Petra Diamonds Ltd - Director Share Vesting
PR Newswire
LONDON, United Kingdom, September 27
27 September 2024 LSE:PDL |
Petra Diamonds Limited
(Petra or the Company)
Director Share Vesting
Petra announces the approval of the vesting of certain shares in respect of share awards originally granted on 12 January 2022 to Petra's Executive Directors under the 2021 PSP in respect of the period 1 July 2021 to 30 June 2024.
For Mr Duffy, the vested awards are subject to a 2-year post-vesting holding period and for Mr Breytenbach, the vested awards are subject to a 2-year post-termination holding period following his resignation effective 30 September 2024. Upon release at the end of the holding period, the vested awards may be settled using newly issued shares, shares held in treasury, shares purchased in the market or in cash, at the Company's discretion. The number of vested shares in each case is set out below. Details of the vesting level is further disclosed in the Directors' Remuneration Report within the Company's 2024 Annual Report.
Director | Position | 2022 PSP Number of ordinary shares vested1 | 2022 PSP Number of ordinary shares lapsed1 |
Richard Duffy | Chief Executive Officer | 167,976 | 585,279 |
Jacques Breytenbach | Chief Finance Officer | 111,984 | 390,186 |
Note:
- All awards under the 2021 PSP were granted as conditional awards over ordinary shares in Petra of 0.05p each; no consideration was payable for the grant of the awards.
Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2024 Annual Report. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation.
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FURTHER INFORMATION
Petra Diamonds, London +44 (0)784 192 0021
Patrick Pittawayinvestorrelations@petradiamonds.com
Kelsey Traynor
ABOUT PETRA DIAMONDS
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 mines in South Africa (Cullinan Mine, Finsch and Koffiefontein) and one open pit mine in Tanzania (Williamson). The Koffiefontein mine is currently on care and maintenance in preparation for a possible sale following the execution of a definitive sales agreement as announced on 8 April 2024.
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 with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL'. The Company's loan 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.
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