Petra Diamonds Scheme Sanction Hearing Results

 
TIDMPDL 
 
FOR IMMEDIATE RELEASE 
 
12 January 2021                                                          LSE: PDL 
 
                            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 
[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 12, 2021 10:14 ET (15:14 GMT)