REG - Gemfields Group Ltd - Award of 2023 LTIP and PDMR dealings

GemfieldsAnnouncement

25/08/2023 09:00

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RNS Number : 4052K  Gemfields Group Limited  25 August 2023

Incorporated in Guernsey. Guernsey registration Number: 47656.

South African external company registration number 2009/012636/10

Share code on JSE:GML  / AIM:GEM

    ISIN: GG00BG0KTL52   |   LEI: 21380017GAVXTCYS5R31

("Gemfields" or the "Company")

 

Grant of performance share awards under Long Term Incentive Plan (LTIP) and
PDMR dealings

LONDON, 25 AUGUST 2023

Shareholders are advised that the Company has awarded a total of 11,823,851
performance shares in the form of nominal cost options ("Performance Shares")
under Gemfields Group Limited Long Term Incentive Plan 2023 ("LTIP") to two
Executive Directors and a small number of senior employees including PDMRs.

The vesting of all the Performance Shares is conditional on meeting
performance conditions measured over a three-year period as described below.
The awards will vest on the third anniversary of grant and are subject to a
two-year post vesting holding period and to conventional malus and clawback
provisions.

Performance conditions

These performance conditions will be measured from 1 January 2023 to 31
December 2025   ("Performance Measurement Period").

1. Cumulative Adjusted Earnings Per Share ("AEPS") Target

Up to 50% of the total Performance Shares will vest dependent upon the
achievement of a cumulative AEPS target over the Performance Measurement
Period, determined as follows:

 Cumulative AEPS for the three years to 31 December 2025  % of Shares subject to the AEPS Target Vesting (1)
 Below USD 0.09                                           No vesting
 USD 0.09                                                 25%
 USD 0.12 or higher                                       100%

(1) Straight line vesting for AEPS between USD0.09-USD0.12.

AEPS is defined as Headline Earnings Per Share adjusted for unrealised fair
value gains and losses. This removes any gains or losses that may relate to
revaluations of the Company's 6.54% stake in Sedibelo Resources and will
reported in the Company's financial accounts going forward. Any adjustments
made to the AEPS target for the purposes of the performance condition shall be
applied at the sole discretion of the Remuneration Committee and may include,
without limitation, charges for share based payments, the amortisation of
acquired intangible assets, and extraordinary one-off items. Such adjustments
will be applied on a transparent and consistent basis.

2. Total Shareholder Return ("TSR") Target

Up to 50% of the total Performance Shares will vest dependent upon the
performance of the Company's TSR measured over the Performance Measurement
Period, determined as follows:

 Compound average TSR growth for three-year period to 31 December 2025  % of Shares subject to the TSR Target Vesting (1)
 Below 10.0%                                                            No vesting
 10.0%                                                                  25%
 15.0%                                                                  100%

(1) Straight line vesting for compound average TSR growth between 10.0%-15.0%.

The base share price for this performance condition is USD 19.40 cents, being
the volume weighted average price of the Company's shares traded on AIM for
the 30 trading days ("30 Day VWAP) immediately prior to the start of the
Performance Measurement Period of 16.03 pence translated into USD, using the
average last exchange rate over the period of the 30 Day VWAP, of USD 1.2105
per GBP 1.

This base will be compared with the TSR at the end of the performance period
on 31 December 2025, as calculated using the AIM 30 Day VWAP until 31 December
2025 translated into USD using the same basis as above, multiplied by one
share plus any additional shares or fraction of a share that could have been
acquired by re-investing any net dividends, using the AIM closing price on the
ex-dividend date applicable to each dividend, paid during the Performance
Measurement Period.

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014

 1     Details of the person discharging managerial responsibilities / person closely

     associated

 a)    Name                                                         Sean Gilbertson
 2     Reason for the notification

 a)    Position/status                                              Chief Executive Officer / PDMR
 b)    Initial notification /Amendment                              Initial Notification
 3     Details of the issuer, emission allowance market participant, auction

     platform, auctioneer or auction monitor

 a)    Name                                                         Gemfields Group Limited
 b)    LEI                                                          21380017GAVXTCYS5R31
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a)    Description of the financial instrument, type of instrument  Ordinary Shares of USD0.00001 each

