Last checked at 10 Dec 2009 07:00
| Immediate Release | 10 December 2009 |
Petra Diamonds Limited
("Petra Diamonds" or the "Company")
Directors Dealings
Petra Diamonds Limited, the international diamond mining group, announces that, as part of the placing announced by the Company on 3 December 2009 and subject to the passing of the resolutions at the forthcoming annual general meeting of the Company, Adonis Pouroulis (Chairman) and David Abery (Finance Director) will, with effect from 18 December 2009, increase their beneficial interests in the Company's ordinary issued share capital.
A trust of which, inter alia, Adonis Pouroulis and David Abery are beneficiaries (the "Trust") will, as set out above, subscribe for 903,055 ordinary shares of 10 pence each at the placing price of 60 pence per share.
Adonis Pouroulis and David Abery will have an equal beneficial interest in the 903,055 shares purchased by the Trust. The Trust, and its funding, is independent of the Company.
| Director | Beneficial interest in ordinary shares acquired by the Trust | Total beneficial holding of ordinary shares following purchases by the Trust | Percentage of issued share capital of the Company following purchases by the Trust* |
| Adonis Pouroulis | 451,528 | 9,564,650 | 3.62 |
| David Abery | 451,527 | 1,979,649 | 0.75 |
| Total | 903,055 | 11,544,299 | 4.37 |
*Calculated using the Company's current issued share capital of 264,005,523 ordinary shares, all of which are voting shares.
Johan Dippenaar and Jim Davidson are both subject to the Exchange Control rules of the South African Reserve Bank. They are in the process of applying to the Reserve Bank for permission to become beneficiaries of the Trust, and should their application be successful, the beneficial interest in the shares detailed above to be purchased by the Trust will be split equally amongst these four directors. A further announcement will be made following the outcome of the application.
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For further information, please contact:
| Cathy Roberts | Telephone: +44 20 7318 0452 |
| Petra Diamonds, London | cathyr@petradiamonds.com |
| Bobby Morse / James Strong | Telephone: +44 20 7466 5000 |
| Buchanan Communications | bobbym@buchanan.uk.com jamess@buchanan.uk.com |
| James Duncan / Nicola Taylor | Telephone: +27 11 880 3924 |
| Russell & Associates | james@rair.co.za nicola@rair.co.za |
| Mike Jones / Ryan Gaffney | Telephone: +44 20 7050 6500 |
| Canaccord Adams | mike.jones@canaccordadams.com ryan.gaffney@canaccordadams.com |
About Petra Diamonds
Petra Diamonds is a leading supplier of rough diamonds. A number of acquisitions have established Petra as one of the world's largest independent diamond groups by resources, with a gross total resource base of 262 million carats. Petra increased its annual production fivefold in the year to June 2009 to over 1 million carats and the Company's objective is to continue to increase supply and develop its stature as a world-class diamond group.
In South Africa, Petra has interests in five producing mines - Cullinan, Koffiefontein, Helam, Sedibeng and Star - and has also agreed to acquire, from De Beers, the Kimberley Underground mines (this acquisition is expected to complete imminently). In Tanzania, Petra has an interest in the Williamson mine. These mines are noted for the production of valuable diamonds, but in particular the Cullinan mine is famed as the source of the largest rough gem diamond ever found. More recently an internally flawless, fancy vivid blue diamond of 7.03 carats from the Cullinan mine sold for US$9.4 million in May 2009, the highest price per carat ever paid for any gemstone sold at auction, and a white diamond of over 507 carats was recovered in September 2009. A 168 carat white diamond recovered in the same production series as the 507 carat diamond was sold on 26 November 2009 for US$6.28 million.
Petra conducts all its operations according to the highest ethical standards, and will only work in countries which are members of the Kimberley Process.
The Company is quoted on the AIM market of the London Stock Exchange (AIM: PDL).
www.petradiamonds.com