Gem Diamonds says its recent annual general meeting (AGM) rejected two resolutions that sought to waive shareholders’ rights of pre-emption.
“The Board is disappointed in this outcome given that each of the resolutions followed the provisions of the Pre-Emption Group's Statement of Principles for the disapplication of pre-emption rights and reflect UK listed company market practice, and received support from independent corporate governance and shareholder advisory consultancies,” said the London-listed diamond miner.
The Board considers the flexibility afforded by these authorities to be in the best interests of the Company and shareholders and notes that they have received support at past AGMs.
“However, as seen at the 2020 AGM, the Board notes that a significant shareholder, with whom it has actively engaged, remains unable to support these resolutions…as a matter of policy.”
The special resolution to waive shareholder rights of pre-emption only got 72.78% of the votes in favour, while the resolution to waive shareholder rights of pre-emption in connection with an acquisition or an investment only got 65.05% of votes in favour.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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