ALLOTMENT AND ISSUE OF ORDINARY SHARES TO NON-EXECUTIVE DIRECTORSBack
26 Jun 2009
Gem Diamonds (LSE:GEMD) announces that it has approved the requests of non-executive directors Lord Renwick of Clifton and Richard Williams MBE MC to take up their entitlements to shares in Gem Diamonds.
The Board agreed that the entitlement to shares, under the IPO in February 2007, could be postponed for up to two years from the date of their respective appointment.
Consequently the Share Scheme Committee of the Board of Directors of Gem Diamonds has allotted and issued 144,664 Ordinary Shares in the capital of the Company ("Ordinary Shares") each to Lord Renwick of Clifton and Richard Williams MBE MC, non-Executive Directors, equally in accordance with the entitlement set out in the Prospectus published by the Company on 14 February 2007.
A total of 289,328 Ordinary Shares will be subscribed for at the nominal value of US$0.01 each.
This is the final allotment and issue of shares to non-Executive Directors as permitted under the terms of the IPO.
Application has been made to the FSA and London Stock Exchange for listing and trading of the shares as at 29 June 2009.
For further information:
Gem Diamonds Limited
Andre Confavreux, Company Secretary
Tel: +44 (0) 203 043 0280
Tel: +44 (0) 207 337 1533