Petra Diamonds Limited - Update on Finsch Business Rescue Process
PR Newswire
LONDON, United Kingdom, June 10
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
10 June 2026 | LSE: PDL |
Petra Diamonds Limited
(the "Company" or "Business")
Update on Finsch Business Rescue Process
Further to the announcement made on Friday May 29, 2026, the Company wishes to confirm that Daniel Theodorus Van Jaarsveld and Luke Bernard Saffy have been appointed as Business Rescue Practitioners for the Finsch Diamond Mine (the " Business Rescue Practitioners"). The Business Rescue Practitioners have taken over the custodianship of the mine and will now begin executing all the legal requirements under the Business Rescue process, including the formulation of a Finsch specific business plan that they will put forward to the creditors for voting.
Furthermore, and in agreement with the Business Rescue Practitioners, Finsch Diamond Mine has begun suspending production activities effective this week. This is an interim step pending the completion of the Finsch specific business plan by the Business Rescue Practitioners and until the way forward has been agreed between the Business Rescue Practitioners and the creditors.
As previously announced, the Company launched on 29 May 2026 a formal bond consent solicitation process to seek the consent of more than 50% of holders of the senior second lien notes to agree to certain waivers under the indenture governing the notes which will ensure that the Finsch Business Rescue and any potential non-compliance with the minimum liquidity requirement will not result in a default under the senior second lien notes, and to execute a supplemental indenture implementing the relevant waivers. On 5 June 2026, the formal bond consent solicitation was completed following the receipt of consent of more than 50% of holders of the senior second lien notes, and the supplemental indenture was executed, to implement the relevant waivers.
The Company will continue to update the market on material developments going forward.
The information communicated in this announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (" MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Company is Tumi Dakada, acting Company Secretary.
FURTHER INFORMATION
For further information, please contact:
Investor Relations, London
Telephone: +44 (0)7495 470 187
Julia Stone and Kelsey Traynor investorrelations@petradiamonds.com
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company's portfolio incorporates interests in two underground mines in South Africa (Cullinan Mine and Finsch).
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 which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical standards and only operates 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 on the Main Market of the London Stock Exchange under the ticker 'PDL'. The Company's loan notes, due in 2030, are listed on EuroNext Dublin (Irish Stock Exchange). For more information, visit www.petradiamonds.com.
