REG-Petra Diamonds: Update regarding the Restructuring

Petra DiamondsAnnouncement

09/03/2021 14:45

FOR IMMEDIATE RELEASE

 9 March 2021   LSE: PDL 

Petra Diamonds Limited

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

Update regarding the Restructuring

The Company is pleased to announce that the Proposed Restructuring Effective
Date occurred today and that all of the implementation steps to the
recapitalisation of the Group (the "Restructuring") have occurred other than
Admission (as defined below).  It is expected that as part of the
Restructuring and pursuant to the debt for equity conversion announced on
22 December 2020, 8,844,657,929 New Ordinary Shares will be admitted to
listing on the premium segment of the Official List of the FCA and admitted to
trading on the London Stock Exchange's main market for listed securities at
8.00 a.m. tomorrow ("Admission"). Following Admission and completion of the
Capital Reduction, the Company’s New Ordinary Shares will trade under the
new ISIN BMG702781417 to reflect the change in the nominal value to 0.001p per
share.

Admission is the final step of the Restructuring, and it is therefore expected
that the Restructuring will be completed tomorrow. A further announcement will
be made tomorrow following Admission as to occurrence of the completion of the
Restructuring.

Capitalised terms used but not defined in this announcement have the meaning
given to them in the explanatory statement dispatched to Scheme Creditors on
10 December 2020 or in the combined prospectus and circular published by the
Company on 22 December 2020, which is available on the Company's website
(www.petradiamonds.com/investors/2020-financial-restructuring/), as
applicable.

~ Ends ~

For further information, please contact:

Petra Diamonds,
London                                        
Telephone: +44 20 7494 8203
Des Kilalea
                                                    
           investorrelations@petradiamonds.com
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$337 million notes due in 2026 will be 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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