| Tue 20 Dec 2022, 9:00 | | GEMFIELDS GROUP LIMITED - Commencement of Share Buy-Back Programme |
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Commencement of Share Buy-Back Programme
GEMFIELDS GROUP LIMITED
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.
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
Date: 20-12-2022 09:00:00
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