Gem Diamonds Limited AGM Update Statement (5894V)

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: [phone]

[e-mail]

Celicourt Communications

Mark Antelme/Felicity Winkles

Tel: [phone]

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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December 05, 2023 02:00 ET (07:00 GMT)