Business
Award of shares to Executive Directors
Award of shares to Executive Directors.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 4038J Gem Diamonds Limited 11 June 2014 \n \n\n11 June 2014\n \nGEM DIAMONDS LIMITED\nAwards to directors under the Employee Share Option Plan (ESOP)\n \nFollowing the passing of the ESOP change of rules resolution at the AGM, the Company announces the following grants of Performance Shares (at nominal value US $0.01) which have been made on 10 June 2014 to Directors under the ESOP.\n\n\n\n\n\n\n\nNumber of Performance shares granted\n\n\n\n\nClifford Elphick\n\n\n206,000\n\n\n\n\nMichael Michael\n\n\n112,000\n\n\n\n\nGlenn Turner\n\n\n138,000\n\n\n\n\nAlan Ashworth\n\n\n153,000\n\n\n\n\n \nThe share holding of each Director in the Company's Ordinary Shares of US $0.01 each is:\n\n\n\n\nClifford Elphick\n\n\n9,325,000*\n\n\n\n\nMichael Michael\n\n\n10,000\n\n\n\n\nGlenn Turner\n\n\n400,000\n\n\n\n\nAlan Ashworth\n\n\n21,900\n\n\n\n\n* Clifford Elphick is interested in these ordinary shares by virtue of his interest as a potential beneficiary in a discretionary trust which has an indirect interest in those ordinary shares.\nThe grants under the ESOP are structured in the form of Performance Shares each of which vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Awards which do not vest will lapse. Those which vest are exercisable between 10 June 2017 and 10 June 2024.\nThe total number of grants was 609,000.\n \nFor further information: \nGem Diamonds Limited \nSherryn Tedder, Investor Relations \nTel: +27 (0) 11 560 9600 \n \nBell Pottinger \nCharles Vivian / James MacFarlane \nTel: +44 (0) 207 861 3232 \n \nAbout Gem Diamonds: \nGem 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, currently in development 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. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the twenty largest white gem quality diamonds ever recorded. \nGem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise r...