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11 Oct 2022 07:02
Petra Diamonds Ltd - Director Share VestingPetra Diamonds Ltd - Director Share Vesting
PR Newswire
London, October 10
| 11 October 2022 | 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 the following share awards:
share awards originally granted on 1 April 2019 to Richard Duffy on his appointment as Chief Executive Officer (Appointment Award) under the Company's 2012 Performance Share Plan (2012 PSP) in respect of the period 1 July 2019 to 30 June 2022; and share awards originally granted on 24 October 2019 to Petra’s Executive Directors under the 2012 PSP in respect of the period 1 July 2019 to 30 June 2022.The vested awards are subject to a 2-year holding period and, upon release at the end of the holding period, 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 2022 Annual Report.
| Director | Position | 2012 PSP Number of ordinary shares vested1,2 | 2012 PSP Number of ordinary shares lapsed1,2 |
| Richard Duffy (Appointment Award) | Chief Executive Officer | 15,957 | nil |
| Director | Position | 2012 PSP Number of ordinary shares vested1,2 | 2012 PSP Number of ordinary shares lapsed1,2 |
| Richard Duffy | Chief Executive Officer | 17,234 | 24,902 |
| Jacques Breytenbach | Chief Finance Officer | 12,326 | 17,810 |
Notes:
All awards under the 2012 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. The number of previously approved awards have been adjusted in the same ratio as the Company’s 50:1 share consolidation which became effective on 29 November 2021.Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2022 Annual Report. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation.
~ Ends ~
For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Patrick Pittaway
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 (the Finsch, Cullinan and Koffiefontein Mines) 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. 226.6 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 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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