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Petra Diamonds Ltd - Notice of Scheme Sanction Hearing

·6-min read

FOR IMMEDIATE RELEASE

4 January 2021

LSE: PDL

Petra Diamonds Limited

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

Proposed Scheme of Arrangement of Petra Diamonds US$ Treasury Plc

Notice of Scheme Sanction Hearing

Notice of Scheme Sanction Hearing

Further to the announcement issued by the Company on 10 December 2020 giving notice of the Scheme Meeting which is scheduled to take place on 8 January 2021, the Company hereby gives notice that, subject to the Scheme being approved by the requisite number of Scheme Creditors at the Scheme Meeting (being a majority in number, representing at least 75 per cent. in value of the Scheme Creditors present and voting) the Scheme Sanction Hearing at which the Court will consider whether to exercise its discretion to sanction the Scheme is anticipated to take place on 12 January 2021, at a virtual hearing held using Skype for Business (or such other remote communication programme as the Court decides).

Any Scheme Creditor is entitled to attend the Scheme Sanction Hearing to make representations to the Court, or to instruct counsel to attend the Scheme Sanction Hearing and to make representations to the Court on his or her behalf.

We anticipate that the Court will confirm the timing of the Scheme Sanction Hearing on or around 11 January 2021. Scheme Creditors who wish to attend the Scheme Sanction Hearing, or who wish to instruct counsel to attend the Scheme Sanction Hearing and to make representations to the Court on his or her behalf, should confirm their intention by email to petradiamonds@ashurst.com specifying their name and email address and, if applicable, the name and email address of their counsel. A videoconferencing link will subsequently be provided to such parties directly by the Court.

Details of the Scheme Convening Hearing will also be published on the Business and Property Courts Rolls Building Cause List on 11 January 2021, which can be accessed via the following link: https://www.justice.gov.uk/courts/court-lists/list-cause-rolls2#Insolvency.

Voting Instruction Deadline – Reminder

In order for the voting instructions of a Noteholder to be taken into account for the purposes of the Scheme Meeting and for the election of a Noteholder to participate in the New Money, a valid Account Holder Letter in respect of that Noteholder must be received by the Information Agent by 5:00 p.m. (London time) on 5 January 2021 (the "Voting Instruction Deadline"), as set out in the Notice of Scheme Meeting published on 10 December 2020.

Failure to deliver a valid Account Holder Letter on behalf of the Noteholder by the Voting Instruction Deadline will mean that the voting instructions contained in that Account Holder Letter will be disregarded for the purposes of voting at the Scheme Meeting and the Noteholder will not be entitled to vote at the Scheme Meeting or participate in the New Money. This is subject to the Chairman of the Scheme Meeting's discretion to permit Scheme Creditors to submit an Account Holder Letter after the Voting Instruction Deadline, but Scheme Creditors should not rely on such discretion and should prioritise submission of their Account Holder Letters to the Information Agent on time.

Scheme Creditors that have questions in relation to the Scheme may contact Lucid Issuer Services Limited as Information Agent appointed by the Scheme Company, using the contact details below.

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.