Petra Diamonds Ltd - Lock-Up Agreement accession results Early Bird Deadline
London, December 3
FOR IMMEDIATE RELEASE
|3 December 2020||LSE: PDL|
Petra Diamonds Limited
("Petra", "PDL" or the "Company" or, in conjunction with its subsidiaries, the "Group")
Lock-Up Agreement accession results as at the Early Bird Deadline
The Company is pleased to announce that, as at the Early Bird Deadline, which was on 1 December 2020, holders of the Group's US$650,000,000 7.25 per cent. senior secured second lien notes due 1 May 2022 (the "Noteholders") representing over 75 per cent. of the aggregate principal amount of the Notes Debt had entered into or acceded to the Lock-Up Agreement, which will require these Noteholders to vote in favour of the scheme at the creditor meeting. To confirm, in order to become effective the Scheme must be approved by a majority in number of the Scheme Creditors, representing at least 75 per cent. in value of the Scheme Creditors present and voting at the creditor meeting ordered by the Court for the purposes of considering the Scheme. Further details are set out in the announcement issued by the Company on 17 November 2020 and to the Practice Statement Letter distributed on the same date the Noteholders, which is available on the Scheme Website at www.lucid-is.com/petradiamonds/.
The Company is delighted that such a high proportion of Noteholders have indicated their support for the Scheme and the proposed Restructuring. As per the announcement issued by the Company on 2 December 2020, the next stage in the Scheme timetable is the Scheme Convening Hearing, which is scheduled to take place on 9 December 2020.
Capitalised terms used but not defined in this announcement have the meaning given to them in the Practice Statement Letter.
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For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Cathy Malins firstname.lastname@example.org
Rothschild & Co
Giles Douglas email@example.com
Glen Cronin firstname.lastname@example.org
Mahir Quraishi email@example.com
Lucid Issuer Services Limited Telephone: +44 20 7704 0880
Sunjeeve Patel firstname.lastname@example.org
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.
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.
The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the United States and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.
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.