REG-Petra Diamonds: Notice of Scheme Sanction Hearing

Petra DiamondsAnnouncement

04/01/2021 17:00

FOR IMMEDIATE RELEASE

 4 January 2021   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 Sanction Hearing

Notice of Scheme Sanction Hearing

Further to the announcement issued by the Company on 10 December 2020 giving
notice of the Scheme Meeting which is scheduled to take place on
8 January 2021, the Company hereby gives notice that, subject to the Scheme
being approved by the requisite number of Scheme Creditors at the Scheme
Meeting (being a majority in number, representing at least 75 per cent. in
value of the Scheme Creditors present and voting) the Scheme Sanction Hearing
at which the Court will consider whether to exercise its discretion to
sanction the Scheme is anticipated to take place on 12 January 2021, at a
virtual hearing held using Skype for Business (or such other remote
communication programme as the Court decides).

Any Scheme Creditor is entitled to attend the Scheme Sanction Hearing to make
representations to the Court, or to instruct counsel to attend the Scheme
Sanction 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 Sanction
Hearing on or around 11 January 2021. Scheme Creditors who wish to attend
the Scheme Sanction Hearing, or who wish to instruct counsel to attend the
Scheme Sanction 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.

Details of the Scheme Convening Hearing will also be published on the Business
and Property Courts Rolls Building Cause List on 11 January 2021, which can
be accessed via the following link:
https://www.justice.gov.uk/courts/court-lists/list-cause-rolls2#Insolvency.

Voting Instruction Deadline – Reminder

In order for the voting instructions of a Noteholder to be taken into account
for the purposes of the Scheme Meeting and for the election of a Noteholder to
participate in the New Money, a valid Account Holder Letter in respect of that
Noteholder must be received by the Information Agent by 5:00 p.m. (London
time) on 5 January 2021 (the "Voting Instruction Deadline"), as set out in
the Notice of Scheme Meeting published on 10 December 2020.

Failure to deliver a valid Account Holder Letter on behalf of the Noteholder
by the Voting Instruction Deadline will mean that the voting instructions
contained in that Account Holder Letter will be disregarded for the purposes
of voting at the Scheme Meeting and the Noteholder will not be entitled to
vote at the Scheme Meeting or participate in the New Money. This is subject to
the Chairman of the Scheme Meeting's discretion to permit Scheme Creditors to
submit an Account Holder Letter after the Voting Instruction Deadline, but
Scheme Creditors should not rely on such discretion and should prioritise
submission of their Account Holder Letters to the Information Agent on time.

Scheme Creditors that have questions in relation to the Scheme may contact
Lucid Issuer Services Limited as Information Agent appointed by the Scheme
Company, using the contact details below.

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

Lucid Issuer Services
Limited                                
Telephone: +44 20 7704 0880

Oliver
Slyfield                                                 
            petradiamonds@lucid-is.com

David Shilson

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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