THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
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7 August 2026 |
LSE: PDL |
Petra Diamonds Limited
(the "Company" or "Business")
Update on Finsch Business Rescue Process
Further to the announcement made on 29 May 2026 in which we confirmed that Finsch Diamond Mine ("Finsch") had been placed into Business Rescue, and on 28 July 2026, where an update was provided on the progress to date, the Business Rescue Practitioners presented the proposed Business Plan ("the Plan") to the Finsch creditors on 07 August 2026 for voting. The Plan was adopted and therefore approved by the creditors with the relevant thresholds required to give the Business Rescue Practitioners the mandate to execute on the adopted Plan.
The salient points of the Plan that was approved by the creditors are as follows:
- The Business Rescue Practitioners have not found a viable outcome to restart operations at Finsch.
- The creditors have approved the Plan to sell off the assets of Finsch in order to recover the maximum amount of value possible for Finsch's creditors.
- The secured creditor has provided some Post Commencement Funding ("PCF") to enable the continuation of limited activities on site and which includes the reclamation of assets.
- Any monies recovered from the sale of assets under the approved Plan, will be distributed as per the ranking of claims, with the secured creditor's claims, including its PCF funding, ranking as the highest.
- To support the sale of assets at Finsch, a skeleton labour structure for reclaiming of the assets for a defined period of time has been established, and they along with the remaining workforce at Finsch will be treated as per the provisions of S189 under the South African Labour Act, 66 of 1995. All employee claims under the S189 process will be treated as a claim against Finsch and will be paid out in accordance with the ranking of claims.
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 the Cullinan Mine and Finsch in South Africa. Finsch is currently under Business Rescue.
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 .
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