REG-Petra Diamonds: Scheme Meeting Results

Petra DiamondsAnnouncement

08/01/2021 14:05

FOR IMMEDIATE RELEASE

 8 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

Scheme Meeting Results

Approval of the Scheme of Arrangement at the Scheme Meeting

Further to the announcement issued by the Company on 10 December 2020, a
meeting of the holders of the Company's Notes was convened for today (the
"Scheme Meeting") to vote on the Scheme proposed by Petra Diamonds US$
Treasury Plc in connection with the Restructuring.

The Company is pleased to announce that the Scheme was approved by the
requisite majority 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).

There were 194 Scheme Creditors present and voting at the Scheme Meeting (by
proxy), together representing US$696,255,102.65 in value of the Notes Debt
(being both principal and interest owing) and 98.44 per cent. of the total
Scheme Claims. 100 per cent. by number and value of those 194 Scheme Creditors
present and voting at the Scheme Meeting voted in favour of the Scheme.
Accordingly, the Scheme was approved.

Successful completion of the Scheme is now conditional upon, among other
things, the Scheme being sanctioned by the Court in its discretion at the
Scheme Sanction Hearing and the Scheme becoming effective and unconditional in
accordance with its terms.  As noted in the announcement issued by the
Company on 17 November 2020, each of the elements of the Restructuring (of
which the Scheme is an integral part) are inter-conditional, meaning that the
Scheme will only become effective if each of the other elements of the
Restructuring are approved and/or completed.

The Scheme Sanction Hearing is anticipated to take place on 12 January 2021.
Please see the announcement issued by the Company on 4 January 2021 for
further information regarding the time and details of the Scheme Sanction
Hearing.

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

~ 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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