       Identification code                                          ISIN: GG00BG0KTL52
 b)    Nature of the transaction                                    Grant of nominal cost options
 c)    Price(s) and volume(s)

                                                                                      Price(s)          Volume(s)
                                                                                      Nil               3,749,093

 d)    Aggregated information

       - Aggregated volume                                          3,749,093

       - Price                                                      Nil

 e)    Date of the transaction                                      25 August 2023
 f)    Place of the transaction                                     Off market transaction

 

 1     Details of the person discharging managerial responsibilities / person closely

     associated

 a)    Name                                                         David Lovett
 2     Reason for the notification

 a)    Position/status                                              Chief Finance Officer / PDMR
 b)    Initial notification /Amendment                              Initial Notification
 3     Details of the issuer, emission allowance market participant, auction

     platform, auctioneer or auction monitor

 a)    Name                                                         Gemfields Group Limited
 b)    LEI                                                          21380017GAVXTCYS5R31
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted

 a)    Description of the financial instrument, type of instrument  Ordinary Shares of USD0.00001 each

       Identification code                                          ISIN: GG00BG0KTL52
 b)    Nature of the transaction                                    Grant of nominal cost options
 c)    Price(s) and volume(s)

                                                                                      Price(s)          Volume(s)
                                                                                      Nil               2,043,563

 d)    Aggregated information

       - Aggregated volume                                          2,043,563

       - Price                                                      Nil

 e)    Date of the transaction                                      25 August 2023
 f)    Place of the transaction                                     Off market transaction

 

 1     Details of the person discharging managerial responsibilities / person closely

     associated

 a)    Name                                                         Adrian Banks
 2     Reason for the notification

 a)    Position/status                                              PDMR
 b)    Initial notification /Amendment                              Initial Notification
 3     Details of the issuer, emission allowance market participant, auction

     platform, auctioneer or auction monitor

 a)    Name                                                         Gemfields Group Limited
 b)    LEI                                                          21380017GAVXTCYS5R31
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted

 a)    Description of the financial instrument, type of instrument  Ordinary Shares of USD0.00001 each

       Identification code                                          ISIN: GG00BG0KTL52
 b)    Nature of the transaction                                    Grant of nominal cost options
 c)    Price(s) and volume(s)

                                                                                      Price(s)          Volume(s)
                                                                                      Nil               1,204,627

 d)    Aggregated information

       - Aggregated volume                                          1,204,627

       - Price                                                      Nil

 e)    Date of the transaction                                      25 August 2023
 f)    Place of the transaction                                     Off market transaction

 

 1     Details of the person discharging managerial responsibilities / person closely

     associated

 a)    Name                                                         Kartikeya Parikshya
 2     Reason for the notification

 a)    Position/status                                              PDMR
 b)    Initial notification /Amendment                              Initial Notification
 3     Details of the issuer, emission allowance market participant, auction

     platform, auctioneer or auction monitor

 a)    Name                                                         Gemfields Group Limited
 b)    LEI                                                          21380017GAVXTCYS5R31
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted

 a)    Description of the financial instrument, type of instrument  Ordinary Shares of USD0.00001 each

       Identification code                                          ISIN: GG00BG0KTL52
 b)    Nature of the transaction                                    Grant of nominal cost options
 c)    Price(s) and volume(s)

                                                                                      Price(s)          Volume(s)
                                                                                      Nil               1,076,981

 d)    Aggregated information

       - Aggregated volume                                          1,076,981

       - Price                                                      Nil

 e)    Date of the transaction                                      25 August 2023
 f)    Place of the transaction                                     Off market transaction

 

 1     Details of the person discharging managerial responsibilities / person closely

     associated

 a)    Name                                                         CV Suresh
 2     Reason for the notification

 a)    Position/status                                              PDMR
 b)    Initial notification /Amendment                              Initial Notification
 3     Details of the issuer, emission allowance market participant, auction

     platform, auctioneer or auction monitor

 a)    Name                                                         Gemfields Group Limited
 b)    LEI                                                          21380017GAVXTCYS5R31
 4     Details of the transaction(s): section to be repeated for (i) each type of

     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted

 a)    Description of the financial instrument, type of instrument  Ordinary Shares of USD0.00001 each

       Identification code                                          ISIN: GG00BG0KTL52
 b)    Nature of the transaction                                    Grant of nominal cost options
 c)    Price(s) and volume(s)

