Petra Diamonds Ltd - Update regarding the Restructuring

Petra Diamonds Ltd - Update regarding the Restructuring

PR Newswire

London, March 9

FOR IMMEDIATE RELEASE

9 March2021

LSE: PDL

Petra Diamonds Limited

("Petra", "PDL" or the "Company" or, in conjunction with its subsidiaries, the "Group")

Update regarding the Restructuring

The Company is pleased to announce that the Proposed Restructuring Effective Date occurred today and that all of the implementation steps to the recapitalisation of the Group (the "Restructuring") have occurred other than Admission (as defined below). It is expected that as part of the Restructuring and pursuant to the debt for equity conversion announced on 22 December 2020, 8,844,657,929 New Ordinary Shares will be admitted to listing on the premium segment of the Official List of the FCA and admitted to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. tomorrow ("Admission"). Following Admission and completion of the Capital Reduction, the Company's New Ordinary Shares will trade under the new ISIN BMG702781417 to reflect the change in the nominal value to 0.001p per share.

Admission is the final step of the Restructuring, and it is therefore expected that the Restructuring will be completed tomorrow. A further announcement will be made tomorrow following Admission as to occurrence of the completion of the Restructuring.

Capitalised terms used but not defined in this announcement have the meaning given to them in the explanatory statement dispatched to Scheme Creditors on 10 December 2020 or in the combined prospectus and circular published by the Company on 22 December 2020, which is available on the Company's website (www.petradiamonds.com/investors/2020-financial-restructuring/), as applicable.

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For further information, please contact:

Petra Diamonds, London Telephone: [phone]
Des Kilalea [e-mail]
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$337 million notes due in 2026 will be 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.