Gem Diamonds Limited AGM Update Statement (5894V)
05 December 2023 - 6:00PM
UK Regulatory
TIDMGEMD
RNS Number : 5894V
Gem Diamonds Limited
05 December 2023
5 December 2023
GEM DIAMONDS LIMITED
("Gem Diamonds" or the "Company")
AGM Update Statement
In the June 2023 AGM results announcement, the Board of Gem
Diamonds Limited noted the proportion of votes cast against
Resolution 2, the approval of the 2022 Directors' Remuneration
Report and Resolution 12, renewing the authority of the Directors
to allot shares. In accordance with Provision 4 of the UK Corporate
Governance Code the Company has sought to engage with the
significant shareholder who voted against these resolutions.
Resolution 2 passed with 69.02% of participating shareholders
voting in favour.
The 2022 Directors' Remuneration Report described the
implementation of the Remuneration Policy approved at the 2021 AGM.
Prior to finalising the 2021 Remuneration Policy, the Board
consulted its largest shareholders, and adapted the Remuneration
Policy to align with shareholder feedback. However, the Board is
aware that one significant shareholder has a materially different
view on how the Remuneration Policy should be implemented, and this
impacted the vote on the 2022 Directors' Remuneration Report at the
2023 AGM. The Board has engaged with this shareholder since the
2023 AGM to help ensure any continuing concerns are understood, and
will be considering this feedback during the Board's Remuneration
Committee's deliberations over the 2024 Remuneration Policy which
will be presented to shareholders for approval at the 2024 AGM.
Resolution 12 passed with 69.54% of participating shareholders
voting in favour.
The Board acknowledges that the votes against Resolution 12
related primarily to the votes cast by a significant shareholder
and their standing policy on this matter. As noted in June, the
resolution reflected 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 standing
policy on this matter, the Board and the executive management team
have not engaged in further consultation with the significant
shareholder but 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
Kiki Constantopoulos, Company Secretary
Tel: +44 (0) 203 043 0280
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme/Felicity Winkles
Tel: +44 (0) 207 770 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. 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 .
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END
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