Last checked at 5 Feb 2013 07:00
5 February 2013 | LSE: PDL |
Petra Diamonds Limited
("Petra" or the "Company")
Board Change
Petra Diamonds Limited announces that Dr Omar Kamal is stepping down as a Non-Executive Director of the Company, with immediate effect.
Dr Kamal is a senior executive with the Al Rajhi Group of companies ("Al Rajhi") and has served on the Petra Board since February 2010 as a representative of Al Rajhi, Petra's largest shareholder with 13.1% of the Company's issued share capital. Since Dr Kamal's appointment to Petra, the Company has grown significantly and has expanded its Board with the appointment of three independent Non-Executive Directors. Given the development and expansion of the Board, Dr Kamal has decided that he will step down from Petra.
Dr Kamal joined the Board when Petra acquired an additional interest in the Cullinan mine from Al Rajhi. As part of that transaction, Al Rajhi is entitled to appoint a director to the Petra Board whilst its holding in the Company is greater than 10%. At this point in time, there are no immediate plans to appoint a new Al Rajhi representative.
Adonis Pouroulis, Chairman of Petra, commented:
"On behalf of my fellow Directors, I would like to thank Omar for the valued contribution he has made to the Company over what has been a period of substantial growth, with numerous significant milestones achieved in Petra's development. We also wish to thank the Al Rajhi Group for their support in assisting the Company to acquire the Cullinan mine from De Beers in 2008, which has been a core component of Petra's growth strategy. We look forward to maintaining our strong relationship with Al Rajhi going forward as a key long term shareholder."
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For further information, please contact:
Petra Diamonds, London | Telephone: +44 20 7494 8203 |
Cathy Malins | cathym@petradiamonds.com |
Buchanan (PR Adviser) | Telephone: +44 20 7466 5000 |
Bobby Morse Louise Mason Cornelia Browne | bobbym@buchanan.uk.com louisem@buchanan.uk.com corneliab@buchanan.uk.com |
RBC Capital Markets (Joint Broker) | Telephone: +44 20 7653 4000 |
Martin Eales | martin.eales@rbccm.com |
Pierre Schreuder | pierre.schreuder@rbccm.com |
Canaccord Genuity Limited (Joint Broker) | Telephone: +44 20 7523 8000 |
Rob Collins Andrew Chubb | rcollins@canaccordgenuity.com achubb@canaccordgenuity.com |
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About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company has interests in eight producing mines: seven in South Africa (Finsch, Cullinan, Koffiefontein, Kimberley Underground, Helam, Sedibeng and Star) and one in Tanzania (Williamson). It also maintains an exploration programme in Botswana.
The Company has recently commenced a disposal process in respect of the Helam, Sedibeng and Star mines (the Fissure Mines), which are no longer core to the Group's portfolio.
Petra offers an exceptional growth profile, with a core objective to steadily increase annual production to 5 million carats by FY 2019. The Group has a major resource base in excess of 300 million carats.
Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a member of the FTSE 250.
For more information, visit the Company's website at www.petradiamonds.com.