REG-Petra Diamonds Limited: Update on Finsch Business Rescue Process

Petra DiamondsAnnouncement

Today 07:02

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 



 

 

 10 June 2026  LSE: PDL  

 

 

Petra Diamonds Limited

(the "Company" or "Business")

 

Update on Finsch Business                                   Rescue Process

 

 

Further to the announcement made on Friday May 29, 2026, the Company wishes to
confirm that Daniel Theodorus Van Jaarsveld and Luke Bernard Saffy have been
appointed as Business Rescue Practitioners for the Finsch Diamond Mine (the " 
                   Business Rescue Practitioners                    "). The
Business Rescue Practitioners have taken over the custodianship of the mine
and will now begin executing all the legal requirements under the Business
Rescue process, including the formulation of a Finsch specific business plan
that they will put forward to the creditors for voting.

 

Furthermore, and in agreement with the Business Rescue Practitioners, Finsch
Diamond Mine has begun suspending production activities effective this week.
This is an interim step pending the completion of the Finsch specific business
plan by the Business Rescue Practitioners and until the way forward has been
agreed between the Business Rescue Practitioners and the creditors.         
 

 

As previously announced, the Company launched on 29 May 2026 a formal bond
consent solicitation process to seek the consent of more than 50% of holders
of the senior second lien notes to agree to certain waivers under the
indenture governing the notes which will ensure that the Finsch Business
Rescue and any potential non-compliance with the minimum liquidity requirement
will not result in a default under the senior second lien notes, and to
execute a supplemental indenture implementing the relevant waivers. On 5 June
2026, the formal bond consent solicitation was completed following the receipt
of consent of more than 50% of holders of the senior second lien notes, and
the supplemental indenture was executed, to implement the relevant waivers.

 

The Company will continue to update the market on material developments going
forward.

 

The information communicated in this announcement is inside information for
the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("                     MAR                    "), and is disclosed in
accordance with the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain. The person
responsible for arranging for the release of this announcement on behalf of
the Company is Tumi Dakada, acting Company Secretary.

 

 

FURTHER INFORMATION

 

For further information, please contact:

 

Investor Relations, London

                                                                       
     Telephone: +44 (0)7495 470 187

Julia Stone and Kelsey Traynor                                             
                    investorrelations@petradiamonds.com

 

 

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 two underground mines in South Africa
(Cullinan Mine and Finsch).

 

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
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 on the Main Market of the London Stock Exchange under the
ticker 'PDL'. The Company's loan notes, due in 2030, are listed on EuroNext
Dublin (Irish Stock Exchange). For more information, visit                    
             www.petradiamonds.com                               .

 

 

 

 

 4359901_0.jpeg  (https://mb.cision.com/Public/23047/4359901/857a153178b5afab_org.jpeg)  



Copyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved