REG-Petra Diamonds Ltd: Directorate Changes

Petra DiamondsAnnouncement

11/11/2024 07:15

11 November 2024  LSE: PDL  

 

Petra Diamonds Limited

("Petra" or "the Company")

 

Directorate Changes

 

Petra announces that Varda Shine has notified the Company that she will not
offer herself for re-election at the Company's forthcoming Annual General
Meeting on 13 November 2024 and will retire from the Board at the conclusion
of that meeting.

 

Varda Shine said:

 

"I am stepping down from the Board for personal reasons, having indicated last
year that I will take on the role of Chair of Petra only for a short period.
It has been an honour and a pleasure to be a Director of Petra for the past
almost six years and Chair for the last year. During my time on the Board,
Petra has had to navigate significant challenges, including the pandemic and
the Company's financial restructuring.  More latterly as Chair, the focus has
been on the Company's response to the ongoing weakness in the diamond market,
with the delivery of updated Life of Mine plans that significantly enhance
Petra's resilience to future market and capital cycles as Petra prepares
itself for a refinancing of its 2L Notes. I would like to thank my fellow
Directors and the exceptional Petra management team and wish Petra every
success for the future."

 

The Board has appointed José Manuel Vargas, Non-Executive Director, as Chair
of Petra with effect from the conclusion of the Annual General Meeting. 
José Manuel will also become Chair of the Investment Committee. Bernard
Pryor, Senior Independent Director and Chair of the Remuneration Committee,
will become the Chair of the Nomination Committee.

 

José Manuel Vargas, Chair designate of Petra, said:

 

"I would like to thank Varda for her service to Petra and look forward to
working with my fellow Directors to ensure a smooth transition. 

 

Varda joined the Petra Board in January 2019 and became Remco Chair in April
2020, becoming Petra's Chair in November 2023. She oversaw various changes
that resulted in a smaller and more efficient Board and has helped steer Petra
through a challenging diamond market.

 

On behalf of the Board and Petra, we are grateful to Varda for the significant
contributions she has made during her tenure and wish her every success in her
future endeavours."

 

José Manuel is Chair of MAXAM, a leading explosives manufacturer, on the
board of Fluidra S.A. and ASK Chemicals, and is a Managing Director of Rhône
Capital.  José Manuel has extensive executive and board experience across
various sectors. From 2020 until January 2024, he was Chair and CEO of MAXAM
and was previously Chair and CEO of Aena SME S.A., where he led its
restructuring, partial privatisation and IPO in 2015. Before Aena, he held
senior management positions at Vocento S.A., including CFO and later CEO. He
also served as CFO and General Secretary of JOTSA and has been on the boards
of several other companies, including Vocento, Diario ABC and Wellbore
Integrity Solutions LLC.  José Manuel is a significant shareholder of
Petra, currently holding c. 11.39% of the Company's issued share capital.

 

Petra's Annual General Meeting will be held at 09.00 (GMT) on Wednesday, 13
November 2024 at One Heddon Street, London, W1B 4BD. Resolution 5, being the
re-election of Varda Shine, has been withdrawn.  At the time of this
announcement, over 99% of the votes cast were in favour of this resolution.

 

 

FURTHER INFORMATION

 

Petra Diamonds, London    +44 (0)784 192 0021

Patrick Pittaway     investorrelations@petradiamonds.com

Kelsey Traynor

 

                                                            

ABOUT PETRA DIAMONDS

 

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) 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
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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