News

Advanced Search

Gem Diamonds Firm on No-Dividend Policy

Dec 1, 2019 8:13 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Nearly a quarter of Gem Diamonds’ shareholders voted against reelecting CEO Clifford Elphick to the company’s board, in an effort to force approval of share buybacks and dividends. 

The board directors opposed implementing those measures because of the current weakness in the diamond market and the need to maintain appropriate cash reserves, the miner noted.

Although Elphick’s reelction passed, the miner spoke to the shareholders involved about their concerns.

“We understand that the significant votes received [are] principally related to the board’s approach on share buybacks, dividends and board composition,” Gem Diamonds said in a company filing following its annual general meeting last week.

A similar portion of shareholders also voted against retaining board member Harry Kenyon-Slaney for another term.

Shares in Gem Diamonds fell 8% Friday following the announcement, sending the stock to its lowest point this year.

Image: Clifford Elphick. (Gem Diamonds)
Tags: Clifford Elphick, Gem Diamonds, Harry Kenyon-Slaney, Rapaport News
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.