REG-Petra Diamonds: Notice of Scheme Convening Hearing

Petra DiamondsAnnouncement

02/12/2020 17:30

FOR IMMEDIATE RELEASE

 2 December 2020   LSE: PDL 

Petra Diamonds Limited

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

Proposed Scheme of Arrangement of Petra Diamonds US$ Treasury Plc

Notice of Scheme Convening Hearing

Further to the announcement issued by the Company on 17 November 2020 and to
the Practice Statement Letter distributed on the same date to holders of the
Group's US$650,000,000 7.25 per cent. senior secured second lien notes due 1
May 2022 (the "Notes") which is available on the Scheme Website at
www.lucid-is.com/petradiamonds/, notice is hereby given that the Scheme
Convening Hearing will take place on 9 December 2020 at a remote hearing held
using Skype for Business (or such other remote communication programme as the
Court decides).

At the Scheme Convening Hearing, the Company will seek an order granting it
certain directions in relation to the Scheme, including permission to convene
a meeting for the Scheme Creditors for the purpose of considering, and, if
thought fit, approving the Scheme.

Any Scheme Creditor is entitled to attend the Scheme Convening Hearing to make
representations to the Court, or to instruct counsel to attend the Scheme
Convening Hearing and to make representations to the Court on his or her
behalf.

We anticipate that the Court will confirm the timing of the Scheme Convening
Hearing on or around 8 December 2020. Scheme Creditors who wish to attend the
Scheme Convening Hearing, or who wish to instruct counsel to attend the Scheme
Convening Hearing and to make representations to the Court on his or her
behalf, should confirm their intention by email to petradiamonds@ashurst.com
specifying their name and email address, and if applicable, the name and email
address of their counsel. A videoconferencing link will subsequently be
provided to such parties directly by the Court.

Once confirmed, the timing for the Scheme Convening Hearing will also be
published on the Business and Property Courts Rolls Building Cause List, which
can be accessed via the following link:
https://www.justice.gov.uk/courts/court-lists/list-cause-rolls2#Insolvency.

Capitalised terms used but not defined in this announcement have the meaning
given to them in the Practice Statement Letter.

~ 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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