TIDMGEM
RNS Number : 4052K
Gemfields Group Limited
25 August 2023
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")
Grant of performance share awards under Long Term Incentive Plan
(LTIP) and PDMR dealings
LONDON, 25 AUGUST 2023
Shareholders are advised that the Company has awarded a total of
11,823,851 performance shares in the form of nominal cost options
("Performance Shares") under Gemfields Group Limited Long Term
Incentive Plan 2023 ("LTIP") to two Executive Directors and a small
number of senior employees including PDMRs.
The vesting of all the Performance Shares is conditional on
meeting performance conditions measured over a three-year period as
described below. The awards will vest on the third anniversary of
grant and are subject to a two-year post vesting holding period and
to conventional malus and clawback provisions.
Performance conditions
These performance conditions will be measured from 1 January
2023 to 31 December 2025 ("Performance Measurement Period").
1. Cumulative Adjusted Earnings Per Share ("AEPS") Target
Up to 50% of the total Performance Shares will vest dependent
upon the achievement of a cumulative AEPS target over the
Performance Measurement Period, determined as follows:
Cumulative AEPS for the three % of Shares subject
years to 31 December 2025 to the AEPS Target Vesting
(1)
Below USD 0.09 No vesting
----------------------------
USD 0.09 25%
----------------------------
USD 0.12 or higher 100%
----------------------------
(1) Straight line vesting for AEPS between USD0.09-USD0.12.
AEPS is defined as Headline Earnings Per Share adjusted for
unrealised fair value gains and losses. This removes any gains or
losses that may relate to revaluations of the Company's 6.54% stake
in Sedibelo Resources and will reported in the Company's financial
accounts going forward. Any adjustments made to the AEPS target for
the purposes of the performance condition shall be applied at the
sole discretion of the Remuneration Committee and may include,
without limitation, charges for share based payments, the
amortisation of acquired intangible assets, and extraordinary
one-off items. Such adjustments will be applied on a transparent
and consistent basis.
2. Total Shareholder Return ("TSR") Target
Up to 50% of the total Performance Shares will vest dependent
upon the performance of the Company's TSR measured over the
Performance Measurement Period, determined as follows:
Compound average TSR growth for % of Shares subject
three-year period to 31 December to the TSR Target Vesting
2025 (1)
Below 10.0% No vesting
---------------------------
10.0% 25%
---------------------------
15.0% 100%
---------------------------
(1) Straight line vesting for compound average TSR growth
between 10.0%-15.0%.
The base share price for this performance condition is USD 19.40
cents, being the volume weighted average price of the Company's
shares traded on AIM for the 30 trading days ("30 Day VWAP)
immediately prior to the start of the Performance Measurement
Period of 16.03 pence translated into USD, using the average last
exchange rate over the period of the 30 Day VWAP, of USD 1.2105 per
GBP 1.
This base will be compared with the TSR at the end of the
performance period on 31 December 2025, as calculated using the AIM
30 Day VWAP until 31 December 2025 translated into USD using the
same basis as above, multiplied by one share plus any additional
shares or fraction of a share that could have been acquired by
re-investing any net dividends, using the AIM closing price on the
ex-dividend date applicable to each dividend, paid during the
Performance Measurement Period.
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Sean Gilbertson
------------------------------------------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer / PDMR
------------------------------------------------------------------- -----------------------------------------
b) Initial notification /Amendment Initial Notification
------------------------------------------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name Gemfields Group Limited
------------------------------------------------------------------- -----------------------------------------
b) LEI 21380017GAVXTCYS5R31
------------------------------------------------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares of USD0.00001 each
------------------------------------------------------------------- -----------------------------------------
Identification code ISIN: GG00BG0KTL52
------------------------------------------------------------------- -----------------------------------------
b) Nature of the transaction Grant of nominal cost options
------------------------------------------------------------------- -----------------------------------------
c) Price(s) and volume(s)
------------------- -----------------
Price(s) Volume(s)
------------------- -----------------
Nil 3,749,093
-------------------------------------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 3,749,093
- Price Nil
------------------------------------------------------------------- ----------------------------------------------
e) Date of the transaction 25 August 2023
------------------------------------------------------------------- -----------------------------------------
f) Place of the transaction Off market transaction
------------------------------------------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name David Lovett
------------------------------------------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------------
a) Position/status Chief Finance Officer / PDMR
------------------------------------------------------------------- -----------------------------------------
b) Initial notification /Amendment Initial Notification
------------------------------------------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------------------
a) Name Gemfields Group Limited
------------------------------------------------------------------- -----------------------------------------
b) LEI 21380017GAVXTCYS5R31
------------------------------------------------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares of USD0.00001 each
------------------------------------------------------------------- -----------------------------------------
Identification code ISIN: GG00BG0KTL52
------------------------------------------------------------------- -----------------------------------------
b) Nature of the transaction Grant of nominal cost options
------------------------------------------------------------------- -----------------------------------------
c) Price(s) and volume(s)
------------------- -----------------
Price(s) Volume(s)
------------------- -----------------
Nil 2,043,563
-------------------------------------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 2,043,563
- Price Nil
------------------------------------------------------------------- ----------------------------------------------
