REG-Petra Diamonds: Scheme Sanction Hearing Results

Petra DiamondsAnnouncement

12/01/2021 15:15

FOR IMMEDIATE RELEASE

 12 January 2021   LSE: PDL 

Petra Diamonds Limited

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

Scheme of Arrangement of Petra Diamonds US$ Treasury Plc

Scheme Sanction Hearing Results

Confirmation of sanction of the Scheme of Arrangement

Further to the announcement issued by the Company on 8 January 2021, the
Company is pleased to announce that the Scheme in connection with the Notes
was sanctioned by the High Court of Justice of England and Wales at the Scheme
Sanction Hearing which took place before Bacon J at 10.30 a.m. (London time)
on 12 January 2021.

As noted in previous announcements relating to the Restructuring, 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 the
Scheme Conditions are approved and/or implemented or waived in accordance with
the terms of the Scheme.  Therefore, notwithstanding the sanctioning of the
Scheme by the Court, the Restructuring Effective Date will only occur if, in
particular, (i) Petra's Shareholders approve the issuance of the New Shares,
(ii) the United States Bankruptcy Court grants the U.S. Chapter 15 Order, and
(iii) regulatory approval from the Financial Surveillance Department of the
South African Reserve Bank is obtained.

The Special General Meeting at which Petra's Shareholders will be asked to
approve the issuance of the New Shares is scheduled to take place at 9:30 a.m.
(GMT) on 13 January 2021.

The hearing before the United States Bankruptcy Court at which the Company
will seek the Chapter 15 Recognition is scheduled to take place at 2.00 p.m.
(New York time) on 14 January 2021.

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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