REG - Gemfields Group Ltd - Update on Share Buyback Programme

GemfieldsAnnouncement

20/10/2023 07:00

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RNS Number : 7395Q  Gemfields Group Limited  20 October 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")

 

Update on Share Buyback Programme

LONDON, 20 OCTOBER 2023

Following the previously announced purchase of 31,610,735 of the Company's own
ordinary shares of USD0.00001 ("Ordinary Shares") on Wednesday 18 October
2023, Gemfields announces that as of that date, a total of 55,570,701 Ordinary
Shares had been purchased.

This represents 4.59% of the issued Ordinary Share capital on the date of the
original general authority to purchase the Ordinary Shares, which was
1,210,087,232 as at 30 November 2022. Under the JSE Listing Requirements, an
announcement is made once 3% of the issued Ordinary Share capital in aggregate
has been repurchased.

 Since commencing the share buyback:                  As at 18 October 2023
 Total number of ordinary shares purchased:           55,570,701
 Highest price paid per share:                        ZAR3.45
 Lowest price paid per share:                         ZAR3.00
 Volume weighted average price paid per share:        ZAR3.1751
 Aggregate price paid excluding the cost of dealing:  ZAR176,441,435.02

These Ordinary Shares were purchased using the cash resources of the Company.
The purchase of Ordinary Shares will result in a lower weighted average number
of shares in issue used to calculate earnings per share in the Company's
future financial reporting.

The purchases were made in terms of the current general authority granted by
the Company's shareholders and were effected through the order book on the JSE
trading system without any prior understanding or arrangement between the
Company and the counterparties, thereby complying with paragraph 5.72 (a) of
the JSE Listing Requirements.

The total number of Ordinary Shares held in treasury by the Company is
52,841,151. These Ordinary Shares will be held as treasury shares before being
periodically cancelled. Any cancellations will be announced separately. The
total number of Ordinary Shares in issue is 1,221,918,104, including treasury
shares.

Therefore, the number of Ordinary Shares that each carry the right to one vote
is 1,169,076,953. This is the total voting rights figure which may be used by
shareholders as the denominator in determining whether they are required to
notify their interests in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

Statement by the Directors

After considering the effect of the buyback the Directors of the Company are
of the opinion that the:

a)    Company will be able in the ordinary course of business to pay its
debts for a period of 12 months after the date of the announcement;

b)   assets of the Company and the group will be in excess of the
liabilities of the Company for a period of 12 months after the date of the
announcement;

c)    share capital and reserves of the Company will be adequate for
ordinary business purposes for a period of 12 months after the date of the
announcement; and

d)   working capital of the Company will be adequate for ordinary business
purposes for a period of 12 months after the date of the announcement.

 

-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)

 

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          Cavendish Capital Markets Limited

(AIM) & JOINT BROKER      Neil McDonald / Edward Whiley / Tim Redfern
                            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
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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