Gemfields Chairman Steps Down, Martin Tolcher Appointed

Gemfields, a world-leading supplier of gemstones mainly emerald and rubies, has announced that Brian Gilbertson will resign as the Chairman and director of the Company with effect from 25 November 2019. Martin Tolcher, who has served on the Board since 25 November 2008, will take over as Chairman of the Company.

Brian Gilbertson will resign from all other Gemfields subsidiary directorships but will retain non‐executive directorships of Fabergé Limited and Nairoto Resources Limitada which recently announced gold exploration project in Mozambique.

This development comes at a time when Gemfields is working towards obtaining a dual listing on the London Stock Exchange’s AIM market. Currently, the company is listed on the Johannesburg Stock Exchange. This ongoing process has highlighted the father‐and‐son relationship between Brian Gilbertson and Sean Gilbertson ‐ the present Chairman and CEO of Gemfields respectively ‐ as a potential impediment to robust corporate governance. By stepping down from the Board, the issue is obviated.

Gemfields, a world-leading supplier of coloured gemstones mainly emerald and rubies, announced that Brian Gilbertson will resign as the Chairman and director of the Company with effect from 25 November 2019, making way for Martin Tolcher, who has served on the Board since 25 November 2008. Tolcher is a British citizen and a resident of Guernsey. He has an established career experience in private investment and banking.

This development comes at a time when Gemfields is working towards obtaining a dual listing on the London Stock Exchange’s AIM market. Brian Gilbertson is the father of Sean Gilbertson, the current CEO of Gemsfields. This relationship became an impediment to robust corporate governance and success in listing the company in LSE’s AIM market. With Brian Gilbertson stepping down from the Board, the issue has been obviated.

Brian Gilbertson will resign from all other Gemfields subsidiary directorships but will retain non‐executive directorships of Fabergé Limited and Nairoto Resources Limitada which recently announced gold exploration project in Mozambique.

This development comes at a time when Gemfields is working towards obtaining a dual listing on the London Stock Exchange’s AIM market. This ongoing process has highlighted the father‐and‐son relationship between Brian Gilbertson and Sean Gilbertson ‐ the present Chairman and CEO of Gemfields respectively ‐ as a potential impediment to robust corporate governance. By stepping down from the Board, the issue is obviated.

Serving on the Board for more than 12 years has been a privilege and a pleasure as successive management teams have grown the Company from a single defunct mining pit into the world’s leading supplier of coloured gemstones. Gemfields today is in a sound financial position with a clear strategy to unlock value for shareholders as a ‘pure‐play’ African coloured gemstone producer.

Brian Gilbertson – Outgoing Chairman

He also thanked his fellow directors and the company teams for their hard work and significant contributions during his tenure as chairman.

Gemfields operates and owns 75% of both the Kagem emerald mine in Zambia (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world).

It also holds controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Ethiopia, and Madagascar.

Image courtesy: Gemfields

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