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Petra Diamonds Ltd - majority owner of Williamson diamond mine in Tanzania - Reports a widened pretax loss for its financial year ended June 30 of USD275.3 million compared to a USD254.0 million loss the year before. Revenue falls a steep 36% to USD295.8 million from USD463.6 million while financial expense rises to USD161.0 million from USD65.6 million. Williamson mine remains on care and maintenance, as it has since April. Petra says it "will look to commence production again as soon as market conditions support it." Production guidance for financial 2021 remains suspended due to Covid-19 uncertainty. Depends on successful conclusion of restructuring to continue as a going concern.
Later announces it has executed a lock-up agreement with an ad-hoc group of shareholders of its USD650 million 7.25% senior secured second lien notes, providers of its first lien bank debt facilities, and its black economic empowerment partners. Lock-up agreement formalises agreement in principle for long-term solution for recapitalising Petra's debt.
Additionally, Senior Independent Non-Executive Director Tony Lowrie retires from the board, with Varda Shine assuming the role of senior independent non-executive director. Independent Non-executive Director Gordon Hamilton is to retire from board at the conclusion of Petra's financial 2021 annual general meeting.
Current stock price: 1.59 pence
Year-to-date change: down 82%
By Anna Farley; annafarley@alliancenews.com
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