REG-Petra Diamonds: Shareholder Consultations on Enhanced PSP Award

Petra DiamondsAnnouncement

10/11/2022 12:00

FOR IMMEDIATE RELEASE

 10 November 2022   LSE: PDL 

Petra Diamonds Limited
(“Petra”) or the (“Company”)

Shareholder Consultations on Enhanced PSP Award

Ahead of Petra’s Annual General Meeting for the year ended 30 June 2022
which is to be held at 9am GMT on 16 November 2022 (AGM), Petra announces that
it has completed consultations with its largest shareholders in relation to
the making of a proposed enhanced Performance Share Plan (PSP) award to its
Executive Directors for FY 2023 only. 

As set out in the Directors’ Remuneration Report that was published as part
of the Company’s FY 2022 Annual Report, it is proposed that the enhanced PSP
award be 300% of salary for the CEO and 225% of salary for the CFO.  This
enhanced award level will apply for FY 2023 only and compares to PSP awards
last year that were 150% of salary for both the CEO and CFO, out of a maximum
of 200% that is permitted under the Directors’ Remuneration Policy.  The
Board considers these enhanced award levels to be appropriate to retain
Petra’s high-calibre Executive Directors, to recognise their exceptional
performance and to align them with delivering Petra’s long-term strategic
ambitions and in the interests of Petra’s shareholders and wider
stakeholders.

The making of such enhanced PSP award requires an amendment to Petra’s
Directors’ Remuneration Policy and PSP rules to be approved by shareholders
at the AGM, as set out in resolution 4 of the Notice of AGM that was published
on 11 October 2022.

Shareholders representing two-thirds of the issued share capital of the
Company were consulted and Petra is pleased to confirm that there has been
overwhelming support from shareholders indicating their intention to vote in
favour of these amendments.

For further information, please contact:

Petra Diamonds, London                 Telephone: +44 20 7494
8203

Patrick
Pittaway                                 
investorrelations@petradiamonds.com         

Julia Stone

About Petra Diamonds Limited

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 three underground producing mines in South
Africa (Finsch, Cullinan Mine 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 226.6 million carats, 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 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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