Petra Diamonds Shareholder Consultations on Enhanced PSP Award
November 10 2022 - 6:54AM
UK Regulatory
TIDMPDL
FOR IMMEDIATE RELEASE
10 November 2022 LSE: PDL
Petra Diamonds Limited
("Petra") or the ("Company")
Shareholder Consultations on Enhanced PSP Award
Ahead of Petra's Annual General Meeting for the year ended 30 June 2022 which
is to be held at 9am GMT on 16 November 2022 (AGM), Petra announces that it has
completed consultations with its largest shareholders in relation to the making
of a proposed enhanced Performance Share Plan (PSP) award to its Executive
Directors for FY 2023 only.
As set out in the Directors' Remuneration Report that was published as part of
the Company's FY 2022 Annual Report, it is proposed that the enhanced PSP award
be 300% of salary for the CEO and 225% of salary for the CFO. This enhanced
award level will apply for FY 2023 only and compares to PSP awards last year
that were 150% of salary for both the CEO and CFO, out of a maximum of 200%
that is permitted under the Directors' Remuneration Policy. The Board
considers these enhanced award levels to be appropriate to retain Petra's
high-calibre Executive Directors, to recognise their exceptional performance
and to align them with delivering Petra's long-term strategic ambitions and in
the interests of Petra's shareholders and wider stakeholders.
The making of such enhanced PSP award requires an amendment to Petra's
Directors' Remuneration Policy and PSP rules to be approved by shareholders at
the AGM, as set out in resolution 4 of the Notice of AGM that was published on
11 October 2022.
Shareholders representing two-thirds of the issued share capital of the Company
were consulted and Petra is pleased to confirm that there has been overwhelming
support from shareholders indicating their intention to vote in favour of these
amendments.
For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Patrick Pittaway
investorrelations@petradiamonds.com
Julia Stone
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
(Finsch, Cullinan Mine and Koffiefontein) 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 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 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.
END
(END) Dow Jones Newswires
November 10, 2022 06:54 ET (11:54 GMT)
Petra Diamonds (LSE:PDL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petra Diamonds (LSE:PDL)
Historical Stock Chart
From Jul 2023 to Jul 2024