Petra Diamonds Ltd - Scheme Sanction Hearing Results

Petra Diamonds Ltd - Scheme Sanction Hearing Results

PR Newswire

London, January 12

FOR IMMEDIATE RELEASE

12 January2021

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: [phone]
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: [phone]
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.