REG - Petra Diamonds Ltd - Directorate Change

Petra DiamondsAnnouncement

13/11/2023 15:00

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RNS Number : 2772T  Petra Diamonds Limited  13 November 2023

 13 November 2023  LSE: PDL

 

Petra Diamonds Limited

("Petra" or "the Company")

 

Directorate Changes

 

Petra announces that Chairman Peter Hill CBE has notified the Company that he
will not offer himself for re-election at the Company's forthcoming Annual
General Meeting and will retire from the Board at the conclusion of that
meeting.

 

Peter Hill said:

 

"It has been an honour and a privilege to be a Director and Chair of Petra
over the last almost four years. Petra has an exceptional management team and
world-class diamond assets. It has successfully weathered a number of
exogenous pressures over the last few years and is very well placed for the
future and I feel it is now appropriate for a new Chair to take the Company on
to its next phase of development and growth. I wish the Company, the Board and
management all the very best for the future."

 

The Board has appointed Varda Shine, Senior Independent Director, as Chair of
Petra with effect from the conclusion of the Annual General Meeting.  Varda
will lead a search for a permanent Chair and also become Chair of the
Nomination and Investment Committees. Bernard Pryor, Non-Executive Director
and Chair of the Health and Safety Committee, will become the Senior
Independent Director. Varda will remain as Chair of the Remuneration Committee
during this interim period.

 

Varda Shine, Chair designate of Petra, said:

 

"I would like to thank Peter for his service to Petra Diamonds as its Chair
and look forward to working with my fellow Directors to ensure a smooth
transition and continuation of Petra's robust Governance framework until a
permanent replacement is sought.

 

Peter joined the Petra Board in January 2020 and became Chairman at the end of
March that year, just as the COVID-19 pandemic was breaking. He helped steer
Petra through the pandemic and the Company's successful financial
restructuring. He has refreshed the Board and has worked with CEO Richard
Duffy and his management team to stabilise the Company.

 

On behalf of the Board and Petra, we are grateful to Peter for the significant
contribution he made during his tenure and wish him every success in his
future endeavours."

 

Varda Shine is the Senior Independent Director of Ecora Resources plc and a
Non-Executive Director of Sarine Technologies Limited (Singapore Listed).
Varda is also an executive coach (Meryck & Co since 2014) and expert
adviser in the diamond industry. A 30-year career with De Beers culminated in
her appointment as CEO of De Beers Trading Company (a mid-stream business with
a turnover of approximately US$6 billion). Varda was the first woman to be
awarded honorary lifetime membership of the Israel Diamond Exchange and in
2011 was inducted into the Women's Jewellery Association Hall of Fame. Varda
has also received Honorary Membership of the London Diamond Bourse. In
addition to a number of appointments as a Non-Executive Director, Varda has
worked extensively as an executive mentor focusing on leaders and business
growth and transformation and has previously been a Non-Executive Director at
Lonmin plc.

 

Petra's Annual General Meeting will be held at 9.00 am on 14 November 2023.
Resolution 6, being the re-election of Peter Hill, has been withdrawn. When
electronic voting closed he had received a majority of votes in favour of his
re-election.

 

For further information, please contact:

 

Investor Relations, London                  Telephone: +44 20
7494
8203

Patrick Pittaway
investorrelations@petradiamonds.com
(mailto:investorrelations@petradiamonds.com)

Julia Stone

Kelsey Traynor

 

Financial PR (Camarco)

Gordon
Poole
Telephone: +44 20 3757 4980

Owen
Roberts
petradiamonds@camarco.co.uk (mailto:petradiamonds@camarco.co.uk)

Elfie Kent

 

 

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 mines in South Africa
(Finsch and Cullinan Mine) and one open pit mine in Tanzania (Williamson). The
Koffiefontein mine is currently on care and maintenance in preparation for
closure.

 

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 with a premium listing on the Main Market of the London Stock
Exchange under the ticker 'PDL'. The Company's loan 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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