Gem Diamonds Limited Non-Executive Director Appointment (2981J)
December 17 2015 - 2:00AM
UK Regulatory
TIDMGEMD
RNS Number : 2981J
Gem Diamonds Limited
17 December 2015
17 December 2015
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Appointment of Michael Lynch-Bell as non-Executive Director
Gem Diamonds Limited (LSE: GEMD) is pleased to announce the
appointment of Michael Lynch-Bell as an independent non-Executive
Director with effect from 16 December 2015.
Mr Lynch-Bell spent a 38 year career with Ernst & Young (EY)
having led its Global Oil & Gas, UK IPO and Global Oil &
Gas and Mining transaction advisory practices. He was a member of
the assurance practice from 1974 to 1996 when he transferred to the
Transaction Advisory Practice. He was also UK Alumni sponsor and a
member of the firm's EMEIA and Global Advisory Councils. He retired
from EY as a partner in 2012 and continued as a consultant to the
firm until November 2013.
Mr Lynch-Bell is currently Senior Independent non-Executive
Director and Audit Committee Chair at Kaz Minerals plc; Independent
non-Executive Director, Remuneration Committee member and Audit
Committee Chair at Lenta Limited; and Independent non-Executive
Director, Compensation Committee Chair and Audit Committee Chair at
Transocean Partners LLC. Mr Lynch-Bell is also currently honorary
treasurer, board member, audit and risk committee member and
finance & funding committee chair for ActionAid International,
a Human Rights campaigning NGO.
Chairman Roger Davis commented: "I am delighted to welcome
Michael to the Board as a non-Executive Director and Chair to the
Audit Committee. His wealth of experience in finance and mining
will complement the skill set of the existing board. "
No other information in connection with Mr Lynch-Bell's
appointment is required to be disclosed pursuant to LR 9.6.13R
For further information:
Gem Diamonds Limited
Glenn Turner, Company Secretary
Tel: +44 (0) 203 043 0280
Bell Pottinger
Daniel Thöle / Joanna Boon
Tel: +44 (0) 203 772 2500
About Gem Diamonds
Gem Diamonds is a leading global diamond producer of high value
diamonds. The company owns 70% of the Letšeng mine in Lesotho and
100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous
for the production of large, top colour, exceptional white
diamonds, making it the highest dollar per carat kimberlite diamond
mine in the world. Since Gem Diamonds' acquisition of Letšeng in
2006, the mine has produced four of the twenty largest white gem
quality diamonds ever recorded.
Gem Diamonds has a growth strategy based on the expansion of the
Letšeng mine and bringing the Ghaghoo mine into production, while
maintaining its strong balance sheet. The Company seeks to maximise
revenue and margin from its rough diamond production by pursuing
cutting, polishing and sales and marketing initiatives further
along the diamond value chain. With favourable supply/demand
dynamics expected to benefit the industry over the medium to long
term, particularly at the high end of the market supplied by Gem
Diamonds, this strategy positions the Company well to generate
attractive returns for shareholders in the coming years.
www.gemdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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