Awards to Directors Under Lon

RNS Number : 1372O

Gem Diamonds Limited

23 June 2010

 



23 June 2010

GEM DIAMONDS LIMITED

("Gem Diamonds" or the "Company")

AWARDS TO DIRECTORS UNDER THE LONG TERM INCENTIVE PLAN 2007 (LTIP)

The Company announces the following grants of Conditional Awards (at nominal value US $0.01) and Market Value Options (at an exercise price of 231p) which have been made on 23 June 2010 to Directors under the LTIP

	Number of shares subject to Conditional Award	Number of shares over which Market Value Options are granted
Clifford Elphick	57,000	114,000
Kevin Burford	38 600	77 200
Glenn Turner	38 600	77 200
Alan Ashworth	42,600	85,200

The share holding of each Director in the Company's Ordinary Shares of US $0.01 each is:

Clifford Elphick               9,325,000*

Kevin Burford                    458,333

Glenn Turner                     400,000

Alan Ashworth                    21,900

*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.

These Conditional Awards under the LTIP are structured in the form of nil-cost options and normally vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Awards which do not vest will lapse.  Nil-cost options which vest are exercisable between 23 June 2013 and 23 June 2020.

Market Value Options normally vest on the third anniversary of the date of grant, subject to achieving certain performance conditions.  Those which do not vest will lapse.  Options which vest are exercisable between 23 June 2013 and 23 June 2020.

In addition to the above, the number of shares over which Conditional Awards and Market Value Options were granted at the same time to senior employees totalled 730,000 shares

The total number of shares over which Conditional Awards and Market Value Options are granted was 1,376,200

For further information:

Investor Relations

Richard Chetwode

Tel: [phone]

Gem Diamond Technical Services

Sherryn Tedder

Tel: [phone]

Pelham Bell Pottinger

James MacFarlane/ Charles Vivian

Tel: [phone]

About Gem Diamonds

Gem Diamonds Limited (LSE: GEMD) is a diamond mining and marketing company with a specific focus towards higher value diamonds, a segment of the market that its management believes will deliver superior long term returns. 

Under current market conditions, Gem Diamonds is pursuing a near term strategy of focusing on cash preservation and generating maximum cash flow from its producing assets, the Letšeng Mine in Lesotho and the Kimberley Diamonds' Ellendale E9 Pipe in Australia. These two operations continue to produce amongst the world's finest white and fancy yellow diamonds respectively.

 

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