TIDMGEM
RNS Number : 2189K
Gemfields Group Limited
20 December 2022
Incorporated in Guernsey. Guernsey registration Number:
47656
South African external company registration number
2009/012636/10
Share code on JSE: GML / AIM: GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Commencement of Share Buy-Back Programme
LONDON, 20 DECEMBER 2022
Gemfields announce today the commencement of a Share Buy-Back
Programme to purchase up to USD 10 million worth of ordinary shares
of USD 0.00001 each ("Share Buy-Back") ("Ordinary Shares"), after
receiving approval from shareholders on Wednesday 30 November 2022
at an Extraordinary General Meeting ("EGM").
The Share Buy-Back represents an opportunity to promote
Gemfields' financial success and is a good use of surplus cash, on
the basis that Gemfields is able to invest in itself at an
attractive, low enterprise valuation and simultaneously enhance
future earnings per share for the benefit of shareholders.
TERMS OF SHARE BUY-BACK PROGRAMME
The Share Buy-Back is in accordance with the terms of the
Company's authority to make market purchases of its own Ordinary
Shares granted to it at the EGM (the "Authority"), including that
the Share Buy-Back will end no later than the date of Gemfields'
next Annual General Meeting ("AGM") or 15 months from the date of
adoption of the Special Resolution (30 November 2022), whichever
date is earlier.
Any Ordinary Shares repurchased will be effected through the
order book operated by the JSE trading system and shall be done
without prior understanding or arrangement between Gemfields and
the relevant counterparty.
Gemfields has instructed Investec to conduct the Share Buy-Back,
under which trading decisions may be undertaken by Investec in
accordance with the directions of the Company. Investec are also
mandated to make trading decisions concerning purchases under the
terms of the Share Buy-Back independently of the Company. These
instructions given to Investec by the Company will not be given, or
amended once given, during periods when the Company is in
possession of inside information or during closed periods.
The maximum price paid per share is to be no more than 10% above
the volume weighted average trade price on the JSE the five
business days preceding the date of any repurchase. The number of
Ordinary Shares which may be acquired may not exceed in aggregate
USD 10 million in value.
Due to the limited liquidity in the issued Ordinary Shares, a
buy-back of Ordinary Shares pursuant to the Authority on any given
trading day may represent a significant proportion of the daily
trading volume in the Ordinary Shares on AIM and could exceed 25%
of the average daily trading volume and, accordingly, the Company
will not benefit from the exemption contained in Article 5(1) of
Regulation (EU) No. 596/2014.
The Company will make further announcements in due course
following any share purchases and after, on a cumulative basis, 3%
of the number of Ordinary Shares in issue (at the time that the
Authority was granted), in compliance with 11.27 of the JSE
Listings Requirements.
Any Ordinary Shares purchased will be held temporarily by the
Company in treasury, until cancellation at appropriate points
across the Share Buy-back. No voting rights will be attached to
shares held in treasury, beforehand of cancellation.
-ENDS-
Further information on Gemfields Group Limited can be found
at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian
Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
-------------------------------------
NOMINATED ADVISER finnCap
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern
/ Edward Whiley
T: +44(0) 20 7220 0500
-------------------------------------
JOINT BROKER Liberum
Scott Mathieson / Kane Collings
T: +44(0) 20 3100 2222
-------------------------------------
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
-------------------------------------
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading miner of responsible coloured
gemstones. Gemfields is the operator and 75% owner of both the
Kagem emerald mine in Zambia (believed to be the world's single
largest producing emerald mine) and the Montepuez ruby mine in
Mozambique (one of the most significant recently discovered ruby
deposits in the world). In addition, Gemfields also holds
controlling interests in various other gemstone mining and
prospecting licences in Zambia, Mozambique, Ethiopia and
Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and
prestigious brand of exceptional heritage - enables Gemfields to
optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's
"mine and market" vision.
Gemfields has developed a proprietary grading system and a
pioneering auction and trading platform to provide a consistent
supply of coloured gemstones to downstream markets, a key component
of Gemfields' business model that has played an important role in
the growth of the global coloured gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS | FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
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