant shareholder's position and their standing policy on this matter, the Board and the executive management team have not engaged in further consultation with the shareholder on this matter but will continue to regularly consider their views.

Any further updates on communication with shareholders on these matters, will be provided in the Annual Report and Accounts and associated documentation.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

For further information:

Gem Diamonds

Gem Diamonds Limited

Kiki Constantopoulos, Company Secretary

Tel: +44 (0) 203 043 0280

ir@gemdiamonds.com  

 

Celicourt Communications

Mark Antelme / Felicity Winkles

Tel: +44 (0) 207 777 6424

 

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. 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 rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
STRBBBITMTATBTI]]>
TwitterFacebookLinkedIn