Gem Diamonds Limited AGM Update Statement (2788U)
02 December 2021 - 5:59PM
UK Regulatory
TIDMGEMD
RNS Number : 2788U
Gem Diamonds Limited
02 December 2021
2 December 2021
GEM DIAMONDS LIMITED
("Gem Diamonds" or the "Company")
AGM UPDATE STATEMENT
In the June 2021 AGM results announcement, the Board of Gem
Diamonds Ltd noted the proportion of votes cast against Resolution
14 authority to allot shares, Resolution 15 the disapplication of
pre-emption rights and Resolution 16 the further disapplication of
pre-emption rights. In accordance with Provision 4 of the UK
Corporate Governance Code the Company has sought to engage with a
significant shareholder who voted against these resolutions.
Resolution 14 passed with 71.99% of participating shareholders
voting in favour and Resolution 15 and 16 being special resolutions
did not pass with 27.22% and 34.95% of participating shareholders
voting against them respectively.
The Board acknowledges that the failure to pass the special
resolutions and the votes received against Resolution 14, related
primarily to the votes cast by a significant shareholder and their
standing policy on these matters. As noted in June, the Board was
disappointed in this outcome given that each of the resolutions
followed the provisions of the Pre-Emption Group's Statement of
Principles for the disapplication of pre-emption rights and
reflected UK listed company market practice. In response to the
votes received since the AGM, members of the Board and the
executive management team have engaged in consultation with the
significant shareholder. The Board will continue to regularly
consider their approach to this matter.
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 Limited
Susan Wallace, Company Secretarial department
Tel: +44 (0) 203 043 0280
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme/Ollie Mills
Tel: +44 (0) 208 434 2643
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 and
is currently in the process of selling its 100% share of the
Ghaghoo mine 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. 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
AGMTBBFTMTIMBTB
(END) Dow Jones Newswires
December 02, 2021 01:59 ET (06:59 GMT)
Gem Diamonds (LSE:GEMD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gem Diamonds (LSE:GEMD)
Historical Stock Chart
From Apr 2023 to Apr 2024