24th Jun 2020 17:00
(Alliance News) - Gemfields Group Ltd on Wednesday said it will engage with its shareholders after two proposals received sizeable objections at its annual general meeting, with another rejected altogether.
The gemstone maker noted that 54% of votes were made against a motion to endorse its remuneration policy, though this was a non-binding advisory vote. Another non-binding advisory vote related to its remuneration implementation report, 48% of shareholders rejected this.
A motion to authorise the company's directors to issue up to 116.9 million shares was rejected by a third of shareholders.
"The company acknowledges that more than 25% of shareholders have voted against the two non binding advisory votes, these being the endorsement of the company's remuneration policy and remuneration implementation report," Gemfields said.
It will engage with shareholders in a conference call on July 16.
Gemfields shares closed 2.7% lower at 7.30 pence each in London on Wednesday. In Johannesburg, they ended down 0.6% at ZAR1.63.
By Eric Cunha; [email protected]
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