Petra Diamonds Limited Notification of Transactions of PDMR (8717R)

TIDMPDL

RNS Number : 8717R

Petra Diamonds Limited

19 June 2018

 
 
 
 
 19 June 2018   LSE: PDL 
 

Petra Diamonds Limited

("Petra", "the Company" or "the Group")

Notification of Transactions of PDMR

Petra Diamonds Limited was notified today that Johan Dippenaar, Chief Executive Officer, and Jim Davidson, Technical Director, have entered into individual personal loan arrangements ("Loans") with Equities First Holdings LLC (the "Lending Institution") and have provided security for the Loans in favour of the Lending Institution by way of a legal mortgage ("Security") over, respectively, 2,500,000 and 1,000,000 Ordinary Shares in the Company of 10 pence each ("Shares").

The purpose of the Loans granted to Mr Dippenaar and Mr Davidson is to enable them to follow their rights in full in respect of the Rights Issue, announced by the Company on 24 May 2018. The Loans are repayable in two years and contain reversionary rights in favour of Mr Dippenaar and Mr Davidson upon satisfaction of the Loans. A waiver has been granted by the Joint Bookrunners in relation to the 90 day Director irrevocable lock-up (details of which are set out in the prospectus dated 24 May 2018) in order to allow the grant of the Security.

The Directors' shareholding details are set out below:

 
                                       Johan Dippenaar                      Jim Davidson 
                             Number of ordinary     Percentage     Number of ordinary   Percentage 
                                   shares            of issued           shares          of issued 
                                                   share capital                           share 
                                                                                          capital 
                            -------------------  ---------------  -------------------  ----------- 
 Current holding                      5,160,511            0.97%            4,934,506        0.93% 
                            -------------------  ---------------  -------------------  ----------- 
 Security                             2,500,000            0.47%            1,000,000        0.19% 
                            -------------------  ---------------  -------------------  ----------- 
 Holding after Security               2,660,511            0.50%            3,934,506        0.74% 
                            -------------------  ---------------  -------------------  ----------- 
 Rights Issue Shares 
  being subscribed for                3,225,319                             3,084,066 
                            -------------------  ---------------  -------------------  ----------- 
                                      5,885,830                             7,018,572 
                            -------------------  ---------------  -------------------  ----------- 
 Two year reversionary 
  right                               2,500,000                             1,000,000 
                            -------------------  ---------------  -------------------  ----------- 
 Holding after settlement 
  of the Loan and release 
  of the Shares                       8,385,830            0.97%            8,018,572        0.93% 
                            -------------------  ---------------  -------------------  ----------- 
 
 
 1.   Details of PDMR / person closely associated with them ('PCA') 
 a)   Name                      Johan Dippenaar 
     ------------------------  -------------------------------------------------------- 
 b)   Position / status         Chief Executive Officer 
     ------------------------  -------------------------------------------------------- 
 c)   Initial notification      Initial Notification 
       / amendment 
     ------------------------  -------------------------------------------------------- 
 2.   Details of the transaction(s): section to be repeated for (i) 
       each type of instrument; 
       (ii) each type of transaction; (iii) each date; and (iv) each 
       place where transactions have been conducted 
     ---------------------------------------------------------------------------------- 
 a)   Description of            Ordinary Shares of Petra Diamonds Limited (the 
       the financial             "Company"). 
       instrument 
     ------------------------  -------------------------------------------------------- 
 b)   Nature of the             Mr Johan Dippenaar has granted security by way 
       transaction               of a legal mortgage in favour of Equities First 
                                 Holdings LLC over 2,500,000 ordinary shares of 
                                 10 pence each in the Company as security in connection 
                                 with the Loan. 
                                 Shareholding details are as per table above. 
     ------------------------  -------------------------------------------------------- 
 c)   Price(s) and                Price(s)    Volume(s) 
       volume(s)                   N/A         2,500,000 
                                              ---------- 
     ------------------------  -------------------------------------------------------- 
 d)   Aggregated information    2,500,000 ordinary shares 
       Aggregated volume         N/A 
       Price 
     ------------------------  -------------------------------------------------------- 
 e)   Date of the transaction   18 June 2018 
     ------------------------  -------------------------------------------------------- 
 f)   Place of the              Outside trading venue 
       transaction 
     ------------------------  -------------------------------------------------------- 
 
 
 1.   Details of PDMR / person closely associated with them ('PCA') 
 a)   Name                      Jim Davidson 
     ------------------------  -------------------------------------------------------- 
 b)   Position / status         Technical Director 
     ------------------------  -------------------------------------------------------- 
 c)   Initial notification      Initial Notification 
       / amendment 
     ------------------------  -------------------------------------------------------- 
 2.   Details of the transaction(s): section to be repeated for (i) 
       each type of instrument; 
       (ii) each type of transaction; (iii) each date; and (iv) each 
       place where transactions have been conducted 
     ---------------------------------------------------------------------------------- 
 a)   Description of            Ordinary Shares of Petra Diamonds Limited (the 
       the financial             "Company"). 
       instrument 
     ------------------------  -------------------------------------------------------- 
 b)   Nature of the             Mr Jim Davidson has granted security by way of 
       transaction               a legal mortgage in favour of Equities First 
                                 Holdings LLC over 1,000,000 ordinary shares of 
                                 10 pence each in the Company as security in connection 
                                 with the Loan. 
                                 Shareholding as per table above. 
     ------------------------  -------------------------------------------------------- 
 c)   Price(s) and                Price(s)    Volume(s) 
       volume(s)                   N/A         1,000,000 
                                              ---------- 
     ------------------------  -------------------------------------------------------- 
 d)   Aggregated information    1,000,000 ordinary shares 
       Aggregated volume         N/A 
       Price 
     ------------------------  -------------------------------------------------------- 
 e)   Date of the transaction   18 June 2018 
     ------------------------  -------------------------------------------------------- 
 f)   Place of the              Outside trading venue 
       transaction 
     ------------------------  -------------------------------------------------------- 
 

Ends

For further information, please contact:

   Petra Diamonds, London                                         Telephone: [phone] 

Cathy Malins [e-mail]

Cornelia Grant [e-mail]

Buchanan Telephone: [phone]

(PR Adviser)

   Bobby Morse                                                               [e-mail] 

Anna Michniewicz

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 five producing operations: three underground mines in South Africa (Finsch, Cullinan and Koffiefontein), the Kimberley Ekapa Mining joint venture (including the Kimberley Underground mine and extensive tailings retreatment operations) and one open pit mine in Tanzania (Williamson). It also maintains an exploration programme in Botswana and South Africa.

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 the efficiency and profitability of its operations. The Group has a significant resource base in excess of 300 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. For more information, visit www.petradiamonds.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 19, 2018 06:27 ET (10:27 GMT)