News and Announcements

Notice of EGM

Notice is hereby given that an extraordinary general meeting (“EGM”) of shareholders of Gemfields will be held at 1 Cathedral Piazza, London, SW1E 5BP, United Kingdom on Wednesday, 4 December 2019 at 10.00 a.m. (British Time). The Notice of EGM and associated proxy forms have been posted to shareholders today, Tuesday, 5 November 2019. Those shareholders registered on the Company’s shareholders’ register on Friday, 25 October 2019 will receive notice of the EGM. For JSE purposes, those shareholders registered on the Company’s shareholders’ register on Friday, 29 November 2019 will be eligible to participate and vote. Accordingly, the last date to trade will be Tuesday, 26 November 2019.

Update on Distribution Pool

On 27 September 2019, the Company announced that: (i) it had completed a share buy-back programme, purchasing 143,168,555 shares on-market during the period 11 June – 27 September 2019 at an average price of ZAR 1.50 per share; (ii) the remaining balance of the Distribution Pool (referred to in its announcement of 27 June 2019) stood at USD10.28 million; and (iii) a further announcement would be made regarding the remaining Distribution Pool balance by 25 October 2019.

Update on share buy-back

Further to the announcement on 10th June 2019, the Company initiated a share buy-back programme given that the Board and management believed that the recent trading range of the Gemfields share price significantly undervalues the Company. Gemfields is pleased to announce the completion of its share buy-back programme as a result of purchasing 132,037,181 shares on-market, today, 27th September 2019.

Reviewed Interim Results for the six months ended 30 June 2019

The content of this short form announcement is the responsibility of the board of directors of the Company. Shareholders are advised that this short form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details of the financial results.

Trading Statement

Gemfields is reasonably certain that its net profit after tax will be USD 12.4 million for the 6-month period to 30 June 2019 compared to a net profit after tax of USD 16.0 million for the comparative period of 6 months to 30 June 2018. In ZAR terms, net profit after tax will be ZAR 177 million (ZAR 197 million net profit after tax for the comparative period).

Lusaka Emerald Auction Results

Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held in Lusaka, Zambia from 19-22 August 2019. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
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