Petra Diamonds Scheme Meeting Results

 
TIDMPDL 
 
FOR IMMEDIATE RELEASE 
 
8 January 2021                                                                                              LSE: PDL 
 
                            Petra Diamonds Limited 
 
("Petra", "PDL" or the "Company" or, in conjunction with its subsidiaries, the 
                                   "Group") 
 
       Proposed Scheme of Arrangement of Petra Diamonds US$ Treasury Plc 
 
                            Scheme Meeting Results 
 
          Approval of the Scheme of Arrangement at the Scheme Meeting 
 
Further to the announcement issued by the Company on 10 December 2020, a 
meeting of the holders of the Company's Notes was convened for today (the 
"Scheme Meeting") to vote on the Scheme proposed by Petra Diamonds US$ Treasury 
Plc in connection with the Restructuring. 
 
The Company is pleased to announce that the Scheme was approved by the 
requisite majority of Scheme Creditors at the Scheme Meeting (being a majority 
in number, representing at least 75 per cent. in value of the Scheme Creditors 
present and voting). 
 
There were 194 Scheme Creditors present and voting at the Scheme Meeting (by 
proxy), together representing US$696,255,102.65 in value of the Notes Debt 
(being both principal and interest owing) and 98.44 per cent. of the total 
Scheme Claims. 100 per cent. by number and value of those 194 Scheme Creditors 
present and voting at the Scheme Meeting voted in favour of the Scheme. 
Accordingly, the Scheme was approved. 
 
Successful completion of the Scheme is now conditional upon, among other 
things, the Scheme being sanctioned by the Court in its discretion at the 
Scheme Sanction Hearing and the Scheme becoming effective and unconditional in 
accordance with its terms.  As noted in the announcement issued by the Company 
on 17 November 2020, 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 each of the other elements of the Restructuring are 
approved and/or completed. 
 
The Scheme Sanction Hearing is anticipated to take place on 12 January 2021. 
Please see the announcement issued by the Company on 4 January 2021 for further 
information regarding the time and details of the Scheme Sanction Hearing. 
 
Capitalised terms used but not defined in this announcement have the meaning 
given to them in the Explanatory Statement. 
 
                                    Ends 
 
For further information, please contact: 
 
Petra Diamonds, London                                         Telephone: +44 
20 7494 8203 
 
Cathy Malins 
[e-mail] 
 
Des Kilalea 
 
Marianna Bowes 
 
Rothschild & Co 
 
Giles Douglas 
[e-mail] 
 
Glen Cronin 
[e-mail] 
 
Mahir Quraishi 
[e-mail] 
 
Lucid Issuer Services Limited                                 Telephone: +44 20 
7704 0880 
 
Oliver Slyfield 
[e-mail] 
 
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. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 08, 2021 09:02 ET (14:02 GMT)