FOR IMMEDIATE RELEASE
Petra Diamonds
Limited
("Petra", "PDL" or the "Company" or,
in conjunction with its subsidiaries, the “Group”)
Scheme of
Arrangement of Petra Diamonds US$ Treasury Plc
Scheme Sanction
Hearing Results
Confirmation of
sanction of the Scheme of Arrangement
Further to the announcement issued by the Company on
8 January 2021, the Company is
pleased to announce that the Scheme in connection with the Notes
was sanctioned by the High Court of Justice of England and Wales at the Scheme Sanction Hearing which
took place before Bacon J at 10.30
a.m. (London time) on
12 January 2021.
As noted in previous announcements relating to the
Restructuring, each of the elements of the Restructuring (of which
the Scheme is an integral part) are inter-conditional, meaning that
the Scheme will only become effective if the Scheme Conditions are
approved and/or implemented or waived in accordance with the terms
of the Scheme. Therefore, notwithstanding the sanctioning of
the Scheme by the Court, the Restructuring Effective Date will only
occur if, in particular, (i) Petra's Shareholders approve the
issuance of the New Shares, (ii) the United States Bankruptcy Court
grants the U.S. Chapter 15 Order, and (iii) regulatory approval
from the Financial Surveillance Department of the South African
Reserve Bank is obtained.
The Special General Meeting at which Petra's Shareholders will
be asked to approve the issuance of the New Shares is scheduled to
take place at 9:30 a.m. (GMT) on
13 January 2021.
The hearing before the United States Bankruptcy Court at which
the Company will seek the Chapter 15 Recognition is scheduled to
take place at 2.00 p.m. (New York time) on 14
January 2021.
Capitalised terms used but not defined in this announcement have
the meaning given to them in the Practice Statement Letter.
~ Ends ~
For further information, please contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Cathy
Malins
investorrelations@petradiamonds.com
Des Kilalea
Marianna Bowes
Rothschild & Co
Giles
Douglas
giles.douglas@rothschildandco.com
Glen
Cronin
glen.cronin@rothschildandco.com
Mahir
Quraishi
mahir.quraishi@rothschildandco.com
Lucid Issuer Services
Limited
Telephone: +44 20 7704 0880
Oliver
Slyfield
petradiamonds@lucid-is.com
David Shilson
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
a consistent supplier of gem quality rough diamonds to the
international market. The Company has a diversified portfolio
incorporating interests in three underground producing mines in
South Africa (Finsch, Cullinan and
Koffiefontein) and one open pit mine in Tanzania (Williamson).
Petra's strategy is to focus on value rather than volume
production by optimising recoveries from its high-quality asset
base in order to maximise their efficiency and profitability. The
Group has a significant resource base of ca. 243 million carats,
which supports the potential for long-life operations.
Petra conducts all operations according to the highest ethical
standards and will only operate in countries which are members of
the Kimberley Process. The Company aims to generate tangible value
for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the
London Stock Exchange under the ticker 'PDL' and is a constituent
of the FTSE4Good Index. The Company’s US$650
million loan notes due in 2022, currently subject to
restructuring, are listed on the Global Exchange market of the
Irish Stock Exchange. For more information, visit
www.petradiamonds.com.
Important Notice
This announcement contains statements about Petra that are or
may be forward looking statements. All statements other than
statements of historical facts included in this announcement may be
forward looking statements. Without limitation, any statements
preceded or followed by or that include the words "targets",
"goals", "should", "would", "could", "continue", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "hopes", "projects" or words or terms
of similar substance or the negative thereof, are forward looking
statements.
Such forward looking statements involve risks and uncertainties
that could significantly affect expected results and are based on
certain key assumptions. Many factors could cause actual results to
differ materially from those projected or implied in any forward
looking statements. Due to such uncertainties and risks, readers
are cautioned not to place undue reliance on such forward looking
statements, which speak only as of the date hereof. Petra disclaims
any obligation to update any forward looking or other statements
contained herein, except as required by applicable law or
regulation.
N.M. Rothschild & Sons Limited ("Rothschild & Co"),
which is authorised and regulated in the United Kingdom by the Financial Conduct
Authority, is acting exclusively for Petra and no one else in
connection with the contents of this announcement and will not be
responsible to anyone other than Petra for providing the
protections offered to clients of Rothschild & Co nor for
providing advice in relation to the subject matter of this
announcement or any other matters referred to in this
announcement.