Petra Diamonds
Limited
("Petra" or the "Company")
Director Share
Awards
Petra Diamonds Limited announces that the Executive Directors of
the Company have been granted deferred awards over ordinary shares
in the Company under the annual performance bonus plan.
The deferred share awards, representing 25% of the total annual
performance bonus for the financial year ended 30 June 2021, are as follows:
| Director |
Position |
Value
of deferred bonus |
60
day Volume Weighted Average Price (VWAP)1 |
Deferred shares awarded –
after share consolidation2,3,9 |
| Richard Duffy |
Chief Executive |
£97,666 |
86.5p |
112,747 |
| Jacques
Breytenbach |
Finance Director |
£69,852 |
86.5p |
80,638 |
The Company also announces the grant of performance based share
awards under the Company’s 2012 Performance Share Plan (“2012 PSP”)
over ordinary shares in the Company.
The FY2021 PSP awards were initially postponed given the
uncertainty associated with the Restructuring which completed in
March 2021 and then further postponed
as a result of the Company having inside information which
prevented it from making share awards. Therefore, awards have been
granted in respect of both FY2021 and FY2022. The awards made are
as follows, with full vesting of the maximum award requiring
performance conditions to be met in full:
| Director |
Position |
FY 2021 PSP
award2,4,9 |
FY 2022 PSP
award2,5,9 |
| Richard Duffy |
Chief Executive |
638,196 |
753,255 |
| Jacques
Breytenbach |
Finance Director |
456,444 |
502,170 |
Notes:
1. The 60 day VWAP for deferred
share awards was 1.73p, as calculated at the date of the
Remuneration Committee meeting when the FY 2021 bonuses for
Executive Directors were approved. As a result of the share
consolidation which became effective on 29
November 2021 this has been multiplied by 50 to result in
86.5p.
2. All awards under the annual
performance bonus plan and 2012 PSP are granted as conditional
awards over ordinary shares in Petra of 0.001 pence each.
3. The awards under the annual
performance bonus plan are deferred for two years; these awards may
be settled using existing shares purchased in the market or in cash
at the Company's discretion.
4. The FY2021 awards under the
2012 PSP are subject to performance conditions based on (i)
one-third linked to absolute total shareholder return (with
reference to 60-day VWAP of 1.75
pence at the effective date of Restructuring); (ii)
one-third linked to operational free cashflow and net debt to
EBITDA ratio and (iii) one-third linked to cashflow generation and
resultant net debt profile measured over the three years FY 2021 to
FY 2023. The awards are capped at 400% of annual salary.
5. The FY2022 awards under the
2012 PSP are subject to performance conditions based on (i)
one-third linked to absolute total shareholder return (with
reference to 60-day VWAP at date of final award); (ii) one-third
linked to operational free cashflow and net debt to EBITDA ratio
and (iii) and one-third linked to cashflow generation and resultant
net debt profile measured over the three years FY2022 to
FY2024.
6. Further details regarding the
share awards are set out within the Directors' Remuneration Report
within the Company's 2021 Annual Report.
7. No consideration was payable
for the grant of the awards.
8. The grant of these awards does
not affect Petra's Total Voting Rights.
9. The number of awards have been
adjusted in the same ratio as the share consolidation of one new
share for every 50 existing shares in issue as voted on at the
Company’s AGM on 19 November 2021 and
which became effective on 29 November
2021.
This announcement is made in accordance with Article 19 of
the EU Market Abuse Regulation.
|
Details of the person
discharging managerial responsibilities / person closely
associated |
|
Name |
Richard Duffy |
|
Reason for the
notification |
|
Position/status |
Chief Executive |
|
Initial notification/Amendment |
Initial Notification |
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor |
|
Name |
Petra Diamonds Limited |
|
LEI |
213800X4QZIAVSA12860 |
|
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been conducted |
|
Description of the
Financial instrument, type
of instrument
Identification code |
Ordinary shares of
0.05p per share par value
BMG702782084 |
|
Nature of the transaction |
Award of deferred shares |
|
Price(s) and volume(s) |
| Price(s) |
Volume(s) |
| Nil |
112,747 |
|
|
Aggregated
information |
112,747
Nil |
|
Date of the transaction |
12 January 2022 |
|
Place of the transaction |
London Stock Exchange, Main Market
(XLON) |
| 1. |
Details of the person
discharging managerial responsibilities / person closely
associated |
| a. |
Name |
Richard Duffy |
| 2. |
Reason for the
notification |
| a. |
Position/status |
Chief Executive |
| b. |
Initial notification/Amendment |
Initial Notification |
| 3. |
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor |
| a. |
Name |
Petra Diamonds Limited |
| b. |
LEI |
213800X4QZIAVSA12860 |
| 4. |
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been conducted |
| a. |
Description of the
Financial instrument, type
of instrument
Identification code |
Ordinary shares of
0.05p per share par value
BMG702782084 |
| b. |
Nature of the transaction |
Grant of performance based share
awards |
| c. |
Price(s) and volume(s) |
| Price(s) |
Volume(s) |
| Nil |
638,196 |
| Nil |
753,255 |
|
| d. |
Aggregated
information |
1,391,451
Nil |
| e. |
Date of the transaction |
12 January 2022 |
|
Place of the transaction |
London Stock Exchange, Main Market
(XLON) |
| 1. |
Details of the person
discharging managerial responsibilities / person closely
associated |
| a. |
Name |
Jacques Breytenbach |
| 2. |
Reason for the
notification |
| a. |
Position/status |
Finance Director |
| b. |
Initial notification/Amendment |
Initial Notification |
| 3. |
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor |
| a. |
Name |
Petra Diamonds Limited |
| b. |
LEI |
213800X4QZIAVSA12860 |
| 4. |
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been conducted |
| a. |
Description of the
Financial instrument, type
of instrument
Identification code |
Ordinary shares of
0.05p per share par value
BMG702782084 |
| b. |
Nature of the transaction |
Award of deferred shares |
| c. |
Price(s) and volume(s) |
| Price(s) |
Volume(s) |
| Nil |
80,638 |
|
| d. |
Aggregated
information |
80,638
Nil |
| e. |
Date of the transaction |
12 January 2022 |
| f. |
Place of the transaction |
London Stock Exchange, Main Market
(XLON) |
| 1. |
Details of the person
discharging managerial responsibilities / person closely
associated |
| a. |
Name |
Jacques Breytenbach |
| 2. |
Reason for the
notification |
| a. |
Position/status |
Finance Director |
| b. |
Initial notification/Amendment |
Initial Notification |
| 3. |
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor |
| a. |
Name |
Petra Diamonds Limited |
| b. |
LEI |
213800X4QZIAVSA12860 |
| 4. |
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been conducted |
| a. |
Description of the
Financial instrument, type
of instrument
Identification code |
Ordinary shares of
0.05p per share par value
BMG702782084 |
| b. |
Nature of the transaction |
Grant of performance based share
awards |
| c. |
Price(s) and volume(s) |
| Price(s) |
Volume(s) |
| Nil |
456,444 |
| Nil |
502,170 |
|
| d. |
Aggregated
information |
958,614
Nil |
| e. |
Date of the transaction |
12 January 2022 |
~ Ends ~
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Cathy Malins
Des Kilalea
Julia Stone
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 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. 230 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
US$336.7 million 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.