Petra Diamonds Ltd - Notice of Scheme Convening Hearing

Petra Diamonds Ltd - Notice of Scheme Convening Hearing

PR Newswire

London, December 1

FOR IMMEDIATE RELEASE

2 December2020

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

Notice of Scheme Convening Hearing

Further to the announcement issued by the Company on 17 November 2020 and to the Practice Statement Letter distributed on the same date to holders of the Group's US$650,000,000 7.25 per cent. senior secured second lien notes due 1 May 2022 (the "Notes") which is available on the Scheme Website at www.lucid-is.com/petradiamonds/, notice is hereby given that the Scheme Convening Hearing will take place on 9 December 2020 at a remote hearing held using Skype for Business (or such other remote communication programme as the Court decides).

At the Scheme Convening Hearing, the Company will seek an order granting it certain directions in relation to the Scheme, including permission to convene a meeting for the Scheme Creditors for the purpose of considering, and, if thought fit, approving the Scheme.

Any Scheme Creditor is entitled to attend the Scheme Convening Hearing to make representations to the Court, or to instruct counsel to attend the Scheme Convening Hearing and to make representations to the Court on his or her behalf.

We anticipate that the Court will confirm the timing of the Scheme Convening Hearing on or around 8 December 2020. Scheme Creditors who wish to attend the Scheme Convening Hearing, or who wish to instruct counsel to attend the Scheme Convening Hearing and to make representations to the Court on his or her behalf, should confirm their intention by email to [e-mail] specifying their name and email address, and if applicable, the name and email address of their counsel. A videoconferencing link will subsequently be provided to such parties directly by the Court.

Once confirmed, the timing for the Scheme Convening Hearing will also be published on the Business and Property Courts Rolls Building Cause List, which can be accessed via the following link: https://www.justice.gov.uk/courts/court-lists/list-cause-rolls2Insolvency.

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: [phone]

Cathy Malins [e-mail]

Des Kilalea

Marianna Bowes

Rothschild & Co

Giles Douglas [e-mail]

Glen Cronin [e-mail]

Mahir Quraishi [e-mail]

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.