Gemfields Acquires Own Shares and Discloses Total Voting Rights

Gemfield Stock By Back and Voting Disclosure
  • Gemfields purchases 1,729,550 of its own ordinary shares at ZAR3.45 per share, to be held as treasury shares before periodic cancellation.
  • The total number of ordinary shares held in treasury by Gemfields is now 1,729,550, while the total number of ordinary shares in issue, including treasury shares, is 1,218,586,612.
  • Gemfields discloses that the number of ordinary shares with voting rights is 1,216,857,062, which shareholders can use to determine their obligations under the FCA’s Disclosure Guidance and Transparency Rules.

Gemfields made a significant announcement regarding the recent purchase of its own ordinary shares. On 17 May 2023, the company acquired 1,729,550 of its own ordinary shares at a price of ZAR3.45 per share. These shares will be temporarily held as treasury shares before being periodically canceled, with any future cancellations to be announced separately.

Following this purchase, the total number of ordinary shares held in treasury by Gemfields stands at 1,729,550. Including the treasury shares, the total number of ordinary shares in issue amounts to 1,218,586,612. Therefore, the number of ordinary shares with voting rights is 1,216,857,062. This figure will serve as the total voting rights, enabling shareholders to determine their obligations under the FCA’s Disclosure Guidance and Transparency Rules, specifically in relation to notifying their interests or any changes in their interest in the company.

Gemfields is renowned for its responsible and ethical practices in the mining and marketing of colored gemstones. The company operates and owns 75% of the Kagem emerald mine in Zambia, which is recognized as the world’s largest producing emerald mine. Additionally, Gemfields operates the Montepuez ruby mine in Mozambique, which is considered one of the most significant recently discovered ruby deposits globally. The company also holds controlling interests in various gemstone mining and prospecting licenses across Zambia, Mozambique, Ethiopia, and Madagascar.

A notable aspect of Gemfields’ operations is its outright ownership of Fabergé, an iconic and prestigious brand renowned for its exceptional heritage. This ownership allows Gemfields to leverage Fabergé designs to enhance the perception, positioning, and consumer awareness of colored gemstones, aligning with the company’s overarching “mine and market” vision.

To ensure a consistent supply of colored gemstones to downstream markets, Gemfields has developed a proprietary grading system and an innovative auction and trading platform. These mechanisms play a pivotal role in Gemfields’ business model and have contributed significantly to the growth of the global colored gemstone sector.

This latest acquisition of Gemfields’ own shares underscores the company’s confidence in its long-term strategy and future prospects. By transparently disclosing its total voting rights, Gemfields reinforces its commitment to responsible business practices in the coloured gemstone industry.

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