                                                                                      Price(s)          Volume(s)
                                                                                      Nil               790,410

 d)    Aggregated information

       - Aggregated volume                                          790,410

       - Price                                                      Nil

 e)    Date of the transaction                                      25 August 2023
 f)    Place of the transaction                                     Off market transaction

 

Notification of a Transaction in terms of the JSE Listings Requirements

 

 Name                       Toby Hewitt
 Position/status            Company Secretary and General Counsel
 Nature of the transaction  Grant of nominal cost options
 Price(s) and volume(s)
                                        Price(s)    Volume(s)
                                        Nil         711,744

 Date of the transaction    25 August 2023
 Nature of interest         Direct Beneficial
 Place of the transaction   Off market transaction

 

 

-ENDS-

 

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM (http://WWW.GEMFIELDSGROUP.COM)

 

To join our investor mailing list, contact us on:
ir@gemfields.com (mailto:ir@gemfields.com)

 

For any press enquiries please contact us on:
gemfields@camarco.co.uk (mailto:gemfields@camarco.co.uk)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK
law pursuant to the European Union (withdrawal) act 2018 ("MAR").

 

ENQUIRIES

 

 

 GEMFIELDS                  Sean Gilbertson / David Lovett / Ian Hughes

                            ir@gemfields.com (mailto:ir@gemfields.com)

T:  +44(0) 20 7518 3400
 SPONSOR (JSE)              Investec Bank Limited
 NOMINATED ADVISER          finnCap

(AIM) & JOINT BROKER      Christopher Raggett / Tim Redfern / Edward Whiley
                            T: +44(0) 20 7220 0500
 JOINT BROKER               Liberum

Scott Mathieson / Kane Collings
                            T: +44(0) 20 3100 2222
 FINANCIAL PR/ IR           Camarco
                            Gordon Poole / Emily Hall

T: +44(0) 20 3757 4980

 

ADDITIONAL INFORMATION ON GEMFIELDS

Gemfields is a world-leading responsible miner and marketer of coloured
gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald
mine in Zambia (believed to be the world's single largest producing emerald
mine) and the Montepuez ruby mine in Mozambique (one of the most significant
recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting
licences in Zambia, Mozambique, Ethiopia and Madagascar.

 

Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of
exceptional heritage - enables Gemfields to optimise positioning, perception
and consumer awareness of coloured gemstones through Fabergé designs,
advancing the wider group's "mine and market" vision.

 

Gemfields has developed a proprietary grading system and a pioneering auction
and trading platform to provide a consistent supply of coloured gemstones to
downstream markets, a key component of Gemfields' business model that has
played an important role in the growth of the global coloured gemstone sector.

 

 

GEMFIELDS

GEMFIELDS.COM (https://gemfields.com/) (https://gemfields.com/) | INVESTORS
(https://www.gemfieldsgroup.com/) (https://www.gemfieldsgroup.com/)
|FOUNDATION (https://www.gemfieldsfoundation.org/)

INSTAGRAM (https://www.instagram.com/gemfields/)
(https://www.instagram.com/gemfields/) | FACEBOOK
(https://www.facebook.com/Gemfields/) (https://www.facebook.com/Gemfields/) |
TWITTER (https://twitter.com/GemfieldsLtd?lang=en)
(https://twitter.com/GemfieldsLtd?lang=en) | YOUTUBE
(https://www.youtube.com/channel/UCArCE0JFtakTP-tHq6v0KVg)

 

FABERGÉ

FABERGÉ.COM (https://www.faberge.com/) | INSTAGRAM
(https://www.instagram.com/officialfaberge/)
(https://www.instagram.com/officialfaberge/) | FACEBOOK
(https://www.facebook.com/OfficialFaberge)
(https://www.facebook.com/OfficialFaberge) | TWITTER
(https://twitter.com/OfficialFaberge) (https://twitter.com/OfficialFaberge) |
YOUTUBE (https://www.youtube.com/user/officialfaberge)

 

KAGEM MINING LINKEDIN (https://www.linkedin.com/company/kagem-mining-ltd)

MONTEPUEZ RUBY MINING LINKEDIN
(https://www.linkedin.com/company/montepuez-ruby-mining)

 

 

 

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