REG - Gem Diamonds Limited - AGM Update Statement

Gem DiamondsAnnouncement

25/11/2024 07:00

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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 (http://www.gemdiamonds.com/)

 

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