REG-Petra Diamonds: Director Share Awards
12/01/2022 14:30
12 January 2022 LSE: PDL
Petra Diamonds Limited
("Petra" or the "Company")
Director Share Awards
Petra Diamonds Limited announces that the Executive Directors of the Company
have been granted deferred awards over ordinary shares in the Company under
the annual performance bonus plan.
The deferred share awards, representing 25% of the total annual performance
bonus for the financial year ended 30 June 2021, are as follows:
Director Position Value of deferred bonus 60 day Volume Weighted Average Price (VWAP) (1) Deferred shares awarded – after share consolidation (2,3,9)
Richard Duffy Chief Executive £97,666 86.5p 112,747
Jacques Breytenbach Finance Director £69,852 86.5p 80,638
The Company also announces the grant of performance based share awards under
the Company’s 2012 Performance Share Plan (“2012 PSP”) over ordinary
shares in the Company.
The FY2021 PSP awards were initially postponed given the uncertainty
associated with the Restructuring which completed in March 2021 and then
further postponed as a result of the Company having inside information which
prevented it from making share awards. Therefore, awards have been granted in
respect of both FY2021 and FY2022. The awards made are as follows, with full
vesting of the maximum award requiring performance conditions to be met in
full:
Director Position FY 2021 PSP award (2,4,9) FY 2022 PSP award (2,5,9)
Richard Duffy Chief Executive 638,196 753,255
Jacques Breytenbach Finance Director 456,444 502,170
Notes:
1. The 60 day VWAP for deferred share awards was 1.73p, as
calculated at the date of the Remuneration Committee meeting when the FY 2021
bonuses for Executive Directors were approved. As a result of the share
consolidation which became effective on 29 November 2021 this has been
multiplied by 50 to result in 86.5p.
2. All awards under the annual performance bonus plan and 2012 PSP
are granted as conditional awards over ordinary shares in Petra of 0.001 pence
each.
3. The awards under the annual performance bonus plan are deferred
for two years; these awards may be settled using existing shares purchased in
the market or in cash at the Company's discretion.
4. The FY2021 awards under the 2012 PSP are subject to performance
conditions based on (i) one-third linked to absolute total shareholder return
(with reference to 60-day VWAP of 1.75 pence at the effective date of
Restructuring); (ii) one-third linked to operational free cashflow and net
debt to EBITDA ratio and (iii) one-third linked to cashflow generation and
resultant net debt profile measured over the three years FY 2021 to FY 2023.
The awards are capped at 400% of annual salary.
5. The FY2022 awards under the 2012 PSP are subject to performance
conditions based on (i) one-third linked to absolute total shareholder return
(with reference to 60-day VWAP at date of final award); (ii) one-third linked
to operational free cashflow and net debt to EBITDA ratio and (iii) and
one-third linked to cashflow generation and resultant net debt profile
measured over the three years FY2022 to FY2024.
6. Further details regarding the share awards are set out within the
Directors' Remuneration Report within the Company's 2021 Annual Report.
7. No consideration was payable for the grant of the awards.
8. The grant of these awards does not affect Petra's Total Voting
Rights.
9. The number of awards have been adjusted in the same ratio as the
share consolidation of one new share for every 50 existing shares in issue as
voted on at the Company’s AGM on 19 November 2021 and which became effective
on 29 November 2021.
This announcement is made in accordance with Article 19 of the EU Market
Abuse Regulation.
Details of the person discharging managerial responsibilities / person closely associated
Name Richard Duffy
Reason for the notification
Position/status Chief Executive
Initial notification/Amendment Initial Notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name Petra Diamonds Limited
LEI 213800X4QZIAVSA12860
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the Financial instrument, type of instrument Identification code Ordinary shares of 0.05p per share par value BMG702782084
Nature of the transaction Award of deferred shares
Price(s) and volume(s)
Price(s) Volume(s)
Nil 112,747
Aggregated information 112,747 Nil
Date of the transaction 12 January 2022
Place of the transaction London Stock Exchange, Main Market (XLON)
1. Details of the person discharging managerial responsibilities / person closely associated
a. Name Richard Duffy
2. Reason for the notification
a. Position/status Chief Executive
b. Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Petra Diamonds Limited
b. LEI 213800X4QZIAVSA12860
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the Financial instrument, type of instrument Identification code Ordinary shares of 0.05p per share par value BMG702782084
b. Nature of the transaction Grant of performance based share awards
c. Price(s) and volume(s)
Price(s) Volume(s)
Nil 638,196
Nil 753,255
d. Aggregated information 1,391,451 Nil
e. Date of the transaction 12 January 2022
Place of the transaction London Stock Exchange, Main Market (XLON)
1. Details of the person discharging managerial responsibilities / person closely associated
a. Name Jacques Breytenbach
2. Reason for the notification
a. Position/status Finance Director
b. Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Petra Diamonds Limited
b. LEI 213800X4QZIAVSA12860
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the Financial instrument, type of instrument Identification code Ordinary shares of 0.05p per share par value BMG702782084
b. Nature of the transaction Award of deferred shares
c. Price(s) and volume(s)
Price(s) Volume(s)
Nil 80,638
d. Aggregated information 80,638 Nil
e. Date of the transaction 12 January 2022
f. Place of the transaction London Stock Exchange, Main Market (XLON)
1. Details of the person discharging managerial responsibilities / person closely associated
a. Name Jacques Breytenbach
2. Reason for the notification
a. Position/status Finance Director
b. Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Petra Diamonds Limited
b. LEI 213800X4QZIAVSA12860
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the Financial instrument, type of instrument Identification code Ordinary shares of 0.05p per share par value BMG702782084
b. Nature of the transaction Grant of performance based share awards
c. Price(s) and volume(s)
Price(s) Volume(s)
Nil 456,444
Nil 502,170
d. Aggregated information 958,614 Nil
e. Date of the transaction 12 January 2022
~ Ends ~
For further information, please contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Cathy Malins
Des Kilalea
Julia Stone
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 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. 230 million carats, 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 with a premium listing on the Main Market of the London Stock
Exchange under the ticker 'PDL'. The Company’s US$336.7 million notes due in
2026 are listed on the Irish Stock Exchange and admitted to trading on the
Global Exchange Market. For more information, visit www.petradiamonds.com.
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