e) Date of the transaction 25 August 2023
------------------------------------------------------------------- -----------------------------------------
f) Place of the transaction Off market transaction
------------------------------------------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Adrian Banks
------------------------------------------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------------
a) Position/status PDMR
------------------------------------------------------------------- -----------------------------------------
b) Initial notification /Amendment Initial Notification
------------------------------------------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------------------
a) Name Gemfields Group Limited
------------------------------------------------------------------- -----------------------------------------
b) LEI 21380017GAVXTCYS5R31
------------------------------------------------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares of USD0.00001 each
------------------------------------------------------------------- -----------------------------------------
Identification code ISIN: GG00BG0KTL52
------------------------------------------------------------------- -----------------------------------------
b) Nature of the transaction Grant of nominal cost options
------------------------------------------------------------------- -----------------------------------------
c) Price(s) and volume(s)
------------------- -----------------
Price(s) Volume(s)
------------------- -----------------
Nil 1,204,627
-------------------------------------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 1,204,627
- Price Nil
------------------------------------------------------------------- ----------------------------------------------
e) Date of the transaction 25 August 2023
------------------------------------------------------------------- -----------------------------------------
f) Place of the transaction Off market transaction
------------------------------------------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Kartikeya Parikshya
------------------------------------------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------------
a) Position/status PDMR
------------------------------------------------------------------- -----------------------------------------
b) Initial notification /Amendment Initial Notification
------------------------------------------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------------------
a) Name Gemfields Group Limited
------------------------------------------------------------------- -----------------------------------------
b) LEI 21380017GAVXTCYS5R31
------------------------------------------------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares of USD0.00001 each
------------------------------------------------------------------- -----------------------------------------
Identification code ISIN: GG00BG0KTL52
------------------------------------------------------------------- -----------------------------------------
b) Nature of the transaction Grant of nominal cost options
------------------------------------------------------------------- -----------------------------------------
c) Price(s) and volume(s)
------------------- -----------------
Price(s) Volume(s)
------------------- -----------------
Nil 1,076,981
-------------------------------------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 1,076,981
- Price Nil
------------------------------------------------------------------- ----------------------------------------------
e) Date of the transaction 25 August 2023
------------------------------------------------------------------- -----------------------------------------
f) Place of the transaction Off market transaction
------------------------------------------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name CV Suresh
------------------------------------------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------------
a) Position/status PDMR
------------------------------------------------------------------- -----------------------------------------
b) Initial notification /Amendment Initial Notification
------------------------------------------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------------------
a) Name Gemfields Group Limited
------------------------------------------------------------------- -----------------------------------------
b) LEI 21380017GAVXTCYS5R31
------------------------------------------------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares of USD0.00001 each
------------------------------------------------------------------- -----------------------------------------
Identification code ISIN: GG00BG0KTL52
------------------------------------------------------------------- -----------------------------------------
b) Nature of the transaction Grant of nominal cost options
------------------------------------------------------------------- -----------------------------------------
c) Price(s) and volume(s)
------------------- -----------------
Price(s) Volume(s)
------------------- -----------------
Nil 790,410
-------------------------------------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 790,410
- Price Nil
------------------------------------------------------------------- ----------------------------------------------
e) Date of the transaction 25 August 2023
------------------------------------------------------------------- -----------------------------------------
f) Place of the transaction Off market transaction
------------------------------------------------------------------- -----------------------------------------
Notification of a Transaction in terms of the JSE Listings
Requirements
Name Toby Hewitt
Position/status Company Secretary and General Counsel
--------------------------------------------
Nature of the transaction Grant of nominal cost options
--------------------------------------------
Price(s) and volume(s)
------------------- --------------------
Price(s) Volume(s)
------------------- --------------------
Nil 711,744
----------------------------------------------- --------------------
Date of the transaction 25 August 2023
--------------------------------------------
Nature of interest Direct Beneficial
--------------------------------------------
Place of the transaction Off market transaction
--------------------------------------------
-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
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which
forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
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 responsible miner and marketer of
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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END
DSHLZLLLXVLBBBF
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