REG-Petra Diamonds: Issue of Settlement Advisory Notice

Petra DiamondsAnnouncement

03/12/2020 12:05

FOR IMMEDIATE RELEASE

 3 December 2020   LSE: PDL 

Petra Diamonds Limited

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

Petra Diamonds Limited issues Settlement Advisory Notice

7.25% Senior Secured Second Lien Notes due 2022

(ISINs: USG7028AAB91 / US71642QAB32; CUSIPs: G7028AAB9 / 71642QAB3)

(the "Notes")

Following the announcement made on 17 November 2020 in relation to the
launch of the scheme of arrangement (the "Scheme") via the issuance of a
practice statement letter (the "PSL"), Petra would like to provide an advance
notice of certain procedures and actions which certain Noteholders will be
required to complete for the successful settlement of the New Notes which they
are entitled to receive pursuant to the proposed financial restructuring of
the Group (the "Restructuring"). Capitalised terms not otherwise defined have
the meanings set out in the PSL.

TO ALL NOTEHOLDERS

Please note that Petra Diamonds US$ Treasury plc (the "Scheme Company") will
be making available certain documents (the "Scheme Documents") to the Scheme
Company’s existing creditors, including all Noteholders, which will request
that Noteholders follow the procedures and take the actions further described
below by the designated deadlines set forth therein.

As a prerequisite to receiving the New Notes, all Noteholders holding
positions through DTC must first transfer their positions into an existing
securities account with Euroclear or Clearstream (thereby making such holdings
“EC/CS Notes”) by the designated deadlines that will be set forth in the
Scheme Documents. Such Noteholders will then need to submit an electronic
instruction to either Euroclear or Clearstream, as applicable, to block their
EC/CS Notes until the Restructuring Effective Date, in order to have
successful settlement of the New Notes. The existing trustee for the Notes has
no role in such transfers of positions, and this transfer must be performed by
all relevant Noteholders.

If Noteholders do not transfer their holding positions held through DTC into
an existing securities account with Euroclear or Clearstream and make
arrangements to block such EC/CS Notes as set out in the Scheme Documents,
such Noteholders will not be able to receive their New Notes on the
Restructuring Effective Date.

Euroclear and Clearstream expect to receive the New Notes on the Restructuring
Effective Date in their respective accounts as instructed by the Information
Agent, of which further details will be set forth in the Scheme Documents.
Upon receipt of these securities, Euroclear and Clearstream will, on a
reasonable efforts basis, credit such securities to their relevant customers.
Neither Clearstream nor Euroclear shall be held responsible if any step above
cannot be completed within the requested timeframe.

* * * * *

Any communications or questions in relation to this notice or procedures in
connection with the Restructuring generally may be directed to the Information
Agent:

Lucid Issuer Services Limited

Oliver Slyfield / David Shilson

Tel: +44 207 704 0880

Email: petradiamonds@lucid-is.com

~ Ends ~

For further information, please contact:

Petra Diamonds,
London                                        
Telephone: +44 20 7494 8203

Cathy
Malins                                                  
            investorrelations@petradiamonds.com

Des Kilalea     

Marianna Bowes 
                                                      

Rothschild & Co

Giles
Douglas                                                
            giles.douglas@rothschildandco.com

Glen
Cronin                                                    
            glen.cronin@rothschildandco.com

Mahir
Quraishi                                               
            mahir.quraishi@rothschildandco.com

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